Banking customers demand better service

Consumers have pivoted quickly from traditional channels to new digital and self-service solutions. Forty-one percent of U.S. retail banking customers are classified as digital-only, and 59% of customers prefer self-service tools for simple questions or issues. These trends show that banks can be agile and provide customers with the digital engagement they’ve become accustomed to from digital leaders like Amazon or Uber.

But only 31% of consumers believe financial services successfully use technology to create great customer experiences. With experience becoming central to relationships, customer service in banking must be connected and seamless—anytime, anywhere and on every channel. This starts with putting the customer at the center of everything. Customers want their needs to come first, and banks that can deliver on this will come out on top.

Providing seamless, personalized services

We live in an age where people expect to open an app, push a button and do everything from the palm of their hand. Online banking is the norm, and having a banking app is table stakes. The functionality of that app and how it integrates with other aspects of customer service is the differentiator. Usability is critical when people evaluate banks or financial institutions.

People want easy, 24/7 access to their information. They also want the information to be clear and transparent. In short, they want empathetic banking: simple practices that put the customer first. This includes services like automated and proactive notifications, the ability to track loan processes, free credit scores and transparency on how to avoid fees and overdraft penalties, which can erode trust and expose banks to severe competition from rivals.

Eighty-one percent of people attempt self-service before seeking support—this is a good thing. Self-service saves time for both customers and banks by creating quick, in-and-out interactions, but these self-service incidents need to be an integrated part of a connected experience. Data must be collected and connected at every touchpoint.

People want friction-free, seamless interactions. They want their banks to have a 360-degree view, so they can avoid repeating their story or starting at square one when moving across teams, channels and departments. Regardless of the issue or whether it escalates, banks must engage with customers on their channel of choice.

Beyond creating a connected experience, people want an experience tailored to them. Sixty-six percent of customers expect companies to understand their unique situation and needs, with 52% expecting personalized offers. Enabling a 360-degree view of the customer allows financial institutions to personalize interactions and offers in real time with the right knowledge. This improves the overall customer experience and fosters long-term loyalty.

Enabling digital customer experiences

Banks need comprehensive digital solutions to reinvent themselves. They can use automation across the front, middle and back office to drive operational efficiency. Automation enables banks to streamline onboarding, simplify complex transactions, and anticipate customer needs. Using artificial intelligence, banks can offer customized products and services, and deliver personalized advice in the right way and at the right time.

Autonomous finance enriches the customer experience. It cuts process times, resulting in faster, more intuitive interactions in everything from mortgage approvals to dispute resolution. It also eliminates fragmented journeys, redundant product offers and long wait times.

Despite elevating digital service capabilities, many banks find it difficult to wow their customers. The problem is that digital rarely differentiates the bank, makes the customer feel special, or builds lasting relationships. People still crave human interaction. Automation improves productivity while freeing up resources that can be focused on the customer.

Customers want to feel like their financial institutions care about them. To build trusted relationships, banks must truly get to know their customers – and prove that they do, at every touchpoint. They need a connected customer experience powered by AI, real-time data and insights and a single source of truth.

Eighty percent of consumers say that the company experience is as important as its products and services. Enhancing the customer experience is paramount, and it requires an intentional prioritization of the consumer. Focusing on their wants, needs, and expectations—and investing in the right AI, data and CRM tools and solutions—makes delivering this kind of service possible.

Kelly Horn is a banking solution and strategy senior director at Salesforce.

We offer actionable insights on other customer service-related topics that can benefit banking institutions in the BAI Executive Report, “Keeping the customer at the center of customer service.”