With customer experience being regarded as the new currency, businesses need to adapt strategies and tools to increase customer satisfaction and gain their trust. By following lessons learned from banking institutions and its leaders, every business can massively improve their customer experience.
As the world is witnessing a rapid transformation due to the rise of digitalization, businesses across all industries need to take initiatives to deliver a seamless experience to their customers.
Even though many enterprises have seen massive success, there are still many others who cannot keep up with the rapidly changing pace and, hence, are lagging. But, the financial institutions that are famous for their meticulous policies and resolutions when it comes to customer satisfaction are strategically using the innovative tools and technology, to deliver a seamless customer experience.
Banking industry leaders with a wealth of resources at their fingertips have been the first movers in an enterprise, to implement customer experience strategies across various touchpoints that even today’s CX leaders don’t.
However, having only resources is not the recipe for their immense success. They have a few “customer experience rules” that they play by to stay top of their game.
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Educating and Advising
Increased online and mobile banking has led to reduced numbers of customers’ visits to banks. However, physical branch space is not yet obsolete, and banking leaders understand this very well.
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The future of banking institutions in physical spaces is not to sell their products and services, but rather to help their customers make better financial decisions. Hence, even though customers can use digital platforms to help them resolve financial and personal banking issues, and to make an informed decision, they will always prefer in-person interaction.
- Effectively Using AI alongside the human touch
In banking, AI can help in delivering customization across apps and services to enhance the customer’s experience. Even for tracking emerging trends and patterns, banking leaders are using AI in almost every process. While they may need layoffs, in most cases, AI is relieving competent staff to focus on managing more accounts and better serve their customers.
- Delivering Timely Resolution
Every bank strives to provide the best services to their customers. However, sometimes problems do arise, and nothing can be done to avoid them. Banking leaders understand this very well and thus constantly seek ways to improve and resolve the customer’s issues.
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They are aware of the fact that a poor problem resolution can destroy a bank’s reputation and relationships with their customers. Customer-facing executives are aware that customers are often more dissatisfied when they feel that their problems are not being heard, as opposed to the actual problem resolution.
Hence, actively engaging with customers is a better strategy, and again, a number of tech tools help the ` deliver.
- Transparency
An increase in the complexity of products and services can be a challenge for customers, often holding them back from making decisions. Banking leaders understand this and hence, keep the fees and balance requirements to a minimum.
Not only that, but they also ensure that their customers are aware of why the banks have added the fees and minimum amount requirement. The simplification of process and being honest and transparent with customers helps banking leaders gain customers’ trust and strengthen their relationships.