In today’s digital world, customers are becoming more tech savvy. With technology advancing rapidly and banking features becoming available at a touch of a button, customers expect banking to be easier and faster, while keeping the same level of high quality products and services. If their bank does not offer these features, they may just switch to a bank that does. So, what can you do to keep your customers happy? In this post we tell you 3 things customers want from their banks.
What do customers want from their bank?
1. Customers want better (and responsive) customer service
Customer service is the most important factor in any business, especially in the financial industry. Customers want to be able to contact their branch at anytime and in a way that’s convenient for them. A study by Oracle found that 81% of customers use digital channels to interact with their bank. Therefore its vital that banks use a multiple platform customer service, i.e. social media, online chat etc. it’s also important that these channels integrate effectively and that you can get all the information in one place. Using a CRM system for example holds a lot of data, but as sometimes different agents work in different channels, information is often misplaced and inaccessible.
You need to have something that holds all the information in one place automatically. CWS has developed a cloud based recording solution Recordia which does just that. It can record and store calls, SMS, fax, social media etc. and agents will be able to access all relevant information. Not only this but it helps banks comply with MiFID II, under which banks and financial institutions must record all client interactions.
2. More (and easier) ways to bank
Sounds simple but great banking with good customer service is not as widely available as banks may think. Customers want easy to use interfaces with less clicks and tapping to access their banking services. They also do not want to have to learn how to do it differently on various devices. The simpler it is the better. Having an easy to use system alongside good customer service will aid in customer satisfaction and retention.
Customers also want more ways to bank. If you can make process available on an app or online and that do not require customers to also go to a physical branch, it will be very attractive. For example, if applying for a loan can be done digitally, in a seamless and hassle free process, customers are more likely to do it. Good service, a variety of options and seamless banking is what customers are looking for.
3. To be understood
Customers want to be understood by their bank and their willing to trade their data for it. Customers do not want generic ads and offers, they want products and services tailored to them and will exchange data in order to receive this. This could be invaluable and help increase revenue, but make sure you comply with GDPR and get consent from customers.
If you offer real value for data, this can help increase loyalty and trust. For example if a customer is looking for a credit card, their bank offering a deal that’s customized to what they’re looking for will save them time and money, and keep them satisfied with their current provider. As customers increasingly use digital channels, it provides more opportunities for banks to customize and offer their customers what they really want and need.
So, what should you take away from this if you are a bank/ financial institution? Focus on what customers need and want, ensure you use up to date technology that complies with all regulations like GDPR, MiFID II and PCI- DSS.
Feel free to contact us if you want to learn about our clous solutions and how they can help your business, while keeping it compliant with all the above regulations.