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.