Easy, Breezy Banking: 5-Step Approach To Elevating the Customer Experience in Banking

Published: February 16, 2024
A customer smiles as she does online banking. Image caption says Easy, Breezy Banking: 5-Step Approach To Elevating the Customer Experience in Banking.

Let’s be honest: banking can be a tedious errand. Whether stuck in line at the bank or playing phone tag with customer service, it’s not a thrill ride. And don’t even get us started on the endless paperwork and red tape. 

But it shouldn’t have to be this way. We live in an era where customer experience (CX) is king, and banking is no exception. Our customers are all busy people with busy lives. The last thing they need is banking getting in the way of life. That’s where a killer customer experience in banking comes in.

It’s a world where banking is seamless and stress-free, where you can handle your finances with just a few taps on your phone or clicks on your computer. No lines, no hassle, no problem.

5 Ways To Improve Customer Experience in Banks 

Banking isn’t always a walk in the park for our customers. Fortunately, there are plenty of ways we can step up our game and make their banking customer experience smoother than ever. Here are five simple yet effective customer experience solutions to do just that.

A chart shows the 5 steps to achieving customer experience in banking.

  • Customize the Customer Journey With Omnichannel Touchpoints

Omnichannel customer engagement strategies are great for customer retention, with a whopping 89% retaining their customers and only a meager 33% for those with weak omnichannel strategies. Quite the difference, right?

This means meeting customers where they are and providing a seamless experience across communication channels — whether in person or through digital channels. Here’s how to customize the customer care journey with an omnichannel approach.

  • AI Chatbot: Start with an AI-powered chatbot available 24/7 to assist customers with basic inquiries, such as account balances, transaction history, or FAQs in real time. 
  • Email Option: Offer customers the option to email for non-urgent matters or inquiries requiring more detail.
  • Human Customer Service: Give customers the option to speak to a live representative over the phone or through a video call for personalized assistance and guidance.
  • Default Escalation: For those rare occasions when things get intense, have a default escalation process in place to ensure that the appropriate team or specialist swiftly addresses complicated issues.

With a seamless blend of AI-driven automation and human interaction across multiple channels, you create customer journeys that are not only efficient and convenient but also tailored to each individual’s needs and preferences.

  • Leverage Data Analytics and Collect Data from Each Touchpoint 

Now, let’s delve into a secret weapon that can transform how banks interact with their customers: data analytics

While this may seem technical, it’s not rocket science. To break it down, data is collected every time customers interact with banks and financial institutions — whether through their website, mobile app, or phone line. Analyzing all those data points empowers banks to gain insight into what works well and what doesn’t. Whatever the case, data analytics can help zoom in on those pain points and pave the way for much-needed improvements. You can then fine-tune the customer journey to make things more seamless. 

Data analytics isn’t just for tech wizards. It’s for any company that wants to improve customer support, products, and services. So leverage that data and fine-tune those processes to elevate every banking customer’s banking experience.

  • Offer Both Automated and Assisted Onboarding

Picture this: a customer just signed up for a new bank account, and now it’s time to get things rolling. But how do they do it? Do they prefer to handle everything independently and at their own pace? Or would they rather have someone guide them through the process every step of the way? 

With the power of automated and assisted onboarding, customers don’t have to choose.

Automated onboarding is all about convenience and efficiency. For example, self-service options like online forms or mobile apps allow them to activate their account, order new cards, and set up all the nitty-gritty details without picking up the phone or stepping inside a branch. It’s a personal banking assistant right at their fingertips.

Conversely, if they prefer a more human touch, they can opt for that too. That’s where assisted onboarding comes in. Whether it’s a friendly customer service rep over the phone or a knowledgeable banker at their local branch, having someone there to walk them through the process can make all the difference. They can answer customers’ questions, offer guidance, and ensure that everything goes off without a hitch.

  • Be Vigilant Against Fraud: Make the Card/Account Blocking Process Smooth and Easy

In early 2023 alone, 6.41 million data records were leaked through data breaches, affecting countless people worldwide. Given so many online scamming and phishing cases, fraud prevention is no longer just an option for businesses that offer financial services.

With vigilance and smooth sailing processes, you can nip fraud in the bud and keep your customer’s hard-earned money safe and sound. This involves making the card/account blocking process quick and painless. The truth is when they’re in the midst of a potential security breach, the last thing customers want is to jump through hoops just to lock things down.

That’s where having a user-friendly, hassle-free blocking process comes into play. Whether it’s a few taps on their mobile app, a quick call to technical support, or even an option to do it online, the key is to make it straightforward: no complicated forms, no long wait times, just peace of mind knowing that their account or card is safely out of harm’s way.

  • Outsource Customer Service Roles to Experts

Customer experience outsourcing services (CX BPO) are a game-changer for banks and finance businesses. Let the pros handle all those customer inquiries and issues while you focus on what you do best.

You may be thinking: Why outsource? Can’t we just handle it in-house? Well, sure, you could. But with outsourced customer support, you’re tapping into a wealth of knowledge and experience that can take your customer support game to the next level. As CX pros, customer service outsourcing companies know how to handle everything from simple questions to complex issues with finesse and efficiency, leaving customers feeling heard, valued, and satisfied.

Let’s not forget the time and resources you’ll save by letting someone else handle the heavy lifting. No more scrambling to train new hires or dealing with staffing shortages during peak times. With an outsourced customer service team, you can rest assured that you exceed customer expectations.

Here’s a quick rundown of tasks you can outsource to them.

  • Handling Applications: Responsible for various bank-related applications, like loans and other financial services.
  • Banking Renewals: Make sure clients’ deposits are renewed with the same terms and interest rates.
  • Clearing and Settling: Moving financial ownership from one person to another.
  • Collections: Collecting payments from businesses and customers.
  • Credit Approval: Figuring out if borrowers are suitable for the money and meet the requirements.
  • Dealing with Defaults: Reaching out to clients who’ve fallen behind on loan payments.
  • Managing Documents: Keeping all the info straight on clients, staff, accounts, and transactions.
  • Sorting Out Documents: Making processes easier by getting structured info out of documents.
  • Fighting Fraud: Keeping databases secure, double-checking entries, tracking transactions, and spotting common scams.
  • Loan Handouts: Ensure the agreed-upon amount gets to the borrower’s account.
  • Handling Payments: Charging fees for each payment processed.
  • Portfolio Checkups: Keeping an eye on, organizing, and managing assets.
  • Keeping Records: Taking care of financial analysis with ledgers or cutting-edge software.
  • Recovering Debts: Going after money that clients haven’t paid back.
  • Staying Compliant: Keeping a keen legal eye on and following the government’s rules.
  • Sorting Out Transactions: Fixing any problems or complaints customers have about banking.

So there you have it — five simple yet powerful ways to improve customer experience in banking — from omnichannel strategies and data analytics to fraud prevention and outsourcing.

Customer Experience in Banking: Take It to the Next Level

Ever feel like there aren’t enough hours in the day to handle everything? That’s where SuperStaff comes in. 

We’ll handle everything from answering phones to managing social media, leaving you free to focus on what matters — growing your business. With our expert team and top-notch technology, outsourcing your customer experience to SuperStaff is a no-brainer.

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