Additionally, customer expectations are higher than ever. Not only are they looking for the product or service that meets their needs, but they are also looking for a frictionless omnichannel experience.
The banking industry is not immune to changing customer experience trends either.
Customers were previously spoiled for choice with only a few financial service providers. Today, however, they would not hesitate to switch to a solution that is easily accessible, better serves their needs, and provides real-time support and personalized experiences while ensuring the security of their data.
So, as a bank, how do you stay relevant and tick all the boxes for your customers?
This article delves into five digital customer experience (CX) challenges cyprus business email list and what they mean for your business. Without further ado, let’s get right to it!
Five challenges of digital experience in banks
Improving your customer experience is about focusing and deeply understanding pain points so you can create robust functionality and processes within your banking business.
1. Do not allow users to make transactions 24/7
The cold hard truth is that bank users want to be able to send money instantly and easily, using one of multiple channels: web, smartphone, or digital wallet. In fact, real-time domestic and international transactions are the new standard for banks.
However, despite rapid technological advances, account-to-account payments seem to remain stuck in the past.
Paying bills or transferring money to friends and family should be a matter of a few clicks. Therefore, banks that fail to provide such ease create friction for their customers and will most likely lose loyalty in the long run.
2. Failing to implement mobile-friendly solutions
Mobile phones are an essential addition to individuals who work, study, have leisure time, and use banking on a daily basis. A study found that 55% of users prefer to check their banking via a mobile app, reflecting the growing demand for digital solutions that are mobile-friendly.
Busy customers want the convenience that comes with mobile banking. They want to perform essential activities, such as checking balances, paying bills, depositing checks, budgeting, tracking expenses, or even applying for loans or mortgages – all without having to go to a physical branch.
Banks looking to enhance CX will need to up their game and implement mobile-friendly banking solutions designed for user experience rather than smartphone optimization. In other words, financial service providers need to focus on offering an intuitive, functional and hassle-free interface so that people don’t abandon it out of sheer frustration.
3. Have a portal and an application that offer divergent digital customer experiences (CX)
This brings us to the next challenge related to the lack of consistency in CX across banking portals and apps. Bank websites are predominantly easier to fit with some features, allowing users to perform numerous functions. Despite all this, apps cannot fall behind, as they are preferred by customers to navigate banking services.
89% of customers are more likely to stay with a company that provides a unified experience. So, no matter how your customers interact with your business, a successful omnichannel strategy requires consistent, intuitive digital user experience across all customer touchpoints.
4. Using home-grown technology that does not meet safety standards
Bank customers want all the convenience of digital transformation without having to sacrifice the security of their financial information.
Unfortunately, many financial institutions still rely on outdated systems, failing to unlock the potential and ability to enhance operational efficiency and data security.
Relying on outdated technology while introducing modern solutions continually leads to a fragmented data architecture, with increasingly weak security credentials that can be easily exploited due to lack of real-time updates.
