Customer experience (CX) is the key determinant of success in any industry, and banking is no different. Delivering top-notch customer experience in a regulated industry such as banking is not straightforward though. Here are the ways to go about it.:

1. Ensure consistent omnichannel experiences.

A good customer experience allows customers to perform transactions easily through any channel. These include branch banking, online banking, emails, call centres, and social media. 

Today’s customers expect the same experience across all touchpoints. Customers also expect the bank to identify them and take off from where they left off in the previous engagement. This is regardless of whether the previous engagement was through a different channel. 

• Make sure the established channels deliver the goods. For instance, 64% of customers find their mobile banking app unable to solve a customer support inquiry quickly.
• Enable a consistent, well-designed UI for better UX.
• Leverage the power of data. Apply analytics to track customer interactions and behaviours across channels. Identify customer preferences and pain points, and use such insights to optimise the customer journey across different channels.
• Maintain consistent brand identity and messaging, including visual design and messaging tone, across all channels.
• Enable data synchronisation to facilitate customers’ switch between channels effortlessly.
• Build a single, integrated view of customers across channels. 

2. Establish high-service baselines

There is no workaround to providing impeccable services. With customers more connected and more empowered than ever before, they become more demanding. They have more options and end the relationship when they face bad experiences. 

Today’s customer does not like to wait and would soon quit for competitors who offer faster services. Also, with competition getting cut-throat, round-the-clock customer support across channels has become the norm. 

Delivering fast, efficient and seamless UX depends on a robust backend. 

• Establish a systematic approach for resolving customer issues and complaints. A ticketing system with end-to-end visibility and the ability to track progress organises the process. Managers can control the process better and ensure the timely resolution of issues.
• Simplify complex and convoluted processes. For instance, archaic methods such as “Press 1, followed by a hash…” annoys and drives away customers now. Instead, allow direct in-app options to connect to support staff. Also, when placing the customer on hold, personalise the hold music and update the queue status regularly.
• Use data to measure CX against industry benchmarks. Identify opportunities to improve the experience.
• Be proactive with anti-fraud notifications. But do not let hyper-vigilantism degrade the customer experience. Strike the right balance between security and convenience.
• Train employees for product knowledge. Also, improve their soft skills, especially communication skills and problem-solving abilities. Well-trained staff can understand and solve customer needs well and deliver exceptional service. Empower customer-facing staff with the authority to resolve common problems swiftly.

3. Become flexible 

The trending open banking model ensures the interoperability of customers’ financial data. Customers have direct access to their data and can make independent financial choices. They can engage with banks on their terms, with banks having little control over the decision-making process.

Banks operating in the new customer-centric open banking model must overhaul their systems. They cannot afford to continue with the traditional process-oriented models. Rather, they must become more flexible to cater to customers’ needs. 

Successful banks place customers at the heart of the business. They:

• Use customer segmentation, predictive modelling, and machine learning to understand customer behaviour and offer tailored recommendations and offers. 
• Embrace digital transformation to become more agile. Automate tasks and provide more self-service options to improve accessibility. 
• Do not let regulatory concerns wreck CX. Regulatory and security concerns often come in the way of a speedy and hassle-free onboarding process. Digital KYC and verification allow hassle-free onboarding without compromising security or regulatory requirements.

4. Do not assume digital to improve the CX automatically. 

Online banking improves efficiency and reduces operational costs. It offers convenience and savings to the vast majority of customers. But not all customers prefer to engage online. Even online banking customers prefer a human relationship agent or a physical branch for critical issues.

Banks delivering good UX have to:

• Maintain some physical alternatives for customers uncomfortable with a fully digital experience.
• Humanise digital channels. Many financial institutions leverage sentiment analysis to humanise chatbots. They give chatbot personalities by customising conversation openings and responding to detected emotions.
• Educate customers on essential functions, such as blocking a card, and offer them easy self-service options.
• Leverage data analytics to deliver contextual and relevant communications to the customer.

5. Leverage the power of simplicity.

Never underestimate the power of simplicity. The key dimensions of simplicity in banking UX include:

• User-friendly banking platforms with intuitive and responsive interfaces accessible across multiple devices. Offer easy access to functions such as blocking cards, and suggest next steps dynamically.
• Quick and hassle-free account opening process, with minimal paperwork. Digitise the process, and offer self-service options for customers to open accounts online.
• Clear and transparent communications. Make customers understand how different products and services benefit them and what are the terms and fees of such services. Avoid using jargon or complex language that confuses customers. 

6. Maintain the relationship

Customers have long-term relationships with banks, and sustaining the relationship depends on trust.

Make sure the customers feel valued. 87% of direct banking customers who feel valued remain loyal. When banks are not in touch with their customers, they drift away, and the trust diminishes.

• Get data-driven insights on what makes the customer happy or unhappy with the bank. For instance, a customer who faces a delay in getting a service may choose not to engage with the bank. Use data analytics to identify such customers and make outreaches to them.
• Consider gamification of the payment process with offers.
• Personalise the engagement. A one-size-fits-all approach no longer works in banking. But unless the bank knows its customers’ needs, it cannot provide them with relevant information or products.
• Use customer data to personalise the banking experience. Provide tailored product recommendations, relevant offers, and personalised communication based on customer preferences.
• Offer value-added services that go beyond traditional banking. Examples include financial planning tools, educational resources, and budgeting assistance.

Helping customers achieve their financial goals creates a bonding with the bank. Such customers become good brand ambassadors.

7. Take feedback from the customer.

There is no shortcut to listening to the voice of the customer. Seek customer feedback to identify improvement areas and make changes to enhance the experience.

Traditional feedback forms, such as surveys, have limitations. Such methods rarely give a complete real-time picture. Instead, use next-gen tools such as UserTesting’s Human Insight platform to build trust and stay ahead of the competition.

The User Insight Platform allows banks to listen to the voice of the customer, literally. Banks can use the platform to get live, qualitative feedback in speech mode. The UserTesting Contributor Network offers ready access to a network of real and diverse users. Banks can apply advanced targeting to shortlist target audiences and make demographic targeting. The platform enables going beyond demographic filters to apply more granularity. They also have the option to add their customers to the contributor network and get feedback from their real customers.

UserTesting’s machine learning (ML) models offer a robust backend. The platform pinpoints key moments in the customer experience. The auto-generated insights save hours of manual analysis. The analytics bridges quantitative and qualitative insights. It offers actionable information, complete with data visualisation.

Interactive path flows aggregate interaction data across multiple sessions. It visualises the customer journey and unearths unexpected behaviours. Sentiment and intent paths that make explicit, specific pain points in the customer experience journey. The sentiment paths display positive and negative sentiments on specific issues. The intent path identifies 100+ intents and behaviours corresponding to an intended goal. For instance, the path traces actions such as search, browse, or comparison to identify actions corresponding to the goal of “add to cart.”

Instant insights identify patterns, anomalies, and correlations across contributor sessions. It maps these findings to customer intent or goals in the interactive path flows. Custom tags and keyword mapping make identification easy. 

Click maps offer quick visibility into customer interaction patterns. All contributor data gets aggregated into a single visualisation for faster analysis and sharing.

Conclusion

Improving customer experience in the banking industry requires a comprehensive approach that addresses key areas of focus. These include ensuring consistent omnichannel experiences, establishing high-service baselines, and embracing flexibility in the evolving landscape of open banking. By implementing these strategies, banks can enhance customer satisfaction and build long-term relationships based on trust. Additionally, leveraging the power of simplicity, maintaining personalized engagement, and actively seeking feedback from customers are essential for continuously improving the customer experience. Finally, utilizing advanced tools like UserTesting’s Human Insight platform can provide valuable insights, enabling banks to stay ahead of the competition and make data-driven decisions that drive customer loyalty and brand advocacy. With these strategies in place, banks can position themselves as customer-centric institutions and deliver exceptional experiences that meet the evolving needs of their customers.