Even though cash remains the most commonly used payment method, four out of ten respondents now prefer paying by card. Consequently, mobile payments through bank apps are increasingly popular, especially for online purchases. Currently, 81% of Germans conduct their banking online. The younger generation, in particular, prioritizes digital offerings when selecting a bank, with the app’s user-friendliness being a critical factor.
In this article, we introduce Mark – a young man searching for the right bank – to demonstrate how to meet your customers’ evolving needs and assure potential new clients that your bank is the best fit for them.
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Version 1: An Unsatisfactory Search for Information
Having just finished school, Mark is excited to start a new apprenticeship and is also looking to open a bank account. Like his friends, Mark enjoys shopping for sneakers online and is eager to start using his smartphone for payments at checkouts. Living in a quiet village outside the city, he prefers to manage his banking from home. He opens his laptop and begins exploring various banking websites. His first visit takes him to a site where loans are prominently advertised on the homepage. He tries to navigate the menu but struggles to find information on online banking or the bank’s other services. Frustrated, he leaves the site and continues searching for a better option.
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Version 2: The Impact of a Great Customer Experience on Finding the Right Bank Account
Now, let’s improve Mark’s experience to be more user-friendly. When he arrives at a bank’s website, a chatbot greets him on the homepage and offers assistance. He quickly finds a menu item for “accounts for trainees and students.” Even so, he decides to use the chatbot and asks about student accounts and online banking. The chatbot promptly suggests possible account models, allowing Mark to review the different options at his own pace. If he needs further details, he sees a friendly contact person’s photo with their phone number and office hours. He dials the number, and after the conversation, he feels excited to have found the perfect bank and account for his needs.
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Connecting the Dots: Insights for Banks
These two scenarios highlight key insights that banks can use to not only improve customer satisfaction and loyalty but also increase conversions:
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1. A Personalized Homepage and Promotions
A website’s homepage is like a brick-and-mortar storefront. If it doesn’t appeal to customers, they won’t visit the store. Therefore, it’s crucial to tailor the site to each user’s interests. For example, if a customer previously looked at home loans, the next time they visit, home loans should be featured on the homepage. Similarly, your banking app’s homepage should display account balances, recent transactions, or upcoming payments at a glance. Prominently placing special offers that match the user’s interests, especially if they arrive via social media or newsletters, enhances the experience. Nothing is more frustrating than having to search for the right offer.
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2. Good Customer Service
Providing excellent customer service is essential in banking. Many customers prefer to resolve their issues over the phone rather than visiting a branch. Thus, contact details should be prominently displayed on the website. A chatbot can handle minor issues on the website, but it should be clear that it’s not a live agent. If the chatbot cannot help, contact details should be easy to find.
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3. Personalized Recommendations with Cross-Selling and Upselling
Personalized product recommendations are highly effective. Similar to Netflix, which suggests series or movies based on what users have watched – banks can also offer personalized teasers and recommendations on all pages. The goal is to suggest the right products and offers based on each customer’s circumstances and needs. This approach supports and benefits from cross-selling and upselling. With the right recommendations, customers are more likely to add additional products or opt for more expensive options. For example, in addition to a standard bank card, a customer might also choose a credit card.
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Conclusion: Personalization Finds Its Way in the Finance Industry
In today’s fast-paced world, convenience is key to a positive customer experience. As customers face greater challenges in visiting bank branches for their transactions, they are shifting more of their banking activities online. To keep customers satisfied, it is essential to offer a personalized and efficient experience through your website and mobile app. This not only reassures them that your bank meets their needs but also fosters stronger relationships and converts new clients into devoted customers.
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