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Banking on user experience

Customer experience across industries is changing rapidly, and the banking industry is no exception. With banking customers increasingly expecting seamless and frictionless banking experiences, financial service brands must evolve with the times or risk being left behind. That's why financial service brands must re-imagine and transform the banking customer experience. Therefore, financial service brands must embrace key principles to keep up with the changing banking landscape. 

Banking Customer Experience Trends to Consider in 2023

The last few years have set the pace for banking customer experience trends and banking customer expectations. Here are banking customer experience trends to consider in 2023:

Increased Automation: Automation has quickly become the go-to solution for improving banking customer experiences. We can expect banking automation solutions such as banking chatbots and analytics to continue evolving and becoming more prevalent in banking customer experiences.

Embedded Banking: These solutions allow customers to access banking services such as payments, transfers, and more directly within third-party apps. In fact, a report released by Gartner showed that over 60 percent of banks have partnered with fintech firms to create new embedded products and services. From this, we can expect embedded banking to grow in 2023 and beyond due to the convenience factor it offers customers.

AI-driven Services: AI-driven banking services are becoming more common due to their efficiency and speed. Moreover, customers are more open to the idea of AI improving their experience. This is seen in a reportby Salesforce where 69 percent responded that they would welcome using AI to improve their experience. Therefore, we expect AI banking solutions such as smart banking assistants to become popular tools for providing customers with tailored and personalized services.

Increased Mobile Banking: Mobile banking technology such as apps, mobile wallets, and banking chatbots are quickly becoming the go-to solution for customers seeking on-the-go banking services. For instance, a study carried out by JD Power, revealed that 87 percent of banking customers use their mobile banking app at least once in a month.  We expect this trend to continue in 2023 and beyond due to the convenience it offers customers and businesses.

Enhanced Personalization: Personalized banking solutions that offer tailored banking services to customers are becoming increasingly important in the banking customer experience. This is evident in the same study by JD Power which showed that a whopping 46 percent of banking customers prefer having a personalized experience such as getting help from the bank to avoid certain fees and receiving account alerts. With this in mind we can expect financial service brands to use AI and data analytics solutions to provide customers with banking services tailored to their lifestyles and needs. Banks can enhance personalization further by offering solutions that solve the unique needs of specific groups. This will result in banking customers feeling more connected, valued, and appreciated by their banking provider.

Strengthening Connections with the Underserved: Niche banking is becoming increasingly popular with banking customers due to its ability to offer tailored banking solutions that solve the unique needs of specific groups. Financial service brands must learn from the success of niche banking and use similar strategies to build connections with underserved communities. This could be in the form of creating communication that is more empathetic and authentic, as well as providing banking services that foster a sense of community among members.

How Financial Services Brands Can Optimize Banking Customer Experiences 

Based on the different statistics and trends observed, financial service brands must go beyond the traditional view of banking as a transactional activity to one focused on user experience. With that in mind, here are ways financial services brands can optimize banking customer experiences:

  • Use Data to Create Personalized Experiences: Financial services brands can create tailored customer banking experiences by leveraging data insights and analytics. This will allow them to provide customers with personalized services and features tailored to their needs.

  • Empathize With Customers: Financial service brands must strive to understand customer pain points, emotions, and expectations. This can help them to create solutions that will meet customer needs and create better experiences.

  • Embrace Automation: Automation is a great way to provide customers with banking services that are fast, efficient, and streamlined. This can increase customer satisfaction and loyalty to the brand.

The Impact of User Experience on Banking

At the end of the day, while banking customer experience is important for banking customers, it's also essential for a banking brand's bottom line. This is because banking customer experience directly impacts customer satisfaction and a brand's reputation. Customers are more likely to remain loyal and become brand advocates when they are happy and satisfied. This translates into increased profits, improved operational efficiencies, and enhanced customer engagement for the banking brand.

Therefore, as the banking industry evolves, financial service brands must remain agile and stay ahead of the game. Nevertheless, improving banking customer experiences should not be just a one-off effort but a continuous, iterative process. This means constantly innovating and exploring new banking techniques to make banking simpler, faster, and more secure for customers. 

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