August 8, 2022
What do Customers Expect from their Bank?
Banks need to understand the changing expectations of their customers when it comes to the provision of banking services and respond to them. The fastest-growing millennials and wealth management consumers want banking services fully integrated and in sync with their connected lives. This is a determining factor for consumers and increasingly many challenger banks are emerging with the aim of fulfilling users’ needs from the very first minute.
Some of the expectations that the digital customer has from their bank include:
1. Customers want easy-to-use and transparent mobile applications
Customers today are digital-savvy. They want a banking option available at the tap of their smartphones, a device that they use for almost all their online engagements. This is why it is a necessity for mobile banking services to have an intuitive, user-friendly interface. In addition, a consistent and transparent browsing experience improves user engagement.
Also, customers aren’t predominantly fixed in one location or country. They have become more dynamic and international and look for banks that offer them “borderless” services. In fact, several leading digital banks have become the go-to “second wallet” for consumers when travelling abroad. A bank that limits access to services for its customers for being outside their home market risks losing investments.
2. Customers want easy banking procedures
Banks should strive to make the banking experience seamless and straightforward for their customers. With most transactions shifting online, the menus should be clean, not requiring countless clicks to carry out a task. They should configure the site to be compatible with a variety of devices that consumers use when transacting online.
Along with easy banking procedures, consumers also want options and 24/7 access to banking through multiple channels in line with the digital transformation trends. Customers want to carry out banking transactions on different channels in an easy, seamless way without the limitation of having to visit the physical branch every time.
3. Customers want value from the financial services and products offered
Customers tend to be loyal to banks that grant them access to good deals. Most of them will open accounts with banks that have a customer loyalty program in place. For this reason, banks need to go beyond the personalization of existing customers to offer excellent, high-value reward and cashback programs that will attract and help retain customers. Many consumers would love it if their bank located markdowns on what interests them, a tremendous sales opportunity for banks.
But these rewards should strive to be more contextual and location-relevant – an offer to stay at a popular hotel with a special deal if the consumer has recently purchased a ticket to travel, for example.
4. Customers are looking for responsive customer service
The most significant percentage of consumers look for quality customer service when deciding where to open their bank accounts. Consumers are looking for banks transparent in their operations and charges, friendly in service, and accessible to their customers. Most people will not have reservations about switching when the bank leaves them frustrated when they encounter any banking issues.
Should any banking problems arise, the bank must have clear channels to address them quickly and painlessly. Whether making contact online or in person, consumers want to feel heard, appreciated and their concerns addressed within the shortest time possible. Responsive customer service may win the bank some new customers, but it is crucial to retain the existing ones.
Want to know more?
Snowdrop Solutions currently works with leading digital and traditional banks in Europe, the UK and Asia Pacific. Snowdrop is a location and data intelligence company that has been a Google Trusted Partner since 2013 and Visa Europe since 2020. MRS brings together our deep understanding of the Google Maps APIs, a proprietary database and a second to none matching algorithm. We offer superior match rates and accuracy to any of our competitors and a unique customer centric approach that, other than transaction enrichment, provides cost savings and churn reduction to our clients, over and over.
If you want to know more about our product, you can access more information on our dedicated MRS page or by contacting us. A member of the team will respond to your request promptly.