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5 Focus Areas For Banks To Achieve Better Customer Engagement

Let us have a look at a few strategies banks can follow to ensure rewarding customer engagement

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In a digitally connected age, the quality of customer experiences and engagement has become vital for business success. This is primarily because we are currently living in an age where everyone and everything is connected. 

For a long time, banks have enjoyed success even though the nature of the relationship they shared with their customers was not personalized and mostly transactional. But the customer of today engages with several businesses through different channels that offer great levels of engagement by ensuring personalized user experiences and customer journeys. So then, why must they not expect the same from their bank? 

Let us have a look at a few strategies banks can follow to ensure rewarding customer engagement. 

  1. Mobile first approach and services that are available 24*7 – A bank should try to adopt a mobile first approach for all its offerings because todays customer seldom goes anywhere without their mobile device. Channels like Internet, branch, and kiosk, while important does not create the same business impact like how mobile does. Additionally, customers should be provided access to all transactions and service requests round the clock and ensures ultra-responsive service at all times. 
  2. Keep it simple – Apps should be designed in a way that a user sees only what is absolutely necessary and transactions should be completed in as few steps as possible. Special focus should be placed on UI and UX to ensure that customer user journeys are as delightful as possible. 
  3. Promote self-service apps that offer holistic features – Provide coverage for all products and services in a single app and enable it to support services like e-commerce, travel, utility services, and so on. Additionally, the app should enable customers to initiate all transactions and service requests in self-service mode 24*7.
  4. Personalization – Banks usually enjoy long term relationships with their customers. This in turn leads to a lot of historical data that can be analysed to offer personalized products and services that suits a customer’s needs. Banks can also leverage data available through API / Open banking to offer personalized offerings. Technology can also be used to offer contextual banking based on a customer’s location.
  5. Transparency – Banks should aim to provide product and pricing related info accurately and explicitly leaving no room for any ambiguity. Sharing the Expected Time of Arrival (ETA) or completion is a must for any transaction or service request and a periodic update of the progress must be provided as this gives a clear update to the customer on transactions initiated. 

While the above stated strategies would definitely ensure increased engagement with customers, it is important to constantly review and evaluate new trends in an ever fast changing world. 

Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house. Unless otherwise noted, the author is writing in his/her personal capacity. They are not intended and should not be thought to represent official ideas, attitudes, or policies of any agency or institution.

Tags assigned to this article:
Customer engagement

S. Sundararajan

The author is Managing Director, i-exceed Technology Solutions

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