Consumer banks must innovate and modernize not just their digital but also their in-person customer service and user experience (UX). Hampered by legacy systems and facing competition from digital banks and fintech startups, they must adapt or face declining client satisfaction — and ultimately dwindling clients.
Here’s how some institutions are taking UX and customer service to the next level:
- While the appeal of online banking continues to expand with 49% of all millennials using online banking for routine transactions, companies like Trailhead Credit Union are also aware of the impact the customer experience at their physical locations is crucial to connecting with their audience. Having “transformed its look and messaging to connect with the urbanite spirit of Portland”, they’ve seen record-breaking growth in their customer engagement thanks to their commitment to appealing to their consumers.
- By analyzing their consumer base and re-evaluating their content strategies, respected firms like Liberty Mutual and Santander Bank are providing innovative, targeted, curated content with the intent of educating certain demographics on relevant services that are available to them. For example, Santander recently focused on its millennial demographic, and aimed to connect with potential customers who may be closing in on a point in their lives when they need a loan. By providing them with a wealth of valuable information and drawing traffic into their core banking site, they were able to attract new customers, gain their trust, and gain further insights about their audience.
- Innovation is impossible to achieve without experimentation, which is why America First Credit Union opened their innovation center in Salt Lake City. Designed from the ground up to be an interactive experience for customers, it also functions as a space to provide live demonstrations of new technology to the public, who can instantly disclose valuable feedback that could prove vital in determining which technologies to pursue and iterate upon moving forwards.
Balancing digital convenience with human connection is the driving mindset behind these projects, all of which share a common focus on improving the banking experience by appealing to human sensibility, which has over time proven itself an effective tactic for retaining stickier client-bases at brick-and-mortar locations.
As much as we love the convenience of e-banking, we equally adore being treated well by other people in our day-to-day lives, and digital competition is fierce, in some markets it makes sense to double-down on the creature comforts that only a physical location can offer, as well as innovating and investing in cutting-edge technologies and content to remain competitive in the market of convenience.
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