Improving Customer Experience in the
The world of banking has gone digital. More and more consumers are completing transactions online or via their mobile devices. In fact, a study conducted in September 2015 found that 72% of banking customers use their bank’s mobile app—a 7% increase from 2014. Expect that percentage to climb as the younger generations become more financially independent; 93% of banking customers 18-24 use mobile banking apps, so adoption rates are highest among younger age groups.
This trend brings an interesting question to light for those who work in the banking industry: How do you provide an excellent customer experience for customers that you never see? Friendly smiles and a welcoming atmosphere in your bank just don’t fit the bill anymore. And, while brick-and-mortar banks are still vital to today’s consumer in many ways, you have to be able to expand your customer service into the realm of technology.
This means a few different things for your institution. First, it means having a user-friendly app or sharing portal. If you’re a smaller bank or credit union, designing your own app may not be feasible. However, there are safe, secure, and user-friendly sharing portals out there that work well for smaller institutions. Applications like SecureDrawer make it easy to provide your banking customers with access to account statements, transaction receipts, loan applications, and more. If you don’t have an app of your own, you need to use an application like this one so that your customers can access their documents both online and on their mobile devices.
It also means that the application you use needs to have a high percentage of up time. The last thing your customers want to deal with is a website or app that is constantly having issues downloading their documents. If you have your own app, you’ll have to manage the maintenance and ensure up times on your own. If you choose to use a third-party app, choose one that is reliable and has guaranteed up times for your customers.
Customers rely heavily on being able to trust you and your organization, whether they’re making a deposit, filling out a loan application, or speaking to a financial advisor. The surest way to breach this trust is to have a breach in your security.
From the physical security at your institution’s location, to the digital security surrounding your customers’ electronic data, your security measures need to be at the highest level at all times. Since we’re talking about mobile banking in this guide, we’ll focus on digital security over physical security. First and foremost, storing documents and data electronically provides you with opportunities for much higher levels of security than physical document storage. Access can be more easily restricted, data can be encrypted, and documents are never lost or misplaced.
Some institutions feel that there is a conflict between high security and high levels of accessibility. While this may be true on the surface, these two factors can easily be balanced out. If you’re using secure sharing portals and encrypted document storage, you can still offer the highest levels of security while making documents and data accessible to your clients. For example, the eFileCabinet mobile app offers 256-bit encryption, role-based user permissions, unique logins, and other security measures that continue to protect data while making it accessible.
Investing in Your Clients
Cheryl Flink, chief strategy officer for Market Force Information, said that, while most big banks excelled at the basics like handling transactions, “they’re missing the mark in areas that enable them to build trust. For instance, most consumers don’t see their banks investing in their financial well-being, customizing services to their needs or helping them with money-saving tools.”
Essentially, customers want to know that you actually care about their financial future. This means offering them tools that help them manage their money better, like retirement planning tools, budget calculators, and so on. Though offering these tools via your app or website may seem like once again you’re just being a faceless institution, it has just the opposite effect on your customers; it shows them that you are invested in them as individuals, and strengthens the trust they have in you.
Easy to Speak to a Person
Being able to speak to an advisor increases customer satisfaction by an average of 6%, and makes them 7% more likely to recommend your organization. Increased satisfaction also means increased loyalty, so your customers will be much less likely to switch banks if they are able to speak with an advisor when needed. In fact, one of the primary reasons customers give for wanting to switch banks is their bank’s level of service. So even in the digital world, human touch is essential to success in the banking industry.
Mobile banking has forced many financial institutions to reexamine the way they do business, especially in regards to how they interact with their clients. While customer experience used to rely solely on their interactions with your staff, it now relies on their interactions with your technology. This means that your apps, website, and portals must be secure and easy to use—and of course, your staff should be there when your customers need them.
If you’re looking for a secure and reliable way to make mobile banking and electronic document sharing easy for your customers, contact eFileCabinet.
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