Banks can devise various policies and strategies for customer experience, but at the end of the day, it boils down to only one basic thing – Are these strategies and steps really resulting in the improvement of customer experience?
In this blog post we look at a few important elements of customer experience enhancement for real tangible results.
With the world going gung-ho about digital experience, what exactly does a customer look out for when he/she signs up with a bank which claims to offer distinguished experience as a result of customer journey reimagination efforts of the bank? The ease with which a customer is able to fulfil his/her banking requirements so that his/her business and day-to-day activities are not affected makes a difference. Ideally, the customer’s time shouldn’t be spent doing banking transactions. To that end, nearly all leading and progressive banks are reimagining journeys to offer contextual services, products and advice across existing channels such as mobile, new channels such as voice assistants and channels yet-to-emerge such as intelligent devices.
The banking requirements of a small business owner differ from that of a trade finance customer or that of a salaried person. Different customers have different requirements. Banks catering to various segments with personalized digital experience definitely can be pioneers in the field of digital technologies. For example, an employer would want to upload and distribute salaries on the last day of the month at his time and convenience without any dependency on this bank. Similarly, an exporter/importer needs to perform his trade-transactions timely in a safe, secure and cost-effective way. Now exporters and importers can employ blockchain technology which is the safest and the most secure technology on the block, without any intervention from a bank. A retail customer would want to get a loan sanctioned with minimum paper work and approvals and with the click of a button.
The customer may not be a subject matter expert. But the customer needs to be provided the most convenient ways to perform everyday transactions using the most user-friendly interfaces and technologies. Also, one needs to understand that a baker’s dozen holds prominence even today.
Every customer journey needs to embody the following principal points – simple Interface capability, effective implementation timelines, inbuilt validations to mitigate risk, cost effective solutions, easy-to-use banking experiences, and an exciting loyalty program. These are some of the essentials of a successful customer journey program.
KPIs are used by key bank personnel to gauge the overall performance of the employees or the products. KPIs and metrics for the level of customer satisfaction/attrition can provide banks a clear picture of the results of the customer experience initiatives and effort, allowing them to align, adjust or course-correct their policies and strategies.
Corporate customers generally hesitate to switch banking relationships. A bank who can simplify a corporate customer’s journey is sure to find a loyal customer for a life time. Banks should provide their customers secured channels and platforms to carry on business transactions. Easy-to-use upload formats for bulk uploads are a must-have feature for a decent digital experience.
All said and done, it is also imperative that digital experiences complement the traditional human touch in banking. A bank may employ a chat bot or any other kind of virtual assistance for quick real-time banking, but bankers who can empathize with a customer and his/her goals and priorities are equally important. At the end of the day, only when the end customer’s journey and consequently the overall experience is simplified and contextualized, does the bank really leave a mark behind.