Strategies to Improve Customer Service in Banking

By Emily Pribanic - Published on May 31, 2018
strategies to improve customer service in banking

Banking customer service tips to improve customer satisfaction.

Customers today have a wide range of banking services to choose from, so it is essential to offer better customer experiences to retain and attract more clients to your bank.

Customer service is very important for all companies, but it seems that the financial services industry has the most difficult time understanding what good customer service in banking is. Financial companies can learn a lot about how to provide better customer service from retail companies because they understand how to make customers satisfied.

It is also important to remember that any ideas to improve banking services can be beneficial, so it is important to not rule out the thought that you can gain inspiration to improve the customer service you offer at your bank from anywhere. Below are some helpful strategies to offer better customer service to your clients.

Ways to Improve the Customer Experience in Banking

Embrace Technology

The best suggestion for bank improvement is to embrace new banking technology. Banks are constantly struggling to meet customer demand for on-the-go services while staying in compliance with regulations. Emerging financial technology can help this though, as advances can not only improve your bottom line but increase customer satisfaction as well. New technology is making it easier for customers to use their mobile devices to make payments, transfer funds, and even verify their identity much more easily through biometrics. New financial technology is also allowing banks to integrate systems and convert old data to new formats. Another new technology many banks are embracing is drive-through video teller devices which allow customers to speak face-to-face with their teller when this wasn’t even an option before. Some banks are taking advantage of customer data and social media to enhance their bank marketing efforts and even geographically target customers with specific offers. These are only a few ways technology can improve the satisfaction of your banking customers and new technology is emerging all the time, so it is essential that you stay up-to-date with financial technology and embrace it at your bank.

Personalize Customer Experiences

You may be wondering, what is good customer service in banking? Well, good customer service is providing your customers with an individualized experience. The best way to achieve this is to segment your client base and create personalized customer experiences based on your different segments. Banks have a massive amount of data on their customers but for some reason, many are not utilizing this data to satisfy their customers better. While credit unions have used member relationships and community as the foundation of their institution for years, it seems that larger banks have yet to use their customer data to build loyal relationships with their customers. Offering a more personalized customer experience will improve the customer experience at your bank. Some ways to personalize customer experience are to:

  • Prioritize high touch customers and members
  • Individualize customer interactions based on their communication preferences
  • Deliver information to customers based on their prior behavior and recent transactions
  • Include CRMs, lead scoring, robust email marketing, and ROI reporting in your marketing automation efforts

When you offer your customers personalization through technology, your customers will be able to have access to any information they need immediately, without having to call customer service. Also, through new financial technology, banks can view and manage customer journeys which allows them to target customers better and on an individual level with products and services they need and want at the best time.

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.

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 s...

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