With cash on its way out and physical bank branches becoming obsolete, people are constantly on the lookout for better ways to manage money online. Thanks to digital banking technology, customer expectations for financial services have soared — and so have the options available to them.
For financial institutions to stay competitive, offering a personalized and pain-free online banking experience is crucial. Below are some points for providers to keep in mind in the battle for customer loyalty.
Customer Expectations from the Digital Banking Experience
Customers who feel their expectations aren’t being met can transfer their funds from one institution to another in seconds. Having many options at their fingertips has erased their need to compromise on some of the essential features of a positive digital banking experience. Here’s what modern banking customers expect from their banking experience:
- Ease of use
- Customers are used to technology making their lives easier at the click of a button, and financial services are no different. They expect to be able to manage their banking and track their budgets on the move, any time and on any device without restrictions.
- Value for their money
- Customers want the best deal for their money. That could mean fewer service and transaction fees or better exchange rates when travelling abroad. Since they can effortlessly shop around online for the best interest rates and promotional offers, banks must constantly keep up with their competitors.
- Tight security
- It is absolutely essential for customers to be able to trust their bank with their confidential financial information, personal data and assets. Any breach of the cyber security system will result in a breach of consumer trust, and subsequently a loss of business.
- Assistance in real time
- Consumers want 24/7 access to not only their accounts but also assistance when they need it. For more basic requests, automated options like a chatbot may suffice. However, offering easy access to a human representative over live chat or phone is crucial when troubleshooting more complex issues.
- Personalized services
- When delivering personalized services, surveying and understanding customers’ needs and wants first is imperative. They expect to be provided with whatever they require promptly, intuitively and in the channel of their choice, be it face to face or in a virtual environment.
Ways to Enhance Customer Experience in Online Banking
To offer a positive online digital banking experience, banks should consider implementing the following improvements.
- Provide end-to-end digital onboarding
- When onboarding a new customer, using a digital process reduces the chance of errors that can delay their application, like empty data fields or missing signatures. It also saves time and energy by eliminating the need to have a phone conversation with a bank representative or visit a branch in person. This gives customers the flexibility and instant gratification they’ve come to expect in a digital world.
- Leverage artificial intelligence
- Eradicate long hold times by using interactive AI-enabled chatbots. These digital assistants can automate routine tasks and answer frequently asked questions. Customers will appreciate the ability to be seamlessly guided through the digital interface at any time of day or night.
- Use data analytics
- To offer experiences that better predict and cater to customers’ needs, banks should use data analytics. By analyzing financial data and recognizing behavioural patterns in online interactions, financial institutions can further improve the user experience. Their findings can be used to develop intelligent financial services to give consumers automated, yet personalized, advice on managing their money.
- Provide customer verification
- Banks must take every measure available to protect their customers’ accounts and personal information. Multi-factor customer verification is one way to thwart hackers and online fraud. This can include asking for multiple passwords or codes upon logging into an account or asking the customer to provide a response to an image or question.
- Make mobile banking accessible for the vision-impaired
- Provide customers the option of having content read out loud to them when accessing their accounts. While making digital banking accessible on the go is important, many people with vision difficulties may not be able to read the small screens on their mobile devices. Including features such as voice overs for security codes to be entered will greatly increase accessibility for the vision impaired.
Transforming User Experience in Banking
The new wave of advanced technology and smart devices is changing the way consumers manage their money. The ability to adapt to constant changes, embrace new technological developments, and focus on the customer experience is key for banks that want to remain on the leading edge. Making these a priority will allow financial institutions to meet customer expectations from banks but above all, show their customers that they care.
To learn how American Express can support your bank’s digital transformation, contact an American Express business specialist.
This article is intended for general informational purposes only and does not constitute legal advice or an opinion on any issue. It should not be regarded as comprehensive or a substitute for professional advice.