With the introduction of core banking or internet banking, nowadays customers of the banks get the facility of sit-at-home banking experience. But as the studies have indicated, almost 50% of the customers still visit the branches to do transactions. Customers still experience still experience the physical and digital banking services. Banks are now asking for deeper customer insights to engage the present and future customers and bring continuous and consistent customer experiences at every point of service.

What is the Customer Experience Exactly?

As in the past, Apple, Netflix , Amazon have set precedents with their unique customer experience leads, the leading banks have now decided to suit their examples. This has brought a holistic vision about what a customer could experience during banking hours.

As a matter of fact, banks do not treat simply the mobile apps and web portals as the only means for improvement of customer experience. On the whole, it constitutes of four parts.

The experience of the User – Familiar as UX, banks have forever stayed in search of an insightful, easy, and stimulating digital contact that could get personalization of customer service related experience.

Serving next best experience – Banks are nowadays serving next best experience or NBA that adds considerable value to the relationship between the bank and customer. It helps banks to get new accounts, do an addition to the share of the wallet, and bring a reduction in the slow destruction of their existence due to lack of analysis of data about customer experience.

Creation of Omni-channels – It stays primarily a task with the banks to do organization of service through various channels without rendering least harm to customer experience through the addition of context and continuity.

Digitization of the process – The bank needs to keep the process of digitization faultless by giving front-end experience to back-end people so that the processes and systems stay intact.

4 Unique Takeaways that Banks Need to Revolutionize:

Progressive build-up of necessary utilities –  First of all, in order to create the necessary potential s and enablers, which consist of deep thinking about design, strategy for the creation of better user experience (UX), segmentation, mobile platforms, mapping of the journey, and important analytics. Literally speaking, the task of collection, analysis, and application of meaning begins right from the customer says “Hello” on the phone.

Analysis of data from interactions and transactions with customers – In-depth analysis of interactions and transaction with customers could lead to meaningful and significant information about customers’ behavior. Such information gives deeper insight about customer experience. When properly analyzed and documented, the information could become precious information that could lead to rich ROI (return on investment).

Analysis of transactional behavior – Banks are unaware that they have rich repositories of customers’ data. Be it demographics, income, expenses, or value of their homes, such data could get processed to become meaningful information about customers’ transactional behavior. This gives the clues to the banks to know whether a particular customer is tight-fisted about spending money or just a spendthrift to fritter away all his hard-earned money on the trivialities. A very personalized customer experience could get developed by the integration of external data from the outside sources with the above inside information inside the bank as this invariably leads to more meaningful insights about customer experience.  For instance, the digital footprint left by the customer reveals that he or she is going to make a purchase of a car and banks could tap the information to extend a timely offer for the loan to buy the vehicle. But sadly, the executives in the banks have turned their backs on the collection and processing of such data and wait with the intentions that the customers would turn up on their own at their doorsteps.

Development of innovative products and strategies – Analysis of customers’ information leads to improvement in products and services as well as better products’ deliveries and services. But in all such cases, proper utilization of such data leads to innovation in financial product development and better marketing strategies for further market development.

It is needless to say that the banks have a long way to traverse before they could match the levels of customer experience of Google and Netflix in order to arrive at customers’ insights from customer data.  But with the progressive analysis of data and development of strategies, this is certainly achievable.