Today’s customers expect banks to deliver personalized services and the banks need to deliver them, if they want to do well in their business. They will have to use both physical and virtual channels to deliver banking services as well as financial advice to their customers in the most convenient manner. The approach they need to follow should be a combination of cost-reduction as well as improved customer experience.
While 65% of the financial institutions believe that they have enough information about customers to provide them personalized services, there are about 45% customers who say that banks do not know them well enough. It is to be noted that about 78% of the consumers in US do not have a problem in sharing their financial information with banks if they agree to provide personalized services. Such services can help them increase their brand loyalty among their customers and help them have a pleasant customer experience.
It is very important for banks to provide what the customers want. If they want personalized services, then they have to be delivered by the banks. There are many things banks need to keep in mind while providing personalized services:
1. To provide multi-channel customer experience: Since customers use different channels to do their banking, banks also need to adopt multiple channels while providing personalized services. Apart from their branches, the banks need to provide personalized services through other channels like telephones, emails, video conferencing and smart phone apps. Further, the customer experience provided through these channels needs to be consistent and seamless. In order to achieve this, banks and financial institutions should invest in the IT systems of the latest technology.
2. To augment in-branch experience as well as ATMs: While there are customers who prefer digital channels for banking, there are many who still prefer to go to the branches of the bank. However, in order to increase the convenience of such customers, banks need to come up with certain smaller as well as smarter branches in areas that are conveniently located for the customers to bank from.
3. To take the social media route: Although most banks do have social media presence, about 87% customers don’t find the social media usage of their banks helpful in any way. Only about 10% customers use social media sites like Facebook to interact with their banks. In order to optimize the social media route, banks need to first find out what their customers want them to provide over social platforms. Only then it is possible to provide the correct features and services.
4. To leverage customer data: Unless banks put in the required efforts to collect and leverage customer data, they will not be successful in assessing the customer needs and preferences. Nevertheless, if they do have this data, they can use this data to reach out to the right customers while coming up with new offers or solutions.
5. To put the customers first: Customer service is to be given the highest priority whether it is a contact center or a bank. It is very important to provide the customers what they require rather than forcing them to go for something that seems convenient to the banks. There is a crucial need to collect customer feedback and act upon the same. Sophisticated tools and the right customer service software are to be used by the banks in order to be capable of providing the customers what they want.
6. Onboard Customer Faster: According to the RBI Video KYC norms, banks and other financial services can make use of the new technology to onboard their customers faster and make the customer authentication process easier. Banks and other sectors can look for a right vendor for the Video KYC solution which is RBI Complaint, provide enterprise grade security, Omnichannel Customer Engagement and should have Industry Experience.