How to deliver great customer experiences in banking

Today’s consumers have numerous options for their everyday financial requirements.

When it comes to high-value banking transactions – ones that require extra consideration, expertise, and advice – the desire and need for face-to-face interactions still matter the most. To be successful in the competitive financial services industry, banks must prioritize their in-branch experiences.

However, many banks struggle to consistently meet customer satisfaction requirements, thus driving customers away. For example, customers often experience long queues due to staff availability or must return for additional meetings because the right experts weren’t available or the right documents weren’t outlined in advance.

While the majority of day-to-day transactions occur online, banks must take an omnichannel approach to connect with consumers wherever they are, whenever they want, and on whatever devices they choose. In other words, banks must meet customers on their preferred channels to engage them.

When banks put customers at the heart of their businesses, they can successfully bridge the digital-to-physical divide and create more positive experiences. And when they do that, they’ll win against the competition.

The significance of scheduling

One way to engage customers is providing them a mechanism for pre-scheduling appointments, which enables them to select convenient dates and times. They can also be matched with the most informed staff, either in-person or via video conference.

By scheduling appointments, customers can speak with staff about complex issues, such as mortgage applications, that can’t be easily solved online. After all, it’s much easier to ask questions when sitting with an advisor, as opposed to submitting inquiries online and waiting for responses.

Once consumers schedule their appointments online, staff can begin to prepare for their conversations. They can guarantee that they have the appropriate documents ready for meetings, so they can maximize their time with customers. Banks won’t waste customers’ time by asking basic questions that can be easily answered via the appointment information, or rummaging through files to ensure they have the right paperwork for discussion.

When banks deploy online scheduling, they can accomplish impressive results – for example, Oriental Bank reduced wait times by more than 50% by using online appointment scheduling for customers.

The power of personalization

While in-person promotions might not entice every customer to visit branches, banks must send personalized offers, such as invite-only meetings with banking specialists, to the right customers. Why? By giving customers personalized offers, banks can drive more foot traffic and generate more loyalty because consumers know that they care about them and understand their needs.

The benefits of personalization are outstanding: 93% of companies are successful in converting prospects into customers when they personalize their marketing strategies, according to Econsultancy’s 2017 Conversion Rate Optimization Report.

By making customers feel special and offering them something that they can only receive in-branch, banks can create exceptional experiences and have engaging conversations with their customers.

The extent of events

Hosting exclusive in-branch events is another avenue for banks to enhance the customer experience and cultivate brand advocacy.

In fact, 82% of U.S. consumers have expressed interested in attending events, but only 14% of them have been invited to events at banks over the past year, according to our Modern Banking Research. In the U.K., 88% of consumers have expressed interested in attending events, but only 7% of them have been invited to attend events at banks over the past year.

While digital banking might reign supreme for simple transactions that consumers can complete via their computers, tablets, or smartphones, banks must use events, such as mobile banking course or mortgage seminars, to drive customers in-branch.

When banks bring their customers in-branch, they can speak directly with them and solicit feedback about their products or services. More times than not, customers will speak more candidly in-person than through online reviews because face-to-face lets both customers and staff have two-way dialogues with follow-up questions for clarification.

Events represent enormous opportunities for banks to meet with their customers in-person and give them the financial tools and advice that they need to meet their personal goals.

The orchestration of omnichannel

It’s critical for banks to deliver incredible customer experiences that can increase conversions. No matter the needs of customers, banks must see the value in producing positive and productive experiences that create memorable and profitable customer engagements.

When banks use an omnichannel approach to connect with consumers via appointments, personalized promotions, and events, they’ll not only be able to quickly grow their businesses, but will also achieve more loyalty.

To learn more about current banking consumer demand, and how to exceed customer and member expectations, download the eBook: The rise of hybrid banking.