Most Common Customer Expectations in Digital Banking

Let’s begin with the trends regarding customer expectations in online banking. What are the most common ones, and which aspects should you look into? Here’s a brief overview.

User-Friendly Mobile Apps

Navigating through a mobile banking app needs to be easy. Hence, the future of mobile banking apps brings UX design to the forefront. If you want to manage your customers’ expectations, you need to start from the basics and create an intuitive app.

Omni- and Opti-Channel Solutions

Customers strive for convenience, and there’s nothing more inconvenient than forcing them to use a particular channel to complete a certain action. What does it mean in terms of digital banking in particular?

You need to create fully online processes for your customers – ones that do not require them to set foot in a physical branch or reduce this to a minimum. Take, for instance, our eKYC solution – it enables your customers to conduct the whole onboarding and authentication online, making them visit a physical branch only once throughout the whole process.

Here, you need to remember to adopt the omni- and opti-channel approaches at once. This means that customers shouldn’t only be able to complete as many processes as possible through each channel but also they should be able to switch between channels swiftly. For that, you need to integrate your data in real-time – for instance, by using our omnichannel banking solution.

Personalization

There is no one size that fits all, and customers expect a size that fits them. This means creating personalized product offers, content tailored to their needs, or even… the possibility to customize the UI of your mobile app.

How do you achieve personalization? Here, once again, you need information from all the sources integrated into one central database. You can combine it with AI banking tools to extract valuable insights quickly, with little effort, hence providing your customers with the offers and solutions that they expect.

Security

People keep money in banks for one reason – it’s supposed to be safe. Therefore, managing customer expectations in banking requires you introducing highly vetted security measures.

This regards both those invisible to the customers: all the coding, threat intelligence, and prevention, and the visible ones: two-factor authentication or account break-in prevention.

High-Quality Customer Service

When dealing with money, we all want to get clear answers quickly. In practice, it means that customer service can be the make or break for your bank.

Managing customer expectations requires you to ensure that your CS processes are fast and easy for the customers themselves. You should also include elements of personalization in support, for instance, by tailoring the style of the messages to the particular clients. In the end, the faster you solve each ticket and the happier the customer is afterward, the more loyal they become and more likely to recommend your bank further on.

How to Manage Customer Expectations in Banking?

We’ve established what are the trends regarding customer expectations in banking. Therefore, we may proceed with our tips on how to manage them effectively. How should you approach this matter?

1. Gather Feedback

The trends are important, but what truly matters is what your customers expect. Hence, you should start by gathering customer feedback.

This way, you will understand what your target audience expects from mobile banking services, enabling you to prioritize your efforts. After all, if, for example, your customers are mainly Gen Z and Millenials, you’ll need a different approach than if your bank has mainly older customers.

You can learn more about this in our article: Adapting Customer Service Strategies for Different Generations in Digital Banking

2. Collect Data on What Works and What Doesn’t

Knowing what are the key areas to focus on, you have to go deeper – uncover what changes you need to implement. For that, we recommend a data-driven approach.

For instance, you can analyze your onboarding process to find out which step is a bottleneck that causes the most potential customers to abandonments. At the same time, you can search for the best solutions implemented in your systems and see if you can reproduce them in other processes.

3. Plan the Solutions and Implement Them

Finally, with all the information on customer expectations and your organization’s performance, you can begin planning the solutions. After you make the initial roadmap, get down to the implementation and testing. Remember to monitor the changes and evaluate their performance – no solution will be perfect at first attempt, so you need to constantly polish your systems and procedures.

Conclusions

Managing customer expectations in digital banking requires you to understand the trends, but also your audience and look into your organization in detail. After all, knowing what customers want is not enough – you need to find out how your current solutions correspond to those needs and improve or change them if required. There are many IT solutions, like our LiveBank platform, that can help you with this, so make use of them.

You might also read: Digital Banking Implementation Strategies: Maximizing Success with Comprehensive Training