Banking is not always the flashiest of industries. In fact, the idea of wealth, attaining it and the entire science behind helping people account for their future is a time-honored tradition. Because of this, it often plays by its own rules when it comes to changing with the times.
However, the time has come that consumers are asking for more. Banks that are excited about digital transformation, and have implemented strategies that decrease processing times, create better analytical dashboards, and have better legacy system integrations, often come out on top. A better digital transformation strategy results in better day-to-day servicing of banking members, and overall brand loyalty. In a world where there are many banks to choose from, how you take care of your customers, and the employees that interact with them, is imperative.
But let’s say you haven’t decided to update your company’s content management system, here are some amazing facts about banking customer service that might change your mind.
Mobile Banking Access is Preferred
An Insider Intelligence Study states that nearly 89% of all people say they use and prefer mobile banking. That includes 97% of millennials, 91% of Gen X and even 79% of Baby Boomers who enjoy mobile access. With phones in every pocket, but banking locations only on some street corners, it is easy to see why users prefer their smartphones.
Customer Service Quality is Important
Because of the rise in mobile banking, user experience is becoming more important. “64% of customers note that they can’t solve their problem in a timely way, leading to frustration” –Stephen Ehikian states. While chatbots and automated call lines can fix many simple issues, people find the process tiresome and end up prematurely ending customer service requests. This leaves them still burdened with a problem, and less satisfied with their branch. Add recent staffing issues, and you have a recipe for unhappy customers all around.
Additionally, McKinsey estimates that 10-40% of bank revenues could be lost by 2025 if these customer experience gaps are not addressed.
AI for Personalization Reigns Supreme
Using AI to learn what consumers want and then using this knowledge to create better experiences is the future of banking. In fact, 72% of Customers rate personalization as “Highly Important” in current banking experiences. Companies that invest in AI to learn and produce what customers want can not only bridge the gaps in user experience, but often repair issues from the past. Long gone are the days when teenagers were being approved for business loans, and now first-time home buyers can be informed with better personalized offers.
So, with those staggering statistics, it can be hard to ignore the fact that user experience is something to invest in. Happier customers not only spend more time with a company but spend more money as well. Additionally, happy customers make your customer service representative’s days easier, and thus happier. Happier staff and customers? What more could you want?