Customer experience or service can be a make-or-break function for any business, and the financial sector is no exception. The customer experience is particularly important for the banking sector because of high competition. With every bank offering identical products and services, it’s the actual banking experience of a user with their banks that gives one bank a competitive advantage over another.
Moreover, there has been a serious surge in digital banks that are providing all the financial services to the users over the internet without having to visit the physical branch. There is a rise in neo banks, which are branchless banks. Like Salt, which aims to provide the best banking experience by assisting users with personal and business needs.
It is clear that banks have to provide a quality banking experience to their customers if they want to remain competitive and stand out. Here are 5 things that can ruin the banking customer experience.
Inadequate communication channels
If a bank does not offer multiple communication channels for the customers to contact the support team, it can be restrictive and can ruin their banking experience. One way to address this challenge is by using chatbots to address frequent or simple user queries that and using the phone lines for addressing the complex problems. Limiting communication options means that the banks are only adding to the frustration of customers who want to contact an agent when they have a problem. The banks can offer the following communication channels:
- Chatbots – Adding chatbots to official banking websites can help resolve simple queries of customers.
- Live chats – Live chats will allow users to connect with live agents to address their problems.
- Phone – Users with complex problems can opt for phone support.
- Email – Some users prefer to connect over email, so they have an easily retrievable copy of the conversation with the bank.
- SMS – It can be a great option for users who don’t have an internet connection and want to connect over instant messaging.
Poor customer service
Nothing frustrates users more than bad customer service – such as banks failing to meet their expectations in terms of quality of service, a lack of real-time support, or not being able to address the complaints on time. Not taking immediate action for addressing or resolving the complaints ruins not only the banking customer experience but also worsens the customer relationships, further resulting in customers leaving the bank for an alternative option. According to a report, 69% of users plan to leave their banks due to poor customer service.
24/7 support
In this fast-paced banking world, nothing is worse for the users than waiting long enough to get in touch with a banking agent, whether it is for resolving a problem, account opening, or any other query. If the banks are not providing 24/7 customer support, then it might ruin the banking experience of a user. The problem of providing 24/7 support can be addressed by banks integrating live chat support on their websites to connect with live agents.
Poor digital services
With banks offering all the banking services over the internet, it makes it convenient for users to access the banking services from the comfort of their homes. But, if the banks have poor digital services such as complex user interface, slow loading time, lack of digital help, or poor functionality and usuality. Nothing is more frustrating for a user than visiting the physical branch because of poor online services. Banks can address this problem by guiding the users through their digital banking services and implementing a friendly user interface.
Hidden fees
Similarly, one of the most common issues that can ruin a banking customer experience is the hidden fees. The users may not realize it right away, but the banks may be charging hidden fees such as excess transaction fees, inactivity fees, and so on. These fees are hidden because they are optional, and banks don’t want users to find out about them. Sneaky bank fees ruin the customer’s banking experience as they don’t want to work with a bank that is not transparent about the hidden fees.
With just a few mentioned above, it becomes clear to us that customer experience plays a vital role in customer retention and satisfaction. It is critical for banks to deliver the best banking experience to their customers in order to sustain themselves in a competitive banking sector. As a customer, don’t be afraid to ask!