In today’s competitive landscape, customer acquisition and retention remain the key expectation of financial institutions. During engagement, customers make decisions based on their quality of service perception. Firms that focus on maintaining efficient omnichannel experience gets an average of 89 percent customer loyalty as against 33 percent, received by firms with little or no effort, a recent Aberdeen report states. Therefore, banks would need to ensure personalized and simplistic access to services.
A good customer engagement strategy not only anticipate and identify customer pain points but also provide prompt remedy while they occur. In addition, offering pleasant and consistent experiences at all contact points would have immense impact on customer loyalty. So how dynamic is your banks’ customer engagement culture? Constantly updating your firms’ CX strategies will put the right perception in the heart of customers.
As more banks continue to explore innovative technologies that support new product offerings, their branches will become less crowded since customers can access services via digital platforms without the need to visit bank branches. Branchless banking technologies (such as JETHRO’s branchless banking solution), can effectively support bank’s customer acquisition plans by allowing field officers to take financial services to client locations.
While obtaining customers feedback on services will assist in ensuring a holistic and efficient experience is in place across digital and physical touch points, implementing new technologies will be the key driver. For instance, many institutions are use AI to automate processes and transactions.
Here are 5 swift trends for enhancing customer engagement in banking:
- AI Powered Chatbots: Reinventing the customer experience landscape stated how top US banks are using AI to automate transactions and processes via voice and text interactions, For instance, Bank of America’s Erica, currently assisting customers with transfers and deposits, and Capital One’s chatbot – Eno, which observes customer interactions, adjust to meet their expectations and assist to execute transactions such as bill payment, displaying recent transactions and more. Your financial institution can implement a chatbot engagement plan in order to transform customer experience.
- Contact Center Experience: How pleasant is your contact center platform? Clients want friendly, effective and swift experience. Limiting issue resolution to physical presence at the branch might make your customers to prefer digital only-banks. From internet banking platform, to mobile, your support contact should be dynamic and enable fast issue resolution to completion. Customers will be more receptive to marketing engagement and cross-selling efforts when you put in place, a fantastic user-friendly contact experience which ma resulting to customer loyalty.
- Social Media Banking: More customers now us social media than any other time in history. In the US, for example, 70 percent of citizens use social media and in other countries of the world, the number of users is increasing. Your bank can implement social banking solutions (like JETHRO’s Transactional Social Banking Solution) that enables your customers to perform both financial (such as fund transfers and prepaid mobile recharge) and non-financial transactions (such as checking their balance and view their last three Transactions) on social media. Your bank can have a strong social media presence that can meet customer needs including issue resolution and inquiries. Additionally, you can promote customer engagement by, sharing post on your products, offers, and community social responsibility efforts via pictures and video contents that can make customers feel personally connected to you.
- e-Statements Communication Management: Electronic communication solutions enable FIs to engage with their customers by providing them with targeted user-friendly digital message that can be easily accessible on many platforms and ensuring cost savings on printing stationaries and document delivery. It provides the opportunity for branding and customization of high-volume statements, bills, letters, and advises for customers in a meaningful manner and delivered to your customers on their preferred communication channel (Like JETHRO’s jDelivery).
- Mobile Banking Communication: Nowadays, more customers are increasingly using mobile phones. You can use mobile banking to enhance personal interactions. For instance, a 2018 report from Pwe Research center states that 77 percent of Americans use smartphone and about 50% of the adult population owns a tablet. Mobile technology usage across the world continue to increase making mobile banking an important service proposition for FIs. Also, a banks mobile app can enable interactions between customers and their personal bankers via digital messaging or live video chat. Customers are usually on the move and providing a user-friendly mobile banking experience will improve engagement (like JETHRO’s jMB).
In conclusion, using one engagement solution might not be enough due to the dynamic preference of customers. An idea solution utilizes multiple customer engagement solutions and meaningful partnerships that can fast track the time to market of products and JETHRO is here to assist.