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/
Mobile Banking Apps’ Impact on Customer Service: The Beginnings
In 2007, Apple released its first iPhone; at the same time, the Bank of Scotland announced the world’s first mobile banking app for smartphones. The rest is history.
Before the era of smartphones, customer service in banking wasn’t the most pleasant experience. People had limited choice when it came to selecting their bank, since they needed to have a physical branch nearby. They had to wait in long queues at those branches (or on the phone). Simply said, as a customer you wanted to avoid the need to contact customer service at all costs.
With the introduction of mobile banking apps, it all started to change. While Internet banking emerged on the way, it still required having a PC available when you wanted to access your account. Mobile apps made it easier – all you had to have was your phone. This has initiated a shift in the industry, leading to what we now know as digital banking.
The Impact of Mobile Apps on Digital Banking Customer Service
The initial changes led to the situation that we live in today – one where mobile-only customers are becoming a large (and important) target group, and the number of services available in digital channels is constantly increasing. But how do those mobile apps impact digital banking customer service?
1. Touchpoint between the Customer and Bank Employee
First of all, mobile apps serve as the initial touchpoint between the customer and the bank employee. This is not only because they incorporate elements like customer service chat or the phone number for the customer service line but also because mobile apps automate processes in digital banking. Agents are no longer needed to update account details, send international money transfers, or even answer inquiries about a product.
This can be confirmed if we look at some data. According to Deloitte, 26% of customers use mobile banking apps for updating account information, and 47% do it online in general. At the same time, 15% use apps to inquire about products, while 37% do so in general[1]. This shows that mobile apps became a crucial touchpoint in digital banking, often the first channel chosen by the customer, and the customer service needs to adapt to this fact.
2. Customers Demand Quick Service
Secondly, mobile banking apps have a huge impact on customers’ preferences, which affects customer service itself. Due to the convenience coming with these applications, the clients are more likely to demand quick and effortless customer service, like this provided in apps. This means that no longer long phone queues are acceptable, nor customers are willing to visit physical branches – customer service in digital banking has to be smooth.
Adapting with LiveBank
Our digital banking customer service platform is exactly what you need to adapt to these changes. With it, you will be able to provide convenient and quick customer service, just like your customers expect.
Our AI banking assistant will solve simple queries for your agents and help them navigate the regulations and documentation with ease. Due to data integration, our platform will enable you to provide consistent customer service across all channels. Services like eKYC for Banking will make customer onboarding less strenuous for your customers and less demanding for your employees. Contact us and learn more about our platform and how it can elevate your customer service to the next level.
The Impact of Apps on Digital Banking: Conclusions
Mobile banking apps have quite an impact on digital banking. They change how customers want to solve their queries, making convenience and quick responses critical. With solutions like our LiveBank platform, you will be able to match these new needs of your customers and provide them with customer service that they strive for!
You may also read: Adapting Customer Service Strategies for Different Generations in Digital Banking
AI Banking Assistant in Customer Support: The Road to Convenience
As we have established in our article on human conversations in digital banking, nowadays, customers strive for convenience. Therefore, banks need to find ways to simplify their procedures while making them quicker for the customers.
Virtual banking assistants are a way to do so, and our own AI tool for banking proves to be an excellent example. By implementing it, you can make the whole process easier for the customers than ever before. How and why?
A virtual banking assistant helps your employees solve queries more quickly. Voicebots and chatbots will answer questions like humans, with one simple difference – they will do it faster, as AI can process all your procedures and regulations in a matter of seconds. As a result, with the introduction of AI, the simplification of customer care has become of the utmost importance.
Improving Fraud Prevention Providing Swift 24/7 Support
Customers might have questions at any time, and when banking is considered, they want immediate answers. After all, their money is on the line. Introducing a virtual banking assistant in customer support is the answer to that desire.
AI-powered chatbots, being capable of solving less complex queries on their own, can be utilized to provide your customers with support 24/7. They do need a bit of human touch – someone who will kick in if the AI cannot handle the situation. But, by using AI assistants or GenAI bots, you can save money by having fewer agents working at night (and let’s be real, it usually means you have to pay them extra), and increase your customer satisfaction by providing your clients with quick responses even in the middle of the night.
KYC compliance is one of the most challenging tasks for banks, and fraud detection is a part of it. Every year, banks pay millions of dollars in AML fines for inadequate customer due diligence, insufficient internal controls, or failure to report suspicious transactions. Using eKYC or AI in customer support might help you avoid that.
To provide convenient and personalized experiences, a virtual banking assistant usually analyzes the data and transitions of a given client. As a result, apart from directly helping the customer support team, it may be passively used for spotting potential fraud and preventing it. Due to the implementation of machine learning (ML), present in most virtual banking assistants, such an AI might learn from the data on previous cases of fraud detection, thus finding patterns that will help your bank spot issues that a human would be unable to.
Optimizing Costs in a Banking Service with an AI AssistCopilot
Another effect that virtual assistants have on banking is that they let you utilize your resources more effectively. Instead of reading through numerous regulations and then coming up with a message, your employee might simply generate a response, verify it (our AI AssisyCopilot shows you what documents it’s based on), change the tone, and send it. As a result, answering a query takes seconds, not minutes.
This lets you achieve a major reduction in the operational costs of your bank as your need for basic customer support staff goes down significantly. Instead, you can focus on educating the most specialized, skilled ones who will be handling those queries that AI cannot.
Asynchronous Communication Thanks to AI Banking Assistants
Whilst using an AI prompter for banks still requires your employees to be present at the time the message was written, full AI-powered banking chatbots let you take the process to another level, by solving simple queries for you.
Why is this important? Because customers strive for immediate response, but having as many agents as possible tickets ready at the same time is impossible. With the use of bots, you may switch to asynchronous customer service – one where virtual banking assistants answer the queries, and your agents only overlook the process and add their own input where artificial intelligence is insufficient.
Supporting Support Agents with Virtual Banking Assistants
One of the newest innovations that impact customer care in banks is using AI-powered video assistants. These can serve as a major source of help for those agents who communicate with the clients through the video channel.
From making notes automatically to suggesting responses and documents that they are based on – virtual video assistants let banks transfer the best assets of voicebots and chatbots and translate them into the realm of video calls, effectively shortening them, thus enabling your employees to participate in more calls daily, and improving customer satisfaction by reducing the time they need to spend on contacting customer support.
AI Banking Assistant: Conclusion
AI virtual assistants, chatbots, and prompt generators have had a significant impact on banking, one that was and is still getting more visible. With the future development of more virtual assistants (yes, we’re working on one!) and the improvement in the effectiveness of AI in general, combined with the benefits that come from using AI-based technologies, we are likely to see an increase in the number of AI tools utilized in financial institutions soon! If you wish to learn more about AI in finances in general, we suggest reading our article on the role of AI in digital banking!
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.