Customers are unlikely to sing the praises of a bank’s service if they have a bad one. Banks and financial institutions have an average Net Promoter Score of 34. That’s a bleak picture, to be sure. In 2022, banks will no longer be able to justify not providing their clients with the best digital banking solutions. As discussed in this article, banks and credit unions will be at the forefront of customer experience trends in 2022.
Customer experience trends in 2022 for banks and credit unions
- More focus on connecting with customers
The customer satisfaction ratings of banks and credit unions are mediocre at best. It’s easy to get an impression of a bank’s reputation by looking at any customer satisfaction survey from various businesses. Creating digital capabilities to enhance client satisfaction has been a recent emphasis for financial institutions. There is a substantial link between customer experience and contact center performance, yet it ranks low among all bank channels.
Customer service will improve greatly if contact 6 are improved. A bank’s first chance to wow its customers is when they phone its customer service department. Providing rapid and clear replies to customers’ concerns is a way for banks to boost customer satisfaction. Financial institutions will have to change their methods when it comes to customer service centers in 2022.
- Community and Personalization
As the concept of niche banking grows, so does its popularity. Focused banks are enjoying the fruits. A few financial organizations are struggling because they don’t know which goods and services they should be pitching to their clients.
Customers are the focus of a specialized banking business. Customer-centricity is only achievable when a company puts the customer first and focuses on their requirements. Some of the things you should ask yourself if you want to go for a certain market niche:
- How many individuals have shown the same behavior?
- How can you get in touch with these people?
- How many customers do you need to be profitable?
- Is there a long-term market for this?
- Why do buyers in this market seek out the products and services you provide?
- Online Advisory Services
The pandemic has provided a new avenue for conducting online advice sessions. Online advice has existed for a long time, but has never had the same level of popularity as it has today. It’s no longer unusual to get financial advice online.
It is imperative that banks put in more effort and develop new services for their consumers. Online financial advisors might be employed by in-house financial advisers to provide consumers with customized solutions. During the advice meetings, there is a chance to upsell and cross-sell various services.
- Integration of automation with processes
In addition to improving client relations, automating certain procedures can boost staff productivity. The key to providing excellent customer service is putting the client’s needs first. Thanks to the Oracle digital banking experience, onboarding new customers becomes faster and more frictionless. Automated email campaigns help banks collect feedback and customize their replies to consumer inquiries.
It speeds up decision-making, reduces wait times, records transactions, and identifies and prevents fraud by a wide margin. In the coming years, 59% of finance executives feel that RPA will help their company remain competitive.
- Empowering financial wellness and trust
According to industry experts, a mere 29 percent of bank clients were confident that their institution would protect their financial interests. Financial health and customer experience are closely linked since customers seek methods to enhance their financial well-being. Banks can assist with this by giving financial advice and knowledge that can be put to use.
Financial service providers may earn the confidence of their customers by providing them with guidance on how to increase their savings, develop wealth for future generations, and meet their short-and long-term financial objectives. The Consumer Financial Literacy Survey found that barely a quarter of consumers plan to use their bank’s financial education services. These are depressing statistics. Banking institutions should devote a significant amount of time and resources to this sector.
- Branch of the Future
Because of the rise of online banking, customers may no longer be willing to visit banks in person. Having a physical presence doesn’t imply that banks should cease operating in the traditional sense of the term. The reliance on brick-and-mortar banks has dramatically decreased thanks to the advent of internet banking. Banks will rethink what it means to have a physical branch office. Displaying services and goods in a visually appealing way might be the trend of the future.
Exclusive one-on-one encounters might be a source of cash and a location where people can meet each other face-to-face. For the branch of the future to make sense, it needs a variety of features. Some of the concepts they may implement are community areas, advisory services, interactive teller machines, interactive digital walls and signs, and self-service choices.
According to a study, personalization can boost yearly income by 10 percent on a large scale. Online shops and tech-focused firms have led to a shift in banking customers’ expectations. Banks can deliver highly tailored and relevant experiences to their customers by evaluating consumer contact points and current customer data. To do this, financial institutions should take a calculated approach to personalization.
Banks utilizing data and analytics will better forecast customer requirements, allowing them to cultivate long-term relationships with them. In banking, hyper-personalization is about more than just selling; it’s about delivering the proper information and guidance to each customer numerous times over time.
- Increased engagement
A previously unattainable degree of insight into client behavior and expectations has been gained by financial institutions thanks to modern analytics. Increasing client involvement is a top priority for banks in 2022. Banks should keep an eye on their clients’ financial well-being and regularly provide them with wealth management advice.
Customer involvement may occur in various ways based on their preferences. Your clients should be able to have a seamless experience across all of the channels they utilize. More banks are looking out for their customers’ needs to convince their clients that they are worth their time and money.
- Artificial Intelligence (AI) and Machine Learning (ML)
According to a report from Autonomous Next’s projection, using machine learning, banks might save as much as $1 trillion by 2030. Without question, artificial intelligence and machine learning have transformed a wide range of businesses throughout the globe. When it comes to the customer experience, AI-enabled chatbots that can handle inbound inquiries at scale and authenticate customers are game-changers. AI and ML may help banks keep ahead of the competition by increasing predicted human encounters, approval volumes, service requests, fraud detection, etc.
To respond to incoming service requests, the chatbots that answer client questions gather data from various sources. When a question is too complex for the chatbot to handle, it passes the request on to a real person. Customer difficulties may be answered quickly since chatbots are now a standard feature at many institutions.
Regulating crypto currencies is becoming more and more important, even if the risks are great. Cryptocurrency may soon be subject to regulation from governments throughout the world. Methods for storing bitcoin assets, tax avoidance, and fraud protection will be major topics discussed in the next year.
Problems with the user experience will abound as more people get interested in investing in cryptocurrencies. An estimated $80 million in bitcoin fraud losses were reported by more than 70,000 victims between October 2020 and March 2021. There will be a flurry of cryptocurrency service announcements in 2022 from banks and financial organizations.
We have seen a tremendous shift in financial services. The outcome is a paradigm shift in which they place great importance on offering good service to their customers. Customers of banking institutions should anticipate more user-friendly services in the future. There will be an increased focus on customer retention and engagement efforts by banks using OBDX.