Both UX and CX can be competitive differentiators that play a vital role in winning new customers and ensuring the loyalty of existing clients.

Customer experience in banking

In an era of rising competition and evolving customer expectations, both UX and CX can be competitive differentiators that play a vital role in winning new customers and ensuring the loyalty of existing clients.

User experience (UX) sets a foundation for excellent Customer experience (CX), ensuring that every interaction with a product or service is intuitive, efficient, and satisfying. This contributes to a seamless, positive overall experience that meets or exceeds customer expectations.

CX covers every touchpoint a customer has with their bank - not just digital. It includes direct interactions, such as products or services, as well as indirect engagements, including customer service encounters, marketing communications, and overall brand perception. 

While UX seeks to ensure usability and enhance digital interactions, CX aims to build a positive, comprehensive relationship between the customer and the bank.

It encapsulates not just digital experiences but also the emotional and service-related aspects of banking. It aims to ensure customer satisfaction and loyalty through all interactions to drive retention.

What can fintechs teach banks about UX and customer experiences?

According to Forrester, improvements to CX drive exponential growth, meaning even small upgrades to good or excellent UX achieve high gains.

87% of direct banking customers who feel valued said they plan to stay with their bank, with similar percentages intending to purchase additional products or services and advocate for the institution.

Among direct banking customers who feel valued, 87% plan to stay with the brand, and similar percentages plan to purchase more from the brand and advocate for the brand.

Forrester, US Banking CX In 2022: Who Does It Well And Why It Matters

Bridging the gap between digital and traditional banking channels to provide a seamless experience can be complex. Customers expect the same level of service online as they do in physical branches, requiring banks to harmonize their offerings across platforms. Fintechs can help make that transition faster and smoother. 

Fintechs have the ability to provide tech-driven solutions that elevate user and customer experiences, prioritizing streamlined processes, tailor-made offerings, and user-friendly interfaces to set new benchmarks for convenience and service customization in the banking sector.

Build a truly omnichannel experience that ensures continuity across platforms

The key to great omnichannel CX is consistency and continuity. Experiences should be consistent across channels, enabling customers to start an interaction through one and then move to another.

Humanized banking technology enables banks to offer branch-like personalized services through digital channels, enhancing omnichannel delivery to improve customer satisfaction and retention.

1. Onboarding - Account opening

Streamlining the customer onboarding process is crucial for a positive first impression. A single point of friction during an onboarding journey can make prospective customers abandon the process. Simplifying account creation and service sign-up through digital channels can significantly reduce friction, making it easier for new customers to join and engage with the bank’s offerings.

2. Customer-centric solution

Focusing on user-centered design principles can greatly improve service speed and overall satisfaction. By understanding and addressing the specific needs and preferences of their customer base, banks can develop solutions that offer convenience, speed, and efficiency in banking operations.

3. Data-Driven Personalization

With access to vast amounts of customer data, banks have the opportunity to leverage analytics and AI to deliver highly personalized banking experiences. By understanding customer behavior, preferences, and financial goals, banks can tailor their offerings and communications, making customers feel valued and understood.

4. Enhanced security features

Prioritizing the enhancement of security features reassures customers about the safety of their financial transactions and personal data. Implementing biometric authentication, encryption, and blockchain technology can elevate security standards, fostering trust and loyalty.

5. Immersive experiences

Developing interactive digital platforms enables customers to engage more deeply with banking services. Virtual reality (VR), augmented reality (AR), and The Metaverse offer innovative ways for customers to explore products, services, and financial education, making banking more engaging and accessible.

Deliver better UX and CX

Delivering high-quality experiences through every channel should be a priority for institutions of all shapes and sizes. Through partnerships with innovative fintech and other providers, they now have access to cutting-edge digital banking technology.

Great customer experiences can unlock growth. Banks that focus on all aspects of their experience will reap the benefits today and in the future.

ebankIT is your shortcut to better experiences for every customer or member. The principles of great UX and CX are embedded at the core of the ebankIT digital banking platform, which enables financial institutions to deliver personalized, humanized, and user-friendly products and services.

In a market where UX is a key differentiator and competitive battleground, the ebankIT omnichannel digital banking is a powerful enabler that delivers the high-quality experiences needed to drive the loyalty of customers and members in an evolving, fast-moving market.

ebankIT key features

A 360-degree customer view

Follow customer journeys through every channel and provide the right level of support whenever the user needs it.

Relationship management

A fast and secure channel of communication to interact with clients through all channels and applications.

A configurable platform

The ebankIT platform allows easy configurations for institutions to customize apps, products, and services.

Personalized campaigns

Create campaigns to display in the apps with personalized content such as congratulating customers on their birthday or suggesting special offers such as better rates.

User engagement hub

An easy way to reach clients and ask for feedback about apps, products, and bank services. The hub can be linked to the App Store to encourage users to leave positive feedback.

and more...

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