As consumers have grown accustomed to great digital experiences while shopping online and in person, they have come to expect them everywhere they do business — including with banks.
Deloitte has found that customers want their bank interactions to be as sophisticated, immediate and personalized as their experiences are with other businesses. However, 94% of banks cannot yet meet this expectation.
Retailers have elevated the customer experience (CX), particularly in the areas of personalization in banking and customer-centric approaches to service. Here’s how banks can earn increased brand loyalty in banking by learning from some of the retail industry’s CX successes.
Personalization in banking enables a great CX
Banking customers see personalization as essential to a high-quality customer experience. A recent Q2-Harris Poll Report found that 74% of respondents across generations want more personalization in banking, and 66% of them are comfortable with financial institutions using their data to personalize experiences. However, only 22% said it regularly feels like their financial institutions anticipate their needs.
Retailers analyze customer data to understand their individual customers’ preferences better and, from there, create customized offers and experiences to match. Mobile apps that bridge the digital and physical experiences are particularly effective where this is concerned.
For example, Target allows customers to build their own shopping lists inside the Target app, view what’s in stock at their local store, and even locate the items they want in advance. Once in the store, they can scan a barcode to take advantage of app-exclusive coupons if they participate in the retailer’s rewards program. The Starbucks mobile app gives customers personalized recommendations for food and drinks based on what’s available at their local store, what’s most popular in their community, how the weather is trending and even the time of day.
A bank could leverage its mobile app similarly at its branch locations. For example, the bank could allow customers to check in from their phones upon arrival, join a virtual queue with live information on estimated wait times, and even begin processes like setting up a checking account on their own before meeting with a banker.
With smart self-service tools streamlining the retail banking experience in this way, customers are more likely to feel like their time and attention are being valued when they visit a branch location in person — something Gen Z customers would especially appreciate. The Q2 report notes that 65% of Zoomers prefer opening an account in person, compared to 58% of millennials, Gen Xers and baby boomers.
Blending the physical and digital experiences for better customer care
Retailers are creating “stores of the future” that blend advanced technology like interactive displays…
Read More: Rethinking customer care: What banks can learn from the retail industry
