How Banks are Working to Improve the Customer Experience

The banking industry is one that has really taken a hit over the past few years in terms of customer satisfaction and experience. Up until just last year, studies showed that customers were consistently unhappy with the customer experience they were having through their bank. According to a report from J.D. Powers in 2016 however, it looks like things may be changing as customer satisfaction showed small signs of improvement.

So what are banks doing to improve the customer experience? Why is customer satisfaction finally starting to improve? Here are some of the changes that banks are implementing in order to make the experience better overall.

Providing New Levels of Convenience Through Online Services

One of the biggest changes that the banking industry has really embraced over the last couple of years is the focus on mobile tools that offer new levels of convenience to customers. In today’s modern era where just about everyone owns a smart device, it is an absolutely necessity that banks offer full online services. Customers demand the ability to view their accounts, pay bills, transfer funds, and even deposit checks all from their mobile device.

This is also an area that banks can really innovate and offer unique products that can act as a marketing tool and set themselves apart from the competition. Today banks can win over customers simply by providing reliable, fast, and extensive online banking tools and services.

Changing Up the In-Branch Experience

As much as customers are loving the convenience of online banking, there are still plenty that need to visit a branch in person. Banks are also starting to realize that today’s customer, which are the millennials, are demanding a different in-branch experience than what was previously offered. Banks have taken on a new approach which is creating a more casual, relaxing, and inviting environment. Think of your favorite cafe and you’ll be closer to what banks are envisioning for branches nowadays.

The goal is to make people feel comfortable and encourage them to come into the bank and ask questions so they can form customer loyalty and a sense of trust.

At the same time there is a push to make the in-branch experience smoother, faster, and just more pleasant overall. Banks are investing in new and improved technology to help make this happen. Take a look at the Panini Vision X machines whichare check scanners that offer image based check truncation. What this means is that the teller is able to process the check that much faster, operation costs are lowered, and the customer benefits from a smooth and quick transaction experience.

Social Media Has Transformed Their Image

Social media is another tool that is helping banks to really transform their image and improve upon the customer experience. It provides access to customer service tools, and also gives banks a chance to communicate with their customers and the community. It allows customers to feel more in touch with their bank, and also helps the bank to feel less of a corporate giant and more like a small business they can connect with.

This is just a small look at how banks are working to really improve the customer experience and change how they are viewed.