While it may seem daunting for traditional FIs who’ve been slow to innovate, it’s still critical to make the customer experience their top priority as it will remain the driving force of differentiating their FI in a very competitive space.
The following is an overview of some of the ways you can deliver the best customer experience—one that mirrors what your customers have come to expect.
Modernize your ATM estate. One thing new competitors like fintechs don’t have that you do is the ATM. Consumers have been relying on them to get cash and much more for decades and that’s not something that’s going to change. In fact, ATM use is increasing not decreasing and some even view them as the grandfather to fintechs. So modernize your estate by including interactive teller technology that connect to live tellers and much more to get ahead of your competition.
The more choices the better. There is something about making choices that consumers find delightful—and that’s certainly the case when it comes to their banking. To give them the customer experience they want, a digital-first, self-service experience with fully integrated channels is a must. This spans further than just the physical and digital channels, too. Consumers demand choice in every aspect of daily life, including payment. Whether its cash, card or mobile—financial inclusion no matter the mechanism is critical.
Get to know the newest banking population. Gen Z’ers, people born between 1997 and 2015, are soon going to be a large segment of your business. And getting to know what they want from FIs is a great way to get ahead and put a strategy in place to modernize in ways that meet their customer experience demands—many have been playing with smartphones and tablets since they were toddlers so modernized UI has to be a given. What’s more, you can get to know what concerns them—for example their largest concern is the rising cost of living. Even that bit of information can affect your business strategy and marketing campaigns.
It’s not just the hardware. Enterprise software empowers FIs to offer consistent experiences across channels. And software enables personalisation through marketing capabilities so you can communicate and promote your services better than ever before—letting your customers know that you understand them will help you upsell more while driving customer loyalty. So, software is a key component in delivering the modern, positive customer experience enhancing your brand’s reputation—and with consumers switching banks more frequently you’re not just fighting to keep your customers, you’re trying to attract new customers, too.
Related: Delivering personalized experiences in a digital-first world