LiveVox: 5 Ways Customer Expectations for Retail Banking and Payments Have Changed in 2022
Let’s be honest: customer expectations for modern retail banking and payments were already in question before the pandemic.
But the pandemic has undoubtedly been a catalyst for the digitization of financial practices. And changes in customer behavior have accelerated the shift to new online models for everything from loans to pay-as-you-go monthly installments that have long-term impacts on financial institution customer service.
How will we see these preferences translate into practice in 2022? Meet customer expectations for retail banking and payments by investing in tools that will help customers self-service and increase operational efficiency. Below, we look at actions managers can take to mitigate disruptions in the customer journey and .
Encourage digital self-service
you can support digital channels by offering a range of services to promote digital banking. According to McKinsey, in the United States, only half of bank customers engage digitally little or not at all. To put new digital customers at ease, you need to invest in marketing efforts to raise awareness of online options.
A successful approach must include clear communication, targeted campaigns, financial advice and tutorials specific to each customer journey. Digital tools can still play an important role in services that require branch interactions. Use them to provide information about adjusted hours, essential services, safety precautions or digital queuing systems.
You can leverage a cloud-based partner to facilitate innovative solutions to improve the customer experience and make the difference between “sink or swim”.
When you offer digital channels, you create more opportunities to interact with customers. It can also improve the customer and agent experience. Customers will have the ability to decide how and when they want to contact you and choose the right payment platform. At the same time, agents will have the opportunity to expand their skills and work remotely in a flexible way.
Advanced tools and social distancing protocols are rapidly changing customer preferences. contactless and digital payments have increased and are often preferred. A survey found that twenty percent of respondents expect to use more contactless payments over the next few years. To respond to social changes, you need to provide customers with improved payment systems.
Robust digital offerings are necessary but insufficient; a pivot contributor to customer satisfaction is the agent experience. Support agents with retraining programs and equip employees with the skills they need to support new digital experiences. Requalification of employees is also a sustainable way to close existing gaps.
Create specialized offers
Segmentation and targeting to improve the customer experience. The financial constraints of COVID-19 will make it harder for bank customers to navigate complexity or make the best financial decisions. For example, research suggests that economic scarcity has a significant psychological impact and leads to more myopic decision-making.
Until now, most banks have marketed products and services using broad demographic segmentation. Customers expect personalized offers. Leaders will need to use data to refine their customers, products, and pricing strategy to meet these expectations.
Many traditional banks still rely on sparse databases to house customer data, making user interactions slow and clumsy. When you equip live agents with integrated customer information and historical data, you can provide a more personalized experience for customers. Agents can give one-on-one advice on things like credit cards and personal loans, which greatly builds trust.
Focus on building trust and brand loyalty
Build trust with your customers by being responsive and showing that you heard their feedback. The focus should remain on the heart of your business: your customers. Providing a customer experience will be integral to how banks reaffirm their positive role in society during the pandemic.
Keep in mind that the decisions you make today will likely define your brand tomorrow. Bank customers face extraordinary financial stress. Consider waiving interest charges and suspending overdue account fees for customers requesting such changes to relieve Covid-19. Offer credit availability, debt relief/flexible payment plan, credit limit review, or terms and conditions review.
Practice value-based decision making when defining digital journeys
Customers want to know that their financial institution cares about their concerns. Banks should focus on meeting new customer needs and concerns while improving their efficiency and effectiveness. The banking sector is uniquely positioned to play a vital role in restoring our communities and the economy.
Foster real-time personal engagement and program chatbots accordingly. Be proactive and reach out to customers to address financial concerns, starting with the most at-risk customers in the current environment. In addition, banks must set up telephone helplines for customers who need assistance during remote transactions (mobile or Internet).
Serve unexpectedly. Especially throughout this pandemic, customers don’t always know what they will need until the need is dire. Finding out that their bank is ready to help them in unexpected ways will go a long way to reassuring them. Go beyond financial commitments and address customer concerns during the outbreak.