{"id":54086,"date":"2022-07-07T07:07:54","date_gmt":"2022-07-07T11:07:54","guid":{"rendered":"https:\/\/www.sogolytics.com\/blog\/?p=54086"},"modified":"2024-03-11T05:56:14","modified_gmt":"2024-03-11T09:56:14","slug":"improving-banking-customer-experience","status":"publish","type":"post","link":"https:\/\/www.sogolytics.com\/blog\/improving-banking-customer-experience\/","title":{"rendered":"3 Keys to Improving the Banking Customer Experience"},"content":{"rendered":"<p>Once upon a time, where you banked was determined solely by where you lived. Banking customers would open an account at the local bank in their hometown, and they\u2019d stick with the bank (and the hometown) for life.<\/p>\n<div class=\"div-minispacer\"><\/div>\n<p>But in today\u2019s world, customer loyalty isn\u2019t determined by location, price, or product, but by customer experience (CX). And this rings especially true for banks, since all banking institutions offer such similar products that consumers rarely bother to differentiate them.<\/p>\n<div class=\"div-minispacer\"><\/div>\n<p>As a result, your bank needs to find ways to improve and personalize the banking customer experience. Exceptional CX could prove to be the difference between an account-holder opening up a second account or closing their first.<\/p>\n<div class=\"div-minispacer\"><\/div>\n<p>In this piece, we\u2019ll examine three ways to elevate CX throughout the banking customer experience.<\/p>\n<div class=\"div-spacer\"><\/div>\n<p><a href=\"https:\/\/www.sogolytics.com\/blog\/wp-content\/uploads\/2022\/07\/jonathan-cooper-0O2Pp6-mOkY-unsplash.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-54088\" src=\"https:\/\/www.sogolytics.com\/blog\/wp-content\/uploads\/2022\/07\/jonathan-cooper-0O2Pp6-mOkY-unsplash-1024x683.jpg\" alt=\"Banking customer experience\" width=\"1024\" height=\"683\" srcset=\"https:\/\/www.sogolytics.com\/blog\/wp-content\/uploads\/2022\/07\/jonathan-cooper-0O2Pp6-mOkY-unsplash-1024x683.jpg 1024w, https:\/\/www.sogolytics.com\/blog\/wp-content\/uploads\/2022\/07\/jonathan-cooper-0O2Pp6-mOkY-unsplash-300x200.jpg 300w, https:\/\/www.sogolytics.com\/blog\/wp-content\/uploads\/2022\/07\/jonathan-cooper-0O2Pp6-mOkY-unsplash-768x512.jpg 768w, https:\/\/www.sogolytics.com\/blog\/wp-content\/uploads\/2022\/07\/jonathan-cooper-0O2Pp6-mOkY-unsplash-600x400.jpg 600w, https:\/\/www.sogolytics.com\/blog\/wp-content\/uploads\/2022\/07\/jonathan-cooper-0O2Pp6-mOkY-unsplash-50x33.jpg 50w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/p>\n<div class=\"div-spacer\"><\/div>\n<h2>1. Streamline the account opening process (and look into ITMs)<\/h2>\n<div class=\"div-minispacer\"><\/div>\n<p>First things first\u2014a lifetime of exceptional customer experiences begins with a smooth onboarding process.<\/p>\n<div class=\"div-minispacer\"><\/div>\n<p>Opening an account with your bank should be a quick and hassle-free process. It should also be as easy to accomplish from a laptop or a phone as it is from the lobby of one of your branches.<\/p>\n<div class=\"div-minispacer\"><\/div>\n<p>To improve the CX associated with opening an account, be sure to:<\/p>\n<div class=\"div-minispacer\"><\/div>\n<ul>\n<li>Allow customers to open a new account on the mobile app.<\/li>\n<li>Reduce the total number of clicks that are required to open an account.<\/li>\n<li>Limit the amount of data collection to only what is absolutely necessary.<\/li>\n<li>Use the Digital KYC (Know Your Customer) process to verify the identity of the customer (facial recognition, <a href=\"https:\/\/ondato.com\/authentication\/age-verification\/\">age verification<\/a>, etc).<\/li>\n<\/ul>\n<div class=\"div-minispacer\"><\/div>\n<p>Additionally, you might consider investing in <a href=\"https:\/\/www.sogolytics.com\/blog\/credit-union-itm-readiness\/\">ITMs, or Interactive Teller Machines,<\/a> a more advanced and \u201cinteractive\u201d evolution of the ATM. ITMs allow customers to connect with a live teller over video so that they can open an account\u2014or perform all other sorts of transactions, including paying bills or cashing checks down to the exact penny.<\/p>\n<div class=\"div-minispacer\"><\/div>\n<p>They\u2019re essentially an elevated ATM for an elevated banking customer experience.<\/p>\n<div class=\"div-spacer\"><\/div>\n<h2>2. Provide more proactive service for banking customers<\/h2>\n<div class=\"div-minispacer\"><\/div>\n<p>A great customer service experience is one you don\u2019t have to seek out. We\u2019ve all had unpleasant the experience of encountering a problem, having to call support, and then listening to hold music while waiting to talk to an agent. Wouldn\u2019t it be much better to have your issue anticipated before it occurs?<\/p>\n<div class=\"div-minispacer\"><\/div>\n<p>An <a href=\"https:\/\/www.accenture.com\/us-en\/insights\/interactive\/customer-service?industry=banking\">Accenture survey of B2C customers<\/a> found that respondents highly value proactive service, yet aren\u2019t receiving enough of it from their banking institutions. Specifically, over 70 percent of B2C customers said it was \u201cimportant for their bank to anticipate a potential issue before it becomes a problem.\u201d However, only about half of those customers said their bank was effective at delivering such proactive services.<\/p>\n<div class=\"div-minispacer\"><\/div>\n<p>There are several ways your bank could become more predictive in order to improve CX. For example, when someone\u2019s debit or credit card is blocked in an ATM, they may need to call support or visit a bank branch to get their card unblocked. But the bank could save them the trouble if, as soon as they detect that the card is blocked, they automatically send a QR code to the customer that will enable their transaction.<\/p>\n<div class=\"div-minispacer\"><\/div>\n<p>The more challenges or disruptions that banks can uncover and proactively address, the smoother the overall customer experience becomes.<\/p>\n<div class=\"div-spacer\"><\/div>\n<h2>3. Update the banking customer support experience<\/h2>\n<div class=\"div-minispacer\"><\/div>\n<p>Some issues can&#8217;t be proactively addressed and will ultimately require a call to customer support. But that\u2019s an area for improvement, too.<\/p>\n<div class=\"div-minispacer\"><\/div>\n<p>For starters, you should be taking an <a href=\"https:\/\/www.sogolytics.com\/blog\/omnichannel-customer-experience\/\" target=\"_blank\" rel=\"noopener\">omnichannel approach<\/a> to support. Customers should be able to call, email, text, live chat, or even connect with support staff over social media channels. Service should always feel extremely accessible\u2014your bank\u2019s app should allow direct options to connect to an agent.<\/p>\n<div class=\"div-minispacer\"><\/div>\n<p>When customers need to hold or wait to connect with an agent, show or tell them where they\u2019re at in the queue. That sort of transparency makes the waiting a lot more bearable.<\/p>\n<div class=\"div-minispacer\"><\/div>\n<p>It\u2019s also important to analyze support interactions to find possible areas of improvement. For example, you can <a href=\"https:\/\/www.sogolytics.com\/blog\/when-to-initiate-a-csat-survey\/\">send a CSAT survey<\/a> to a customer after their live chat with customer support. If they have a negative experience, pull up the chat transcript to see what went wrong. (Or, alternately, if the customer is satisfied, study the live chat transcript as a potential template for handling similar support requests in the future).<\/p>\n<div class=\"div-minispacer\"><\/div>\n<p>Of course, CSAT scores are just the tip of the iceberg. Customer feedback is key to all CX initiatives\u2014it\u2019s how you find out what customers like and don\u2019t like, what\u2019s working and what\u2019s not, and what potential improvements or new options they\u2019d most prefer.<\/p>\n<div class=\"div-minispacer\"><\/div>\n<p>If you\u2019re in the market for a new customer feedback tool and CX platform, <a href=\"https:\/\/www.sogolytics.com\/request-a-demo\/\">connect with us today<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Once upon a time, where you banked was determined solely by where you lived. Banking customers would open an account at the local bank in their hometown, and they\u2019d stick with the bank (and the hometown) for life. But in today\u2019s world, customer loyalty isn\u2019t determined by location, price, or product, but by customer experience (CX). And this rings especially true for banks, since all banking institutions offer such similar products that consumers rarely bother to differentiate them. As a result, your bank needs to find ways to improve and personalize the banking customer experience. Exceptional CX could prove to be the difference between an account-holder opening up a second account or closing their first. In this piece, we\u2019ll examine three ways to elevate CX throughout the banking customer experience. 1. Streamline the account opening process (and look into ITMs) First things first\u2014a lifetime of exceptional customer experiences begins with a smooth onboarding process. Opening an account with your bank should be a quick and hassle-free process. It should also be as easy to accomplish from a laptop or a phone as it is from the lobby of one of your branches. To improve the CX associated with opening an account, be sure to: Allow customers to open a new account on the mobile app. Reduce the total number of clicks that are required to open an account. Limit the amount of data collection to only what is absolutely necessary. Use the Digital KYC (Know Your Customer) process to verify [&hellip;]<\/p>\n","protected":false},"author":75,"featured_media":5077,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5,204,175],"tags":[722,627,403,176,351],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.7.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>3 Keys to Improving the Banking Customer Experience - Sogolytics Blog<\/title>\n<meta name=\"description\" content=\"CX is becoming the key differentiator in all marketplaces... including banks. Here are some tips for improving the banking customer experience.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.sogolytics.com\/blog\/improving-banking-customer-experience\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"3 Keys to Improving the Banking Customer Experience - Sogolytics Blog\" \/>\n<meta property=\"og:description\" content=\"CX is becoming the key differentiator in all marketplaces... including banks. Here are some tips for improving the banking customer experience.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.sogolytics.com\/blog\/improving-banking-customer-experience\/\" \/>\n<meta property=\"og:site_name\" content=\"Sogolytics Blog\" \/>\n<meta property=\"article:published_time\" content=\"2022-07-07T11:07:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-03-11T09:56:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.sogolytics.com\/blog\/wp-content\/uploads\/2018\/03\/financial-2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"487\" \/>\n\t<meta property=\"og:image:height\" content=\"714\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Patrick Grieve\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.sogolytics.com\/blog\/improving-banking-customer-experience\/\",\"url\":\"https:\/\/www.sogolytics.com\/blog\/improving-banking-customer-experience\/\",\"name\":\"3 Keys to Improving the Banking Customer Experience - Sogolytics Blog\",\"isPartOf\":{\"@id\":\"https:\/\/www.sogolytics.com\/blog\/#website\"},\"datePublished\":\"2022-07-07T11:07:54+00:00\",\"dateModified\":\"2024-03-11T09:56:14+00:00\",\"author\":{\"@id\":\"https:\/\/www.sogolytics.com\/blog\/#\/schema\/person\/3131bbe73603fd2d0fd1b02b28bb7eb7\"},\"description\":\"CX is becoming the key differentiator in all marketplaces... including banks. 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