Three Trends that can Enhance the Customer Experience in Banks in 2020

The customer experience (CX) is becoming an important buzzword of the global banking sectors. The financial institutions are taking the help of new technologies and innovative policies for enhancing CX and customer satisfaction. As banks in Wareham put it, CX is now more reliant on the engagement of the banks to the client’s requirement instead of the host services and products offered.

The millennials expect their credit unions or banks to interact with them more frequently. Additionally, they are expecting their banks to provide suitable solutions to manage their finances. Also, a seamless flow of services across all the platforms is highly demanded by the consumers. In short, customers expect a similar treatment they get from the high tech organizations from the financial sector.

If these financial organizations can meet the demands of these new-age members/customers, then the reward is positive feedback on social media platforms. However, a wave of negative reviews and feedbacks awaits these institutions, in case they fall short of expectations. Apart from the negative reviews, customers might shift their accounts to alternative providers, which can be fatal for the banks or credit unions.

Trends that are improving the customer experience

To avoid the shift of customers to a newer domain, most banks are working on their relationship with their clients. These updates enhance the banking service and the coveted CX. Let’s look at the few updated:

1. Providing a personalized experience to the client

Setting up the personalized experience for the members or customers of the bank have been the foundation for online and offline marketing activities for the banks. However, with time clients are demanding more personalized care from their financial organization. To bridge the gap between consumer expectations, the banking sector is bringing in Individualized Experiences into play. That means members get services based on their usage history – shorting the time to receive the service and setting up an emotional engagement with them.

2. Better financial management

Advanced data analytics is enabling the financial sector to provide sound investment guidance, in real-time, to their clients. Sending text messages or notifications on the banking app, credit unions and banks can use past banking habits and transaction behaviors to offers sound recommendations.

3. The human experience

Artificial Intelligence (AI) can always help in analyzing the data, providing personalized recommendations for the consumers as a whole. However, a machine can never replace human interactions. Several banks in Wareham have realized the potential of the human touch and are creating suitable solutions for the same. That means, instead of talking to a chat bot the consumers can interact with a human to discuss their bank-related issues.

More and more agencies in the banking sectors are working towards maintaining and improving their interaction with their consumers. This makes the life of the customer easier and better in 2020.

Is your bank working towards improving the consumer experience? Do you want something more from your financial institution? PCT Federal Credit Union, the community-driven organization, is working towards helping its members in setting up a financially secure future. For more information, visit http://www.pctfcu.org or call 508-291-0777.

How Do Closing Disclosure Forms Work?/ The 101 on Closing Disclosure Forms

If you have applied for a mortgage or loan, you will most likely be sent a Closing Disclosure form from your financial institution before your application can be processed. This form is issued three days before signing the mortgage documents, and contains the final accounting of your mortgage closing costs, interest rate, fee structure, the monthly mortgage payment, and final total of the banking charges.

Loaning officers often advise applicant’s to compare the closing document with the loan estimate provided by the bank before signing the dotted line. A thorough follow-up is essential in noting any substantial changes made in the document.

The “Three-Day Rule”

Many financial institutions will have a “Three-Day Rule” in regards to Closing Disclosure forms. The form is forwarded to the customer to check for errors or discrepancies in the loan records, in comparison to the details provided in the Loan Estimate. If issues are found, the lender can approach the settlement officer within three business days for clarification and necessary corrections. Even errors that may seem negligible or trivial, like misspellings and typos, need to be rectified during this time. While evaluating the document, there are some very important areas of concern that lenders should pay attention to.

• Unnecessary penalties or processing fees included in the final amount of the loan
  
• If the Estimated Total Monthly Payment mentioned in the Closing Document form does not match expectations, talk to the lender as to why the change was made
  
• Deviation from the previously discussed Annual Percentage Rate (APR) of the loan
  
• Double-check the closing cost, and talk to the lending agent in case any changes are noticed
  
• Changes made to the loan product from Fixed to Adjustable-Rate credit without notification

If you notice any undisclosed changes in your closing document, then it is highly recommended that you inform the loaning agent. If the form is error-free and successfully meets your expectations, you can continue with closing the negotiations.

If you’re looking for an excellent home mortgage, look no further than PCT Federal Credit Union. We can help you find the mortgage you deserve at rates you can afford. For more information, please stop by our branch location, visit our website, or call us at 508-291-0777. We’re here to help you reach your financial goals and get you in your new home!