In the world of banking, customer experience (CX) is everything.
With today’s switching economy, keeping customers satisfied and loyal is more important than ever. In this highly competitive market, businesses are striving to deliver the best to retain their ‘difficult-to-retain’ customers.
Banks are no exception, with customers willing to switch to more convenient options at a moment’s notice.
Customers nowadays expect the convenience of omnichannel access, and the ability to communicate with their bank at any time and from any location. To remain competitive, banking institutions must meet these expectations.
Over the past two and a half years, many bank customers became much more comfortable with digital interactions and spent less time in branches. What if they never return?
Knowing your market situation and what your customers are looking for is the key to surviving difficult situations.
That’s why investing in CX tracking is the way every bank should go.
Deliver a personalized experience to your customers
Having a good relationship with bank tellers is no longer enough. Customers expect the best possible service that is tailored to their needs. They want to feel like they are the only customer the bank has, with access to the best credit card offers and fewer maintenance fees. Moreover, customers expect banks to go above and beyond the offering system to provide a seamless, end-to-end experience for each customer.
By leveraging CX tracking, you can personalize the customer experience in numerous ways:
1. Real-Time Insights
Power BI Dashboards enable deeper understanding of customers through CX tracking. The technology leverages both historical and real-time data to tailor each customer’s interaction with your business. This approach drives both customer engagement and conversions, helping businesses make informed, data-driven decisions quickly.
2. Perspective Analysis
Anticipating customers’ needs is key to success in today’s business landscape. Advanced technology, such as Automating MR reports (PPT) and Dashboards (Power BI), can help identify trends and patterns.
These tools provide output data in a format that is easily integrated into Business Analysis Platforms. By using this information, businesses can identify latent needs and preferences and take immediate action to address them.
How has online banking changed how people manage their finances?
While the pandemic was a turning point for people and their behavior, it was also a turning point for technology, as people adapted to entirely new forms of technology such as online banking. This rapid change has enabled people to make payments without using cash, which has changed the way the banking industry operates and increased customer convenience.
And tracking the customer experience helped banks to understand their customers’ needs and touchpoints with the whole online banking experience back then and managed to assist them with:
1. Providing customers with a simple and quick method of conducting banking transactions, allowing them to avoid visiting physical branches.
According to N26, across the 28 countries surveyed, the number of consumers with a digital bank account represented 23% of the population.
2. A user-friendly interface – As with any digital platform, the user interface is important, because it engages your customers with your platform and has a huge impact on retention, so ease of use is paramount, and a simple, step-by-step journey guides users towards the goals that you’ve set for them.
Around 59% of digital-only bank customers and 26% of non-digital-only bank customers trust digital banking with their data.
3. Not only do banks deduct the amount chosen to transfer into a savings account, but customers can also easily obtain assistance from bank representatives if they have any questions or concerns about their personal finances.
According to Trading Economics, personal Savings Rate is expected to reach 5.20% by the end of this quarter, with projections of 7.50% in 2023 and 8.40% in 2024.
It only takes one correct decision to help boost your bank profits. And tracking what suits your customers is your way.