Who wouldn’t want to keep their customers in today’s switching economy?
The market is competitive, and all businesses strive to deliver the best to satisfy their “difficult-to-retain” customers.
In banks, it’s no different. Customers are willing to switch banks if they find another one more convenient.
Customers nowadays expect the convenience of omnichannel access, and the ability to communicate with their bank at any time and from any location. To remain competitive, banking institutions must meet these expectations.
Over the past two and a half years, many bank customers became much more comfortable with digital interactions and spent less time in branches. What if they never return?
Knowing your market situation and what your customers are looking for is the key to surviving difficult situations.
That’s why investing in Customer Experience (CX) tracking is the way every bank should go.
Deliver a personalized experience to your customers
It’s no longer about having a good relationship with the bank tellers; your customer expects you to provide them with the best service possible that fits him and reflects that he is the only customer the bank has, such as the best credit card offers and fewer maintenance fees and they expect you to go above and beyond the offering system to provide an end-to-end experience for each customer.
There are many ways that CX tracking can offer you to personalize your customer experience:
1. Real-time insights:
Through Power BI Dashboards, the CX tracking provides a deeper understanding of customers. It relies on historical and real-time data so you can better tailor each customer’s interaction with your business to drive both customer engagement and conversions, moreover always ready for any quick data-driven decisions.
2. Perspective analysis:
It’s all about anticipating customers’ needs using advanced technology through Automating MR reports (PPT), and Dashboards (Power BI) that identify trends and patterns, moreover, provide the output data in a format that is adapted to the integration into the Business Analysis Platforms then using that information to identify latent needs and preferences and take immediate action.
How has online banking changed how people manage their finances?
While the pandemic was a turning point for people and their behavior, it was also a turning point for technology, as people adapted to entirely new forms of technology such as online banking. This rapid change has enabled people to make payments without using cash, which has changed the way the banking industry operates and increased customer convenience.
And tracking the customer experience helped banks to understand their customers’ needs and touchpoints with the whole online banking experience back then and managed to assist them with:
1. Providing customers with a simple and quick method of conducting banking transactions, allowing them to avoid visiting physical branches.
Across the 28 countries surveyed, the number of consumers with a digital bank account represented 23% of the population. statistic by N26
2. A user-friendly interface – As with any digital platform, the user interface is important, because it engages your customers with your platform and has a huge impact on retention, so ease of use is paramount, and a simple, step-by-step journey guides users towards the goals that you’ve set for them.
Around 59% of digital-only bank customers and 26% of non-digital-only bank customers trust digital banking with their data. statistic by N26
3. Not only do banks deduct the amount chosen to transfer into a savings account, but customers can also easily obtain assistance from bank representatives if they have any questions or concerns about their personal finances.
Personal Savings Rate is expected to reach 5.20% by the end of this quarter, with projections of 7.50% in 2023 and 8.40% in 2024. statistic by Trading Economics
It only takes one correct decision to help boost your bank profits. And tracking what suits your customers is your way.
