Banks and building societies that deliver connected digital experiences are positioned to empower and retain customers in the ‘always-on’ landscape.
On the other hand, financial institutions not delivering a user-friendly digital banking experience are at risk of losing customers.
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Moreover, the majority of consumers expect digital channels to become more important in how they manage their finances.
The findings result from a research paper ‘Rising to Meet Customer Expectations’ published by Fiserv.
The survey finds that access to convenient and easy-to-use digital services has a connection to customer loyalty. Around 86% of respondents would consider leaving their bank or building society if they couldn’t manage their account easily online.
Customer expectations are high. A whopping 82% say they expect every digital experience to be equal to or better than from other technology providers. Such high expectations may be impacting bank and building society customer satisfaction. Less than a third (28%) of respondents are currently satisfied with the online service provided to them.
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Customer responses reveal specific areas where user experience could be improved. These include accessing and managing current online financial services accounts.
Among respondents, 43% say that their bank or building society’s authentication and sign-in processes were a point of difficulty. This highlights the opportunity for banks and building societies to maximise the integration of new technologies. Examples include biometrics, while leveraging data insights to drive innovation and deliver the seamless, personalised experiences people now expect.
“In an ever-changing financial services landscape, the process of developing and delivering digital experiences in line with customer demands can be a daunting prospect,” says Nick White, vice president, product and marketing, EMEA, Fiserv. “However, neglecting digital channels is a recipe for customer attrition.”
Connected digital services: best practices
Banks and building societies should utilise the following to attract and retain customers:
- offer flexibility and control over where and when customers can access their accounts;
- provide a consistent experience across every channel;
- simplify authentication so customers can access their account even when they don’t remember their password;
- leverage digital channels to cross-sell or upsell financial products and services, and
- Support customers to organise their financial goals and establish saving habits.
Appetite for financial literacy
There is a demonstrable appetite from customers to play a more active role in financial literacy. Customers have shown that they would welcome assistance with better understanding their spending and saving habits.
To retain and empower customers, banks and building societies can consider introducing online services that also improve financial knowledge. Additionally, more than half (54%) of all respondents say they would be more likely to use added services from their current financial services provider if they could sign up and manage them easily online.
The Fiserv paper, Rising to Meet Customer Expectations, contains additional insights and can be downloaded via this link.
