Another recent study has revealed that financial institutions are not doing a good enough job of improving the customer experience. According to the “Improving the Customer Experience in Banking” report published by the Financial Brand, this remains the top priority for banks in a changing landscape.
“Improving the customer journey and providing a positive customer experience was ranked as the number-one trend, as well as top strategic priority, in the survey of global banking leaders,” stated the authors.
Though the survey results show major deficiencies in key areas, the report fortunately offers recommendations for banks to improve. The authors highlight five specific focus areas for financial institutions to take in order to reverse this negative trend.
- First of all, industry firms must focus their digital efforts less on pure cost savings and instead look to enhancing customer experience.
- Secondly, they should do this by incorporating advancing analytics, like machine learning, to provide a more individual experience to all customers.
- To this end, banks must allow their clients to interact with the company through their preferred channels rather than merely offering limited options.
- The study also suggests that banks must also prioritize end-to-end delivery of customer service, beginning when they onboard a new client and never allowing that relationship to deteriorate through negligence.
- Lastly, the companies must become more proactive with their sales in order to find new customers and increase the value they are offering to existing bankers.
By taking this simple advice, the authors believe that even legacy banks stuck in their old ways can see vast improvement. “How customer insight is used can make a big difference to the customer experience — and ultimately to the profitability of the organization,” states the report.
“The right information, analyzed in the right way, can ensure that the financial institution can provide the right offer at the right time – along with a seamless service at a lower cost,” added the authors. “And that has to be good for everyone involved.”