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5 Steps Banking Institutions Should Consider to Transform Customer Experience

5 Steps Banking Institutions Should Consider to Transform Customer Experience
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Providing an excellent customer experience is essential for companies to succeed and outperform their competitors. Shifts in digital, mobile, cloud, data, and analytics technologies have reshaped customer expectations and caused customers to demand higher levels of service and value. Many customers have switched to using online channels for their purchases due to convenience, speed, quality, or information provided and access to more choices. Customers are now prioritizing experiences over products.

The latest digital technologies can be used to satisfy customer needs better, provide more helpful customer experiences, and help companies stand out among their competitors. There are five steps banking institutions should consider to transform customer experiences.

The first step is to create 360° customer profiles. A comprehensive view of the customer is essential to optimize their banking experience. Banks are utilizing every data point in their customer data hubs to learn their customer’s tendencies, preferences and digital behavior to build these profiles and meet customer needs. This information leads to actionable insights.

The second step is to optimize customer experiences across products. Most customers have multiple relationships with their bank, including a checking account, savings account, credit cards, and loans. Banks are attempting to connect with their customers better through their multiple relationships by breaking data silos to develop individual customer profiles to create unique experiences across product interactions. Satisfying experiences delivered consistently build long-term relationships.

Step three is to streamline experiences across channels. Customers expect to be able to bank when and how they need to while receiving a consistent experience across the communication channels they use. This omnichannel access requires banks to enable cross-channel integration to deliver consistent, unified interactions. A detailed, accurate picture of the customer’s preferences and behavior will help to ensure this.

The fourth step is to add context to the customer experience. Customers today are willing to share more personal information to enhance their experiences. Banks are beginning to use more context-specific intelligence to achieve this enhancement. It is essential that banks upgrade their infrastructure to accommodate the multiple data sources to offer intuitive, context-aware experiences.

The fifth step is to build trust with fraud detection and security. Customers love the convenience digital banking offers but are uneasy about the safety of the transactions. Banks need to develop this trust by communicating with their customers about their dedication to security and fraud detection. Linking data and analytics benefits both customers and banks and reassures customers of their safety practices.

Want to enhance your customer experiences? Click on the link below to watch a quick video and to download the whitepaper Five Steps to Transform the Banking Customer Experience.


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Emily Pribanic
Emily Pribanic
Emily is a graduate of the University of North Texas. She has her B.A. in Advertising with a concentration in Copywriting. Emily has been writing since she was young and has a creative imagination. She lives in Dallas, Texas with her family and two cats.

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