The importance of the customer experience in banking

Customer experience is pivotal for growth in the banking industry. In fact, one of the most pervasive market challenges in banking is customer centricity and how to transform this focus on the customer into a modern program that can attract and grow a customer base in a rapidly evolving ecosystem. Despite this, many financial institutions are struggling to implement true customer experience programs. Here are three things financial institutions should take notice of regarding customer experiences:

  • Cloud-based solutions — the move into cloud-based banking is especially relevant today, with customers demanding a wide breadth of deep services that are accessible anytime, anywhere and show real-time data. Moreover, cloud-based solutions can help better manage costs and improve operational efficiency, ensuring that customer experience efforts are scalable as well as reliable.
  • Keeping up with competitors — a majority of tech-savvy leaders at financial institutions interviewed for a recent SourceMedia and American Banker survey understood the importance of implementing unified communications to enhance the customer experience. Moreover, 57% reported already moving on unified communication initiatives, even if only 18% said that they fully understand it. 
  • Shifting customer-financial institution relationships — the way customers and financial institutions interact is shifting. By 2020, mobile banking is expected to be far more popular than online banking. These mobile-based customers expect a consistent experience across all service channels.

Industry leaders understand the importance of driving innovation, even if they do not completely understand the technology itself. While it might remain unclear exactly how the customer-financial institution relationship will look once the digital dust settles, it is clear that digital, customer-centric technologies will play large part in shaping that relationship going forward.