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

Customer Service Strategy in Banking: Understanding the Needs of Every Generation

In order to adapt your customer service strategy in digital banking, you first need to understand each of the generations. So, here’s a short overview.

Customer Service Strategy for Boomers

While Boomers don’t refrain from using the internet, they aren’t exactly tech-savvy. This means that they require more intuitive and simple solutions. As mentioned before, boomers prioritize security, with product recommendations, faster payments, and automated savings also making the list.

When it comes to contacting customer service, Boomers are the generation that lived through the era of call centers. Therefore, they might prefer conversations on the phone over the chat.

Customer Service Strategy for Gen X

Gen X is a bit more acquainted with technology than Boomers. While it remembers the times of call centers, it is the generation that switched to chats, so people from this generation might prefer either of these options.

As we said in the introduction, Gen X prioritizes personalized product recommendations, which you can create with the use of AI banking tools.

Customer Service Strategy for Millennials

When tailoring your digital banking customer service strategy to Millennials, you have to remember that they are the first generation that prefers digital solutions over traditional ones. They also use banking apps frequently, so it is good to introduce customer service options in them.

Interestingly enough, while Millennials are similar in their priorities to both Gen X and Gen Z (with fast payments taking first place and automatic savings the second), there is one thing that distinguishes them – they strive for high chat functionality and personalized communication^[2].

Customer Service Strategy for Gen Z

Gen Z, or Zoomers, will be mostly in favor of self-service options wherever they are possible. Here the omnichannel approach gains in importance, as they are most likely to utilize several communication channels.

As we said at the beginning of the article, Gen Z mostly prioritizes convenience, namely, fast payments, while also focusing on online tutorials on money investment – it’s good to feed them with relevant content and offer them personalized products related to money management.

How to Tailor Your Customer Service Strategy in Digital Banking to the Needs of Each Generation

If you wish to deliver the best experiences to each generation, you should tailor your digital banking customer services strategy so that it becomes versatile while adopting the optichannel approach.

In practice, it means finding the golden means. You should introduce automation and chatbots for Gen Z and Millennials while preserving the call centers for Boomers and Gen X. You need to give the younger generations self-service options while leaving the possibility to onboard, take a loan, or make an international transfer with the help of an agent. In simple words, your customer service strategy needs to have all the traits that each of the generations looks for.

This is exactly what our LiveBank platform is for. With it, you can connect data from all channels into one place and deliver more personalized experiences, thus tailoring your customer services to the needs of each generation. Our platform utilizes technologies such as AI, machine learning, or biometrics to help you customize your product recommendations, enable self-service for younger generations, and offer a consistent experience for Millennials and Boomers who might utilize several channels in their communication.

Customer Service Strategy in Digital Banking: Conclusions

Adapting your customer service strategies in digital banking requires you to link all the channels together and make it possible for the customers to use the ones that are most convenient to them. Since the preferences aren’t mutually exclusive, you should ensure that at each step, your customer service solutions include everything that each generation prioritizes.

You may also read: The Future of AI in Banking Customer Service: Trends and Innovations

Sources:

[1]https://www.goldenstepsaba.com/resources/average-attention-span

[2]https://www.bai.org/banking-strategies/what-matters-most-to-each-generation-of-banking-customers/

Embracing the Pulse of Innovation in the Banking Landscape

Returning from the dynamic setting of Money20/20 in Las Vegas, the LiveBank Team returns with a wealth of discoveries and insights that shed light on the evolving roadmap of banking. The conference proved to be more than just a gathering of minds; it served as an exploration into the intersection of technology with the core of banking.

At the heart of our discussions was the resonating theme of technology’s intersection with humanity in banking. The days spent at Money20/20 weren’t just about banking trends; they were about capturing the essence of where banking, driven by AI is headed in an increasingly digital world.

AI: Beyond Algorithms to Personal Touches

The resonance between technology and personalization, especially through the lens of AI, was a central focus. It’s not just about algorithms; it’s about understanding and anticipating the unique needs of every customer. The aim is to create a more personal and intuitive journey, transcending the mere digitization of processes.

Cloud Technology: Redefining Connections

The discussion centered around the transformative potential of cloud technology. The integration of cloud technology was not merely about data efficiency but a gateway to unlocking enriched customer relationships. The cloud isn’t just about storing information; it’s a platform for innovation, connecting customers in ways that were previously unimaginable. This innovative approach redefines how customers interact with banking services, fostering a level of connectivity that transcends traditional boundaries.

LiveBank team members, Mateusz Grys and Maciej Mazurkiewicz, were part of engaging panel discussions that explored the innovative use of AI in fraud prevention, anticipated future banking trends in the US & LATAM, and navigated the evolving landscape of customer-centric banking ecosystems. Additionally, Mateusz and Maciej shared insights and experiences in an interview with FinTech Futures. You can watch the interview below to delve deeper into their valuable contributions.

The overriding sentiment at Money2020 was one of invaluable learning and foresight. Our experience is a testament to the harmonious blend of technology and the heart in banking – where the power of innovation converges with the time-honored principles of trust, personalized service, and meaningful human connections.

As the curtains close on Money20/20, our vision for the future is crystal clear – it’s about crafting an empathetic future that seamlessly integrates technology and human values for the best customer experience. We look forward to continuing this journey, crafting the future of banking together. Stay tuned for more exciting updates on our blog as we navigate the ever-evolving landscape of banking innovation.

Reach out to contact@livebank24.com and dive deeper into the discussion or explore further collaboration opportunities.

Explore some insights from FTB and Ailleron Technological Breakfast. Delve with us into the evolving landscape of Polish bank branches, discuss the role of technology, and highlight the importance of customer-centric solutions. Discover how modernization is enhancing competitiveness, customer satisfaction, and operational efficiency in the banking sector. Gain valuable insights into the critical aspects of banking’s transformation in the digital age.

Exploring Digital Transformation Trends in Banking

In the world of digital trends and transformation, the FTB Technological Breakfast, held on September 7, 2023, at the Bankers’ Club, brought together banking and technology experts to delve into the evolving landscape of Polish bank branches.

During the event, discussions revolved around the necessity of aligning traditional bank branches with the changing expectations of tech-savvy customers and the rapid advancement of technology. Key topics included the appearance of modern, digital bank branches in the digital era and the evolving needs of the new generation of clients.

Revolutionizing Customer Experience Through Conversational Banking

Włodzimierz Kiciński, Vice President of the Polish Bank Association, emphasized not only the importance of adapting the banking sector to the shifting expectations of modern, digitized customers but also the need to define branch efficiency models.

Maciej Jopyk, Managing Director responsible for Strategy & Consulting at Accenture Poland, highlighted global trends such as smart branches, metaverse, and the growing significance of AI in the realm of bank branches.

Enhancing Efficiency and Customer Convenience through Virtual Branch Solutions

Piotr Piątosa, the newly appointed Vice President and COO at Ailleron, discussed optimizing branch access and the need to streamline processes to provide even more convenient service to customers.

Mateusz Grys, LiveBank Product Manager at Ailleron, emphasized that the goal of digital evolution is to minimize inconveniences that customers may encounter during their visits to bank branches. Issues such as long waiting times for advice or a complex customer journey (that as we know begins even before the branch visit) require effective digital solutions.

Elevating Digital Sales in Banking with AI Empowerment

During his presentation, Mateusz Grys who brings extensive experience from both the tech and banking sectors, demonstrated how technology can support bank employees, optimize their work, and equip them with tools for sales and upselling. He outlined the services that modern bank branches should offer, enabling customers to access banking from anywhere, thereby enhancing their convenience and satisfaction. He also discussed leveraging artificial intelligence, not only for automation through chatbots but also for real-time customer data analysis to provide personalized suggestions and predict customer behaviors. Through artificial intelligence, bank employees can better understand customer needs and respond more efficiently and tailored to specific cases.

The LiveBank Product Manager’s presentation set the stage for a lively discussion, addressing the challenges and benefits of implementing modern solutions in the banking sector. Attention was drawn to the need for additional training for bank employees and some initial skepticism toward new technologies. However, when Jakub Bogusz, Executive Director of Retail Banking at ING Bank Śląski, joined the discussion, it became evident that these concerns were unfounded.

Bogusz shared ING’s experiences after implementing the LiveBank Cloud solution, illustrating how they addressed the bank employees’ apprehensions about introducing modern tools. This resulted in very high satisfaction ratings among both agents and bank customers. He explained that ING currently utilizes Ailleron’s solution for mortgage loan servicing and sales and plans to expand their collaboration into other areas.

Insights from the FTB Technological Breakfast

The FTB Technological Breakfast convened over 30 distinguished guests, and the collective discussion strongly underscored the pivotal role that technology can play in the banking sector. Modern solutions not only support bank employees but also deliver personalized services to customers where and how they need them.

By effectively implementing modern solutions, banks not only enhance their competitiveness in the market but also boost customer satisfaction while efficiently managing their operations. This represents a significant step toward the future of banking, making it more accessible, personalized, and intelligent than ever before. The insightful discussion during the FTB Technological Breakfast sheds light on these critical aspects of the banking sector’s transformation in the digital era.