4 ways to create a better digital banking experience

Posted on

January 17, 2023


Carrie Shunia

A good customer experience is critical to any financial institution’s success. But depending on who you ask, “customer experience” has wide-ranging meanings. According to a recent BAI report, there is some misalignment between financial leaders and their consumers. Financial leaders believe top ways to improve CX are:

·      Make better use of data for product recommendations

·      Improve the omnichannel experience

·      Enhance the mobile channel

These are great ideas. However, when consumers were asked the same question, they responded with the following:

·      Improve the omnichannel experience

·      Give them tools/options to customize their own solutions

·      Improve branches for a better in-person experience

See the gap?

Speaking of gaps, financial leaders also report that digital interaction is the biggest gap in providing a good customer experience. It’s good that they recognize this and know it needs to be addressed, because more than 60% of Millennials and Gen Z say they would leave their current provider for a better digital experience elsewhere.

With that in mind, we’ve compiled some tips for banks and credit unions to help them create a better digital banking experience.

Create a more human approach

With fewer and fewer people conducting in-branch transactions, ramping up the personalized digital experience is critical. How do you interact with your customers on a more human level when they are doing everything online? Can you use technology such as AI or virtual assistants to create easy (or at least easier) self-service options for your customers? Do you have people dedicated to assisting with online transactions in case questions pop up? It’s interesting to note that while Millennials lead the way in mobile banking transactions, they are also more likely to abandon mobile banking if the experience proves too frustrating.

Don’t think about just pushing products and services but how your customers view their financial objectives and overall journey. Where do you fit in? According to Financial Brand, there will be a shift from an internal strategy centered on efficiency to a more customer-focused one ( and why not? They’re the star!).

Personalization is key

This is more than using a first name in your emails. What can you do to provide an experience that makes your customers feel valued and understood, much like they would speaking to an actual person in a branch? To get some of these answers, we recommend conducting some data analysis on your customer or membership base first so you can get an idea of where they are in their financial journey, how often they interact with you and what they think of their current digital banking experience.

After you’ve drawn some conclusions, it’s time to put that data into action by empowering your account holders with information that’s the most relevant to them at the right time and place. That in itself will result in a better digital banking experience for your account holders.

Meet people where they are

Think about your account holders and how they like to receive information. Your younger generations are more likely to receive information on their mobile phones or use chat bots for self-service assistance, whereas older account holders are more likely to want to speak to someone over the phone to answer any questions. It’s important to deliver your messaging to the right people through the right channels.

Consider the wholistic experience

Let’s take the above point and apply it across all channels of customer interaction. Understand that everyone receives information differently. Don’t rely on one channel to get your message across but more importantly, keep the experience your account holders have on each channel consistent and flowing – if someone started a loan application on your website but didn’t finish it, for example, send them a push notification to their phone that they can finish the application on the go through your mobile banking app, if they desire. Or, if they have questions, they can call or email your support center directly.

There are plenty of opportunities for banks and credit unions to enhance their digital banking experience and have happier, more loyal account holders. The four tips above are a great place to start.

Larky can help you start your journey towards creating a better digital banking experience by helping you meet your account holders on their mobile devices. We deliver customized push notification campaigns through the mobile banking app so your account holders receive relevant and valuable information at the right time and place. Contact us to learn more.

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