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How to Collect Customer Feedback in Digital Banking
While CRMs can provide you with valuable insights, the data in them is insufficient if you wish to continuously improve your services. For that, you need to gather direct feedback from your customers. So, how to do that?
Surveys
Starting with the surveys, they are an effective way to gather customer feedback in digital banking. Whilst phone calls, e-mails or messages on the chat after a conversation with a customer service representative are a good option, be sure to utilize your mobile app for surveys. You can use it not only to measure the satisfaction of your customer service but also to inquire about your services, products, and the customer’s expectations.
Focus Groups
You may also facilitate your app for recruiting customers into your focus group and then conducting the survey in the app. This way, you will reach out to more customers at the same time,
Additionally, since members of the younger generation prefer apps, you might consider building two focus groups – one in traditional means and the second via the app. This way, you will have data to compare, which will help you adjust your customer service strategy.
Social Media
While this might seem unusual, social media profiles are actually an excellent way to gather valuable information that you wouldn’t get otherwise. A simple post like “If you could change one thing about our mobile app, what would it be” can provide you with invaluable insights that will fuel your further actions.
Remember here that each generation might prefer different social media platforms – take that in mind when gathering information.
CRM Data
While surveys and focus groups are an excellent way to gather feedback in digital banking, you still need to combine them with metrics from your CRMs. What data should you use in this case?
- customer retention rates,
- customer churn rates,
- customer loyalty indicators,
- customer effort score.
Look for dependencies between these metrics, general customer information (age, ethnicity, geolocation, gender, etc.), and their customer journeys to find out what might cause higher (or lower) retention rates, engagement, or conversion rates. Combine it with the data gathered through direct feedback to get a full overview.
How to Leverage Customer Feedback in Digital Banking
You collected all the data, and you’ve juxtaposed the information from your CRM and direct feedback, so how do you utilize all of these now to provide better customer service in your digital banking?
First of all, you should group up your clients. Mobile-only customers should be treated separately from those who use both traditional and digital channels and those who rarely use online banking. You may also introduce different types of segmentation, such as those based on age (or generation).
Segmenting is crucial since members of each category have different priorities, so planning how you act on feedback based on segmentation helps you address the most important aspects for all the customers rather than focusing on a particular group that has the most representatives in your feedback collection.
And, since we are on the topic, yes, you should prioritize the findings. Feedback isn’t only about finding areas of improvement but rather about uncovering what matters the most for your customers. You have to look at the bigger picture here.
For instance, imagine that the main feedback responses about your app pointed out that: customers want investment tutorials in the app, customers want the payments to be quicker, customers wish for an easy savings account opening feature, and customers demand real-time currency exchange. What does it tell you? That your clients prioritize investing and saving, so you should focus on such features and services in general, not only implement those mentioned in the surveys.
Conclusions
Gathering and leveraging customer feedback in digital banking is critical if you want to provide services tailored to your client’s needs. CRM data is not enough, so you should utilize other ways of collecting insights from the clients, such as surveys, focus groups or even posts on social media. Yet, at the same time, you need an efficient system that can gather all the data in one place, despite the channels used by the clients. A system like our next-generation banking solution.
You may also read: Customization in the Digital Era: Tailoring Services to Individual Preferences
