What Are The Latest Trends In Banking Customer Experience?
Digitalization differentiates all types of customer experience, as it does in every field. With new developments and technology daily, the banking customer experience includes customer-focused and innovative new features. The spread of digitalization in recent years has brought with it many banking customer experience trends and I think this will continue to increase continuously.
The most common banking customer experience trend today is that all banking services are personalized for each customer profile. Almost all banks are looking for ways to offer the products and services they provide in a personalized form for their customers. Many technologies and tools make this personalization process easier for banks. The most popular of these is undoubtedly AI tools.
Thanks to artificial intelligence-supported tools, customers experience a solution-oriented, quality communication and fast banking customer experience in their dialogues with banks. Artificial intelligence tools provide a process where the solution is reached faster, unlike the banking customer experience managed by manual manpower. When I look at the most successful banks of our age, I can say I noticed that those who use working models that make a difference in customer services have faster financial growth.
How Is Digital Transformation Changing The Banking Customer Experience?
Everyone is aware that we are in a digital transformation in every aspect of our lives. But have you ever noticed that we are also in a clear change and transformation in the banking customer experience area? In today’s conditions, powerful actors in the banking sector offer a high level of banking customer experience thanks to modern auxiliary tools such as artificial intelligence tools.
In today’s digital banking ecosystems, customers can solve their problems faster and easier than in the past and traditional methods. Especially thanks to online banking options, millions of people complete their transactions with digital methods without having to be physically present in bank branches.
If I have to summarize, I can say that digital transformation offers manual and physical processes faster and easier in a digital and fast form. When a customer who was looking for a solution to a financial problem with traditional banking methods in the past is compared to a customer who is looking for a solution within today’s conditions and privileges, it can be seen that today’s conditions have a much higher level of banking customer experience.
What Are The Key Factors That Enhance Customer Experience In Banking?
There are some tips that financial institutions often prefer to improve the banking customer experience in the banking sector. Thanks to these tips, many financial institutions offer their customers less time and effort to solve their financial problems. So, what elements are essential for an improved banking customer experience?
When offering financial products and services to customers, the factors and priority expectations required to reach an improved banking customer experience can be listed as follows:
- Convenience: Customers should complete their financial problems in a shorter time and with less effort.
- Security: Almost every successful bank does what is necessary to make customers feel in a safe environment during their customer service experience.
- Personalization: As in almost every sector, personalization should be remembered as a very important factor in the banking sector.
In addition to these, being accessible 24/7 and auxiliary tools such as online customer support can also be useful to improve the banking customer experience.
How Can Banks Use AI To Improve Customer Experience?
Almost every sector is experiencing radical changes with the artificial intelligence revolution. In the banking sector, banking customer experience is reaching a higher level thanks to many different artificial intelligence tools. Artificial intelligence-supported tools and technologies that are frequently used to improve customer experiences in the banking sector can be listed as follows:
- Chatbots: Chatbots are artificial intelligence-supported tools that banks use to develop live dialogues with customers and suggest solutions.
- Personalized product and service recommendations: With artificial intelligence tools, each customer’s data is analyzed and personalized product and service recommendations are offered for each customer, making it easier for banks to grow financially.
- New campaign and product development processes: Banks analyze large amounts of complex data with artificial intelligence-supported technology tools and offer user-oriented products and services for customer profiles.
In addition to these, the banking sector uses artificial intelligence tools in many areas that use analysis and data, such as credibility measurement, and provide improved banking customer experience by providing customers with more comfortable and practical service.
In order for banks to provide direct solutions to their customers’ financial problems, each customer’s financial history and data must be analyzed. This was not possible in traditional banking ecosystems, but today’s artificial intelligence tools allow large amounts of data to be analyzed in a short time and banks can offer a more advanced banking experience. Each customer can directly access the product or service they need in a very short time.
What Role Does Personalization Play In Modern Banking Customer Experience?
In my opinion, the most common trend of our age is not only in the finance sector but also in products with increased personalization. Almost every sector’s leading and powerful companies aim to offer solutions or products that respond to the unique needs of each of their customers. In the finance sector, banking is one of the most preferred ways to improve customer experience.
Many banks keep up with the dynamics of the age and analyze large amounts of data containing customers’ financial history and preferences with artificial intelligence tools and offer personalized products and services to customers through online banking tools. In this way, customers develop more organic communication with their banks and reach their needs faster and more appropriately.
Not only when recommending suitable products and services to customers, but also for banks to establish a more loyal and deep interaction with customers, personalization is the most preferred method in banking customer experience processes. For example, instead of a businessman and a pilot encountering the same suggestions and banking products in online banking applications, it would be more profitable for these two people to see suitable products and services for themselves as two different income and customer profiles.
How Can Banks Create A Seamless Omnichannel Experience For Their Customers?
Omnichannel experience is one of the first concepts that comes to mind when it comes to banking customer experience. This concept is the ability to make a seamless transition. If a bank wants to improve the banking customer experience, it should make the omnichannel experience possible by offering its customers a seamless transition between physical branches and mobile applications.
For banks to offer an omnichannel experience to their customers, they should integrate digital channels and customer needs. In other words, when a customer can receive almost all of the services they receive in a physical bank branch in an online banking application, they will have experienced an omnichannel experience as an example of an advanced banking customer experience.
To be able to offer this advanced banking customer experience, called omnichannel, to their customers, financial institutions need to invest in digital banking tools as a digital transformation process. Banks that desire to offer their customers the best omnichannel experience should know that they need to integrate their existing tools with today’s technologies. Even though artificial intelligence tools are not used enough in banking applications today, I think they will become widespread enough to provide solutions to many more problems shortly.
How Does Customer Experience Impact Bank Profitability?
Although it may seem at first glance that customers’ financial needs are not affected by the profitability of banks, having good communication with the bank and having an advanced banking customer experience do not affect their profitability. All financial institutions maintain their profitability thanks to these factors.
Thanks to a good, modern, and advanced banking customer experience, banks maintain their existing customer loyalty while continuing to gain new customers thanks to this loyalty structure. Not only through campaigns or advertisements but also through advanced communication with existing customers organically enables banks to increase their customer base.
In addition, customers who are satisfied with their bank will prefer the same bank in different investment projects and other financial projects, which will have a positive effect on the bank’s profitability.
What Technologies Are Shaping The Future Of Banking Customer Experience?
While many developments in the banking customer experience process continue to change and develop very quickly today, many innovations that shape the future are also coming with them. Among these, the most memorable ones are modern technologies such as artificial intelligence and blockchain, as well as solutions such as open banking and machine learning, which seem to be frequently mentioned in the future.
In the future, every person will expect to receive customized and personalized service from their bank. Although this is possible even today in banks that offer improved banking customer experience, the person of the future will expect this from every bank or financial institution. Since the needs and expectations of each customer profile are different, it would be the wrong way for banks to offer the same product or campaign for everyone in terms of profitability.
How Do Banks Build Trust And Loyalty Through Improved Customer Experience?
One of the best ways for banks to increase or maintain profitability is to offer an improved and enhanced banking customer experience in addition to technical financial strategies. In doing so, customers establish a good relationship with the bank in terms of trust and loyalty.
If a customer can meet all their needs, from daily financial needs to complex financial projects, in a fast, easy, and solution-oriented way, their loyalty to their bank will increase. In my opinion, for a bank to build trust and loyalty with its customers, financial products alone are not enough. It is also critical for it to offer personalized products and suggestions.
Customers who can solve problems quickly, spend productive time in customer support channels, and use digital technologies in banking applications have a better relationship with their banks. The best way for banks to achieve this is to build trust.
What Are The Common Challenges In Delivering An Excellent Banking Customer Experience?
Although there are many common ways to provide an advanced banking customer experience, providing a perfect experience is not always possible due to some difficulties. Providing a perfect banking customer experience may not be possible for every bank due to inadequacies in technological infrastructures.
In addition, data security concerns are one of the common problems of today. Institutions providing services in the financial sector must guarantee the security of their customer’s data. In addition, the manpower required to provide 24/7 customer support can be costly for banks. However, almost all of these difficulties can be completed less expensively and the process can be done with less energy thanks to today’s technology.
Another challenge may be that banks are not in a hurry to invest in digital transformation processes. For example, banks that do not allocate the necessary infrastructure changes and investment channels for artificial intelligence tools, which are only the technology of the last 1-0 years, will make their way into competitive markets in the future. They will also not be able to meet the needs of their customers without these grateful tools.
How Are Challenger Banks Redefining Customer Experience In The Banking Sector?
If the subject of banking customer experience is being discussed, challenger banks are also one of the concepts that should be remembered. Challenger banks can simply be defined as banks that offer all products and services online, unlike traditional banks.
Many transactions that require both time and transaction fees through traditional banks can be carried out both faster and more securely thanks to challenger banks. Challenger banks usually manage campaigns that appeal to a younger customer base. Because challenger banks offer the most innovative applications and tools of the age.
To experience an advanced and improved banking customer experience, customers can evaluate not only the digital channels of traditional banks but also the products and services of challenger banks.
See you in the next post,
Anil UZUN