3 Ways to Improve the Digital Experience In Retail Banking

3 Ways to Improve the Digital Experience In Retail Banking

In today’s digital COVID-19 era, connecting with your potential customers has become an overwhelming challenge. Consumers are now searching for ‘experiences’, causing a number of organizations to focus on improving customer experience.

The understanding is that if the consumer’s attention is divided and exposure is brief, investing in an experience that goes beyond a basic interaction is going to be appreciated.

When considering the various channels of customer experience in the banking industry, it can be difficult to decide when to invest. Are customers interested in a better in-branch experience? Should you be investigating new outreach channels to keep the retail bank at the top of your customer’s mind?

While these areas are important, we’d suggest the best place for the banking industry to start is the digital customer experience. With more people choosing to manage their finances and associated services on their mobile devices, banks and credit unions have been presented a great opportunity to develop engaging and positive digital experiences optimized for the devices they use. Below are some reasons why focusing on a digital experience is a great idea for banks.

Want to learn more about improving the customer experience? Download our customer experience white paper today.

Beat the Competition

According to research done by The Financial Brand, only 37% of retail banking organizations have a formal customer experience plan. While investments to improve customer experience are increasing, with the majority of banks committing to increase investment over the next 3 years, most organizations are still focused on developing products and branch engagements rather than investing in their digital channels.

These findings expose a large gap in overall banking strategy when it comes to digital strategy for the next 3 years. For institutions looking to revamp their digital efforts, this creates an excellent opportunity to step up and start investing in digital solutions around customer experience. The potential for retail banks that adopt a digital strategy earlier than their competitors is reaching customers others may not. By creating experiences tailor-made for the devices customers prefer to use, banks with a digital strategy are opening themselves up to potential customers that want to access services online. If a customer cannot get the services they require from a retail bank in the way they want them, like online banking, scheduling advisor meetings or learning about new services, they’re going to end up looking for another option that meets their needs.

For more information on how to retain your client base, check out our blog on the 5 ways appointment scheduling keeps you one step ahead of the competition.

Bank Customers are Unsatisfied

In a study published by Bain and Company, it was revealed that only 45% of online customers feel that their digital interactions with banks satisfy their needs completely. From a mobile perspective, only 25% of customers feel that they can adequately work and properly communicate with a bank through their mobile interface.

From a usability standpoint, the numbers end up being the same, with 44% of computer users and 34% of mobile users agreeing that their online retail banking resources are easy to use.

These are some alarming gaps which signal that banks need to take the time to step up their online customer experience. As customers get used to managing other areas of their life like the convenience of digital shopping and instantaneously streaming entertainment, they’re going to demand that same kind of swift and satisfying experience from their bank. A self-serve, real-time experience where they can move through the products and services they want at the pace they desire. If the services provided are functional, but there is little attention paid to user experience, customers are going to be left frustrated, wanting more and looking elsewhere to get the solutions they desire.

To learn more, check out our blog on why companies should consider self-serve solutions for more information on the benefits of providing online scheduling to your customers.

Investing in Digital Improves Customer Experience and Adoption

From the same Bain study, it was found that positive customer interactions that start online, continue online with greater loyalty than if they were to start in-person or over the phone. The likelihood of customers choosing to interact with a bank online has a lot to do with the security and quality of experience the bank has created. If the digital experience is not up to the level that customers want, you risk losing them to another competitor.

By focusing on how customers typically use and interact with services, rather than product promotion or adoption, you can start creating a user experience that really sticks. An example of this would be after a user opens an account online, helpfully routing the user to the activities they’re most likely to do online such as paying a bill. As customers get familiar with the basic functionality, they start to become more comfortable with the digital experience, and begin to search out other ways to work with the bank online. By paying attention to how people make use of their services and mirroring the process online, you can ensure that users are getting the value they are looking for and the experience they appreciate.

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