With every passing year, the competition in the banking industry rises, making it crucial for leaders to stand out to maintain a healthy customer acquisition and retention rate. And to be distinctive, you have to leverage customer experience trends in the banking industry to stay ahead in the competitive race.
Clootrack customer insights report, Top Factors Driving Customer Experience In The Traditional Banks and Neobanks, reveals the top trends that banks must follow as customers demand and want those trending elements to be included in the banking services.
The report also discloses several niche factors that drive customer decisions. For this report, Clootrack surveyed 84,497 customer reviews between January 2021 to May 2022, considering reputed banks like Bank of America, Citigroup, Goldman Sachs, JP Morgan Chase, and many more top names in the banking industry.
What is Customer Experience in Banking Sector?
Customer experience in banking is the sum of impression, perception, and interaction a customer have with a bank at every touchpoint. The aim of CX in banking is to allow customers to fulfill their bank-related endeavors without any hustle. And with customer expectations becoming more specific, it is essential to deliver a superior customer experience.
On top of that, in present times, customers have more choices, unlike in the older days when there were limited banking provisions and structures, leaving lesser options for them. In this case, customer experience helps you differentiate from others and become the number one customer choice as your approach toward serving customers gets highlighted, attracting note-worthy attention.
In today's banking sector, apart from a banking executive politely guiding a customer through all processes, easy access to banking facilities has a huge part to play in imparting true customer experience. The majority of CX banking trends revolve around emerging banking facilities that make the customer journey comfortable.
10 Customer Experience Trends in Banking Industry for 2023
Here is a list of the top 10 customer experience trends that will transform how companies engage with their customers and influence the direction of customer experience over the course of 2023 and beyond.
1) Convenience is the Key
Convenience is key to the customers' hearts as it saves a lot of effort and time to complete a finance-related activity. Whether it's managing finances or performing banking operations, such as bill payments, account access, loan application, or any other finance-related work, these must be convenient enough to build a strong association with customers.
Report Key Takeaway:- Regardless of the type of bank, convenience stays one of the top factors that customer wants from a bank. It is crucial for banks to prioritize and bring the tasks that supply a good amount of comfort to customers in daily operations.
2) Frictionless App Performance
With advancing technology, today's customers want to handle their finances at their fingertips frictionlessly. Smooth banking app performance delights customers as they no more need to travel to physical bank locations. A bank delivers its services through a web application or a mobile application. The banking application must perform seamlessly without any hindrance to assure customers that they have picked the right partner for their finances.
Report Key Takeaway:- When it comes to banking apps, customers don't want to compromise on features. At the same time, they need a simple User Interface (UI) that is user-friendly for a smooth app experience.
3) Seamless Mobile Banking
Customers feel surprised and happy when the bank rolls out the banking features for mobile that were once performed by either visiting the physical bank location or the bank website. Banks have started leveraging mobile features for banking operations, allowing a customer to enjoy every bank service no matter when and where through mobile. For mobile banking, banks deliver their assistance through automated SMS and mobile app to customers.
Report Key Takeaway:- Customers prefer mobile banking because the procedures accomplished through it are swift and handy and can help a bank maintain higher customer satisfaction rates. The ease of accessing financial services makes it a prominent factor of CX in the banking sector.
4) Easy Money Transactions
It is necessary that your customer do not get in trouble with any money-related operations. A small obstacle and there is a huge chance of losing the customer. Customers should be readily able to monitor the cash flow digitally or physically. Fluency in operations increases a bank's credibility. And easy money transactions create a huge difference. Overall, the aim here for a bank should be to increase efficiency and make customers comfortable with their money operations.
Report Key Takeaway:- Customers want easy money transactions for uninterrupted experiences. To build trust among the customers, make monetary operations easy and safe.
5) Quick Response Time
By all means, you must remain present for the customers, so they do not turn skeptical regarding your customer service. Poor customer support can push away your customers even if it's not urgent because customers become mistrustful when it comes to their money. Even mere ignorance can raise a concern about the safety of the assets. Establishing a stable customer support system to improve customer service is necessary for banks to preserve customer loyalty.
Report Key Takeaway:- Customer desire quick responses and a robust call support system to fulfill their needs. Further, speedy financial processes and fast query resolution improves customer experience. Happy customers become the primary reason for a bank's growth and success.
6) Enhanced Security and Trust
With digitization, security threats and trust issues rise as there is a rise in cyberattacks that exposes sensitive financial data, which can put customers into huge trouble. No customer wants to opt for insecure services. Whatever may be the intensity of financial fraud, it upsets a customer and raises doubt concerning banking services. The worst part is that the customer moves to other banks for the same financial services you provide.
Report Key Takeaway:- Either it's offline or online, security is one of the concerns of customers regarding banking. Security and trust are the major factors that define customer experience in banking. It is a must for a bank to have a tight security system.
7) New Credit Card Offers
Up-to-mark card services provide a competitive advantage from a good amount of difference. Especially credit cards snatch a lot of attention as they come with crazy benefits today, and customers are loving them because benefits make customers feel rewarded. Reward points, gifts, cashback, and such reasonable benefits delight customers. Every time a new offer comes out, customers get excited and find opportunities to get the offers by using the card.
Report Key Takeaway:- Banks with optimal card services perform better than competitors in regard to customer experience. Banks must avail new offers to customers on using credit cards to get better customer-based outcomes.
8) Reduce Extra Charges
Extra charges and fees irritate customers. Banks must take care of such activities as customers might feel betrayed and mistrustful. Customers must be made aware of the purposes behind the extra fees before they opt for your services. Customers must possess knowledge about every fee they need to pay under particular circumstances before completing onboarding. Banks must clarify the purpose of the extra charges, whether it's for maintenance or any other reason.
Report Key Takeaway:- Lack of transparency weakens the bond of customers with the bank, resulting in an unsatisfactory customer experience. Hidden fees and extra charges in any form poorly impact customer loyalty. Banks need to optimize their pricing model and make it customer-friendly.
9) Seamless Cash Deposits and Withdrawals
One of the essential features of banking, cash deposits and withdrawals have to be seamless. They are among the daily activity that needs maintenance in a manner that never slows down customer goals. Today, technology allows access to quick cash because it is the faster way to get money for those who need it urgently. Also, direct deposits provide a high level of satisfaction to customers as they do not need to visit the branches physically to deposit the funds.
Report Key Takeaway:- The ease with which customers can credit and debit the cash from their respective bank accounts speaks for the experience they receive as these actions are the most basic and regular. Banks must possess a robust system to withdraw and deposit cash to obtain a good customer response.
10) Data-Driven Banking
Data helps banks to personalize their offers for customers to provide individualized care. Further, customers' issues and queries are addressed at a personal level, making customer journeys compatible with their end goal. With data-driven banking, a bank can ensure alignment of the banking operations to customer needs and objectives with customer insights. Processed data assist banks in developing a strong marketing and sales program to connect well with customers and deliver them the best banking solutions.
Report Key Takeaway:- Data-driven banking allows banks to enforce customer centricity and detect and implement every feature that supports customers in their financial journey.
To Wrap Up
No doubt, banking is one of the billion dollars industries in the world, and customer experience is one of the major factors influencing revenue in the industry. Customers are more attracted to banks that offer smooth transactions of banking activities. Evolving banking benefits entitle customers to experience satisfactory services that assist them in maintaining a pretty good financial position.
In this competitive era where similar products and services confuse customers, following customer experience trends assist in standing apart and building authority in the marketplace. The given trends in this article will aid your banking institute in 2023 and beyond. Plan and execute banking features following these trends to make your customers happy.
Listen to what experts say in regard to customer experience in the banking industry. Visit the exciting insights session where experts discuss Evolving Customer Experience in Traditional Banks Versus Neobanks!