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PisanoSep 3, 2020 12:46:38 PM4 min read

A New Era in Banking: Customer Experience

Currently, customer experience is the new battlefield of brands, so to speak. Many senior managers believe that companies may shine amongst the competitors and be ahead of them by means of a good customer experience. The most innovative customer experience technologies are frequently preferred in the banking sector. The basic reason is that in the banking sector the era of customer loyalty is now replaced with the era of customer experience.

The importance of customer experience in the banking sector has also been demonstrated by the results of the research on digital trends in the banking and finance sector organized jointly by Econcultancy and Adobe. 63% of finance and banking institutions attach top priority to offering a good experience to their customers.

In today's circumstances, if you are not keen on "mattress" savings, it is almost impossible for you to continue living with no interaction with banks. Advanced technological facilities offer customers the opportunity to perform banking transactions through many different channels. Digital banking and telephone banking draw more and more users every passing day. The developments particularly in the field of artificial intelligence give banking a new dimension and help banks offer their customers a more customized service. Artificial intelligence technology is expected to improve banking sector particularly in the following 3 areas:

Customized Service: Giant brands such as Amazon and Netflix make use of artificial intelligence technology to analyze the purchasing history of their customers and make the most accurate recommendations for the new products that they may need. Similar practices are encountered in the banking sector as well along with the increased use of artificial intelligence technology. Banks are able to furnish a customized experience by offering the products and services based on the customers' purchasing histories. Let's have a closer look at this situation with a sample case.

 If you are regularly shopping on credit card from a clothing shop where your bank offers a special discount or extra installments, the bank may use a recommendation system to offer you different shops where you can benefit from the same discounts.

Robo Consultancy: Robo consultancy enables banks to give consultancy services to their customers by means of artificial intelligence technology. Aimed at helping customers invest in the correct fields with its ability to make calculations with certain algorithms, robo consultancy service is found by researchers to be more reliable for the customers. Although this technology is popular today, it is supported by manpower in the background to ensure guidance and supervision.

Improved Support Service: There is no way we can bypass chatbots when talking about artificial intelligence. Chatbot technology has improved so much that some users communicating with state-of-the-art chatbots may even think they have contacted a real person. Chatbot technology, now in use in countless sectors by a great number of brands, has an active role also in the banking sector where support services are of huge help.

Besides all these developments. bank offices still maintain their importance and will continue to do so in the future as it seems. According to the results of a research carried out by the consultancy company named Accenture, 87% of the customers say they will continue to use bank offices in the future as well.

The results of banking sector Temkin Loyalty Index indicate a customer loyalty index of 53%. This ratio, which seems to be an average figure in consideration of all sectors, is mostly accounted for by the increased customer experience investments in the banking sector. Certain data obtained in this research prove the importance of a good customer experience in the banking sector. Some of these data are as follows:

  • A customer having a good experience with the bank may spend 12.7 times more money than the one who has a bad experience.
  • A customer having a good experience is 16.8 times more inclined to recommend the bank to the circle of friends. "Word of mouth" is still one of the most effective channels of advertisement today.
  • If as a bank you offer a good overall experience to your customers, it is highly probable that your mistakes will be tolerated. Loyal customers are 7.8 times more prone than usual to shut their eyes to minor inconveniences.
  • Customers trust 9.1 times more to the banks where they are always regarded with an understanding and genial attitude.
  • Banks who offer a good experience to their customers at all points of contact have 12.2 times more chance to have their new suggestions accepted by the customers.

In today's circumstances where banks serve their customers through many different channels, designing an omnichannel customer experience is one of the most important areas of competition among the banks. Establishing consistent communication with customers at all points of contact is vital for the banks in offering a good customer experience. Therefore technologies which enable a bank to communicate with customers at all points of contact are getting increasingly important.

As a customer experience management platform, Pisano has been successfully serving many customers in the banking sector. Aimed at helping the banks offer a good experience to their customers at all digital and offline points of contact, Pisano customer experience technologies are being preferred by a larger number of banks with each passing day. A customer who gives feedback inside the bank office through physical channels may be contacted even before he leaves the bank and customer satisfaction rate may be increased in real time. Welcome to the era of customer experience in banking. This is Pisano, how can we help you?