Future-proof your bank: strategies to improve customer experience

Transforming banking customer lifecycle: strategies and technological trends for 2025

To thrive in this competitive industry, financial institutions need to pinpoint key areas of potential growth to navigate challenges and drive success effectively. By gaining a deeper insight into the customer lifecycle, banking executives can align themselves with what truly matters to their customers.

This allows banks to meet expectations and even surpass them, leading to increased satisfaction, loyalty, and ultimately, a positive impact on their bottom line.

1. Optimize customer acquisition

The survey reveals a growing trend in financial institutions embracing cutting-edge digital marketing strategies to enhance customer acquisition. Personalization, strategic partnerships, and content marketing stand out as top strategies, emphasizing a keen emphasis on tailored, collaborative, and value-centric approaches.

Personalization targeting emerges as a predominant strategy, endorsed by more than half (56.2%) of participants. By harnessing customer data to craft intricate profiles, banks and other financial organizations can tailor and personalize marketing communications and promotions. This method guarantees relevance and efficiency, resulting in elevated conversion rates and heightened customer satisfaction.

We are running our acquisition strategy as a digital-first company, not like a traditional bank. This is where we are seeing a change. There are so many new social media platforms out there that we must leverage to stay ahead. Today, we run almost 30 different value proposition campaigns via digital channels, all designed to touch different types of customers.

- Burcu Gültekin, Digital Marketing and Customer Acquisition Manager at Yapı Kredi in Turkey

2. Streamline account opening 

ebankIT and Qorus’ research demonstrates that innovative new technologies undoubtedly influence how banks look to onboard new customers. It was noticed that most of the efforts to date are focused on removing friction for the customer during the account opening process.

Andrzej Furstenberg, Head of Electronic Banking and Process Digitalization at Bank Pekao SA in Poland, believes that remote account opening is particularly important for small- and medium-sized business clients.

This segment requires a streamlined, self-service experience without the need for a relationship manager, which is too costly for these customers.

- Andrzej Furstenberg, Bank Pekao SA in Poland

As banks streamline their processes by reducing the number of steps, they also decrease the abandonment rate. By continuously analyzing traffic and data through A/B testing and other innovative approaches, banks can proactively identify and eliminate any friction points to enhance their operational efficiency.

3. Create a SuperApp 

Many financial institutions are now realizing that their customers seek convenience and simplicity without the hassle of managing multiple mobile apps. Yapı Kredi is leading the way in platform banking by introducing its innovative Super App, "My World", catering to the evolving needs of modern banking customers.

The bank's ultimate goal is to journey alongside customers through every stage of their lives, offering innovative solutions catering to a wide range of financial and non-financial needs.

We have turned our mobile app into a Super App called My World. Our motto is 'the app of your life' because we really want to penetrate our customers' lifestyles.

- Burcu Gültekin, Digital Marketing and Customer Acquisition Manager at Yapı Kredi in Turkey

Within the innovative Super App, "My World", Yapı Kredi's customers have access to a range of mini apps like "My Car Plus", "My Home Plus", "My Trips Plus", and "My Bank Plus". This all-in-one platform allows customers to effortlessly manage their vehicles, properties, travel plans, and various bank accounts in a seamless and convenient manner.

4. Customer Relationship

Financial institutions are strategically enhancing customer relationship management by focusing on digital tools, security measures, and personalized services to elevate the overall customer experience.

The majority of banks surveyed (75%) have already rolled out mobile applications, with a significant portion (62.5%) incorporating self-service features, highlighting their commitment to empowering customers to take control of their accounts. An additional 35.4% are in the pipeline to introduce self-service options, signaling a sustained interest in enhancing customer autonomy.

There is also widespread recognition of the value of AI-powered customer support in improving service quality and minimizing wait times. 37.5% of surveyed banks are already utilizing chatbots, and a significant 54.2% are gearing up to integrate them in the near future.  

Customer-centricity is the key

The report highlights that banks should shift away from a product-focused business model and become consumer-centric organizations. As industry lines blur and customer expectations are influenced by experiences in other sectors, customers are increasingly expecting banks to replicate the services they get elsewhere.

Bank leaders can learn from these customer interactions outside of the banking industry and discover new opportunities to serve customers more uniquely or holistically.

Dive into the complete report for further insights on optimizing your banking processes to enhance your clients' lifecycles.