Now, since people have dived into the internet world, services and products followed them creating a new internet market to sale and purchase in. One of the most demanded services-banking services have joined this internet rush, and mainly all banks started their little digital and online banks inside the borders of the internet. Seems like any service and/or good running online company, digital and online banking systems also need customer experience improvement. To be more specific, we may state that digital banking differs from online banking in some ways. This difference also influences on the strategies of digital banking experience improvement. Let’s have some look through.
Online banking vs. digital banking
Though these phrases are synonyms, online banking is a bit narrow. Online banking stands for remote deposits, money transfers, bill pay and other general online accounts management. If online banking aims to digitize the basic aspects of banking, digital banking focuses on digitizing programs and activities which financial institutions and their customers undertake. In 2007, by the launch of iPhone, digital banking shifts from desktop computers to smartphones. This was like a signal to all banks to move their services online.
Customer experience (CX) plays a great role in increasing the sale of any product and service. Here we advise the following ways to improve customer experience in your digital banking:
Design customer friendly systems
Designing your digital bank is a process unable to handle alone. Especially relevant, you need to involve customers, employees, even external partners who could help to gather research data, find possible solutions, create some prototypes and, of course, provide feedback. In designers language, it is called co-creation. Furthermore, you can hold a workshop. Ask the stakeholders to underline the most important features they would like to see in your digital banking design.
Make all services available onboard
As soon as the customer applies a new account and/or service, from that moment the onboarding experience begins. Many institutions don’t have fully digitized applications; it means the customers have to visit the physical channels as well. But this is less acceptable nowadays. What the consumer expects is a full service, i.e. utilizing security, authentication, and the possibility of filing digital documentation. All these aims to make the whole process simpler.
“Transfer” the bank into the customers’ phone
Try to reduce face-to-face sales at the teller window and/or manager’s desk. Due to today’s lifestream, it is important to deliver personalized product sales message and make customers buy on digital channels. The reason is that there are fewer visits to the bank branches. The mobile access greatly exceeds. So you need to apply contextual strategies for sales. This can be realized if you integrate the service selling within personal financial management tools and/or customized advisory process. The advanced analytics will make needs-based selling possible for the customers.
Newly update your customer support to increases customer experience
Move beyond FAQs, try to create interactive content which would even contain videos. If you combine these technologies with advanced intelligence, machine learning, you will improve the delivery of service making costs lower. Consequently, you may involve voice banking. This could be highly exciting increase area for improved customer experience. Actually, PayPal, Capital One, Moven etc. have undertaken these strategies, what about you?
Provide open banking
Ward states ”Open banking is a fantastic opportunity for banks to integrate better with a broad range of financial and non-financial services to allow customers to create a network of tools that help them reach their financial objectives.” Open banking enables the customer to keep the bank at the center of his/her lifestyle. Consumers themselves decide what services to link together no matter financial or not.
While launching a digital banking system, keep in mind that:
For relevant digital banking experience, native device data should be applied. But whatever the digital devices’ ”nationality”, they become the part of customer’s social life. Such social platforms as Facebook, Pinterest and Twitter allow sharing any content from digital touchpoint. So take the advantage and enable that feature to share your device.
It’s a fact, that as a financial institution, you have a great responsibility for your customers’ satisfaction. You should do your best job to close all those gaps which exist in your service. It is the 21st century, and your growth mostly depends on the digital banking experience of your customer. It is high time to start building a competitive digital banking, isn’t it?