In 2020 going digital was no longer optional for many bank
customers. While consumers have been steadily becoming more digital (according
to Statista, the number of mobile users is approaching 7 billion, and the
average individual checks their phone 63 times per day, including for mobile
banking), some who resisted the digital wave were forced to use digital banking
channels for the first time. And many financial institutions who have invested
in digital tools for years are now at a pivotal point in their digital journey,
wanting to keep new digital users engaged and ensuring the digital experience
is as seamless as possible for all clients.
As 2021 approaches, consumers will continue to act on the
behaviors formed during the pandemic, especially as it relates to digital means
of operation and communication, and banking is an area that they will look to
for consistency and ease as they continue to navigate through the massive shift
to the digital world. Here is what banks should consider.
The digital experience needs to be personalized
According to Accenture, only 29% of people trust their banks
to look after their long-term financial wellbeing, compared with 43% two years
ago. While digital usage is a positive for banks, the decrease in human
interactions means banks need to work at rebuilding trust in a digital first
world.
Customers are looking for the right balance – they want
transactions to be seamless, consistent, simple and stress free. But when they
are looking for advice and guidance around more complex financial events, most
customers still want the human touch. At the end of the day, the customer’s
ultimate goal is to be able to complete a desired transaction in the easiest,
simplest way – and to reach a human when they need one. Financial institutions
are in a unique position to be able to provide the means for customers to
achieve this, by combining frictionless digital experiences with appropriate
access to human channels.
For example, when customers use an online platform or mobile
device to interact with their bank, they are looking for a seamless experience
from start to finish. Financial institutions should understand how to make the
digital journey as simple and clear as possible, while providing access to
real-time assistance – either through an automated channel or through a human
interaction when necessary.
Feedback garnered through this process should be shared
across channels, providing support to other customers who may run into the same
questions and insight to the organization on what needs improvement. It is all
about understanding the needs of customer and quickly adapting to any situation
to drive both efficiency and loyalty.
Employee and customer experience collaboration is
essential for improved results
In 2018, more than half of all business leaders planned to
create individualized employee experiences comparable to customer experiences,
according to Accenture. It’s no secret that employees are a wealth of
information, especially when it relates to the customer experience. Given their
proximity to those they assist, they generally understand what’s working and
what’s not, and can frequently pinpoint the underlying policies and procedures
that cause friction.
Banks should use employee insights to both to improve the
customer and the employee experience. The ability to use employee insights to
understand and fix customer pain points, identify innovation opportunities, and
make employee experiences better, gives organizations ammunition to provide
additional resources and care for their employees, and the ability for
employees to translate that care back to the customer.
Creating a holistic experience will help financial
institutions work across different channels
The World Economic Forum estimates that by 2025, we will
create 463 exabytes of data each day – a massive amount of data, and financial
institutions are a significant consumer of that data. The trick is in
connecting and understanding the signals that customers are sending across
these data sources, and making what can seem to be an overwhelming volume of
information actionable. Done right, successful institutions will set themselves
apart, ultimately bringing new and unique perspectives to digital banking and
uncovering fresh opportunities for success.
As an example, the combination of operational, behavioral
and feedback signals provides context to specific interactions, and allows the
bank to see larger trends and issues. Using these insights, financial
institutions can intervene in places where customers may be struggling,
reposition messaging to ensure customer success moving forward and identify new
opportunities to better meet customer needs. The integration of these signals
can make marketing strategies more efficient, drive service recovery and spur
innovation.
Digital transformation is here. The banks that will win are
those that can embrace the opportunity – constantly listening to what customers
and employees are saying across a wide signal field and taking action to create
better experiences, and increased trust and loyalty.
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