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Creating the Optimum Consumer Banking Experience

Understanding the Consumer Banking Experience

The consumer banking experience has changed dramatically in recent years. 

Today, banks and credit unions adhere to the rise of the tech-savvy and budget-conscious consumer. From mobile apps and online banking initiatives to tailored programs — the trend of rapid adoption is impressive, but it’s not without its shortcomings.

As we continuously do our best to keep up with the latest and greatest, we must do so strategically by assessing the essentials of the consumer banking experience and incorporating them appropriately. Basic principles include customer service, security and value-driven offerings and can make or break a positive consumer banking experience.

Banking Principles to Incorporate into Modern-Day Offerings

Customer Service

Customer service remains a flagship of the customer banking experience. Ensure your new initiatives uphold or enhance customer service levels. Make live support accessible, educate staff on new offerings and request customer feedback regarding experiences with your website and mobile app.

Feedback is key. This is where you’ll detect challenges and inefficiencies. Maybe your new mobile app isn’t useful to Spanish-speakers or perhaps a new product isn’t being clearly communicated. These flaws may be hard to see on your own, but easy to remedy if you know what to look for.

Identity Crimes

We’ve entered the age of the empowered consumer — where the burden of identity crimes is a shared responsibility between the consumer and institution.

According to Javelin Strategy & Research, 48 percent of consumers see themselves as most responsible for protecting their identity and 42 percent believe their financial institution is second most responsible.

It’s your job to align with these perceptions:

  • Clearly articulate fraud protection practices
  • Provide engaging educational resources
  • Ensure new adoption measures uphold rigid security standards
  • Implement reactive tactics, including streamlined restoration

Additionally, privacy and security are exceptionally pertinent to online or mobile adoption. According to the Federal Reserve, seven out of ten non-mobile banking customers cite security as a reason for resisting adoption. Emphasize your app security and promote safe smartphone practices, including two-factor authentication to ensure an uptick in utilization.

Valued Offerings

High-value, low-cost initiatives are a win-win for all parties involved, but they’re becoming harder to obtain. (Just think about the difficulty of retaining free checking accounts.)

It’s important to create tailored, yet affordable programs. Take a creative approach to cutting costs while enhancing the value of your offerings.

  • Incentivize cost-saving actions (like going paperless) with low-cost offerings
  • Communicate and reinforce the value of new and old products
  • Introduce digital aids to facilitate in-branch processes
  • Embed upgrade options into premium accounts

Tried and True Solutions in a Digital Age

This is not a debate of old v. new. These key principals should regain your institution’s focus, while paving the way for future growth. This is an exciting time to be in the financial services world. Sometimes we just need a friendly reminder to get back to the basics when it comes to ensuring the best consumer banking experience.

About Laura Bruck

Laura, former VP of Marketing at EZShield, now a Sontiq brand, is a marketing professional with over 20 years of experience leading marketing and supporting sales to develop partner solutions, transition to new markets, and achieve significant revenue growth.

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