home Customer Experience, Digital How banks embrace a 360° customer experience

How banks embrace a 360° customer experience

The importance of customer experience stands out as a key element influencing the future of New Zealand’s dynamic financial landscape. Leading banks are adopting innovative approaches to cultivating lifelong relationships as they continue to compete for customer attention. The introduction of 365-day payments in the nation’s banking system is one recent development that highlights this dedication. By allowing both consumers and companies to send and receive payments on any day of the year, this action represents a significant step in modernising the nation’s payment infrastructure.

Let’s have a look at the steps that banks in the country can adopt to ensure lifelong relationships with their customers.

The rise of omnichannel banking experiences

Omnichannel banking has emerged as a critical component in delivering seamless and integrated customer experiences. Banks around the world are at the forefront of leveraging technology to integrate these channels. They are providing customers with the flexibility to start a transaction on one platform and seamlessly continue it on another, ensuring that the transition is smooth and frictionless.

Implementing this banking strategy offers several advantages, including convenience, effective communication, and increased loyalty. It combines online and in-person services seamlessly, allowing customers to transition between channels without disruption.

Harnessing Customer Feedback and Communication

In the banking industry, consumer feedback is crucial since it offers invaluable insights into the efficacy of services provided by the institution. It enables banks to identify problem areas, address pain points, and customise their products to better satisfy client requirements. Moreover, listening to customer feedback signifies the bank’s commitment to the customer, leading to higher levels of trust and, ultimately, long-term relationships.

Transitioning from a focus on IQ to a focus on EQ

Digital banks are transitioning from a tech-centric, IQ-focused approach to one that places greater emphasis on human connections. To achieve this shift, banks should find ways of employing technology to enhance human interactions. These efforts can include using chatbots and immersive experiences, while also prioritising trust-building and personalised experiences through CRM systems and customer survey tools. This evolution aims to create a more empathetic and customer-centric financial landscape that fosters enduring, long-term bonds.

Personalisation: The heart of customer-centric banking

Personalisation is the core of customer-centric banking. For financial institutions to establish a relationship with their customers in a fragmented market, personalization is crucial. Banks can provide insightful information, boost engagement, increase loyalty, and improve the overall customer experience by utilising customer data and customising services to each customer’s demands.  In an era of intense competition, personalization assists banks in shifting from a strictly transactional approach to a customer-centric orientation, ultimately increasing brand value and market position.

Navigating the Challenges and Ensuring Data Security

As our society goes increasingly cashless, data security has become vital to protect confidential information, prevent security breaches, and maintain long-term customer trust. Therefore, it is important that banks consistently strive to improve safety measures and enhance user awareness. Advanced data analysis is key to strengthening processes and ensuring a secure and reliable customer experience.

With advancing technology and ever evolving customer expectations, banks in the country should adopt agility and innovation to gain customer loyalty. The future of the banking sector looks promising, given the increasing emphasis on offering immersive and personalised banking experiences. Therefore, it is clear that banks that excel in delivering top-notch CX practices would win customer trust and establish enduring customer relationships that ultimately drive revenue and help mitigate risk within the business.

Michelle Huff

As Chief Marketing Officer for UserTesting Michelle Huff brings over 20 years of experience leading marketing and go-to-market strategies at high tech companies, such as Act-On Software, Salesforce, and Oracle. Gaining insights directly from customers and prospects has always been essential in her past roles—from leading product marketing and management teams to launching websites and marketing campaigns. At UserTesting, she’s responsible for driving the go-to-market strategy, building the UserTesting brand, generating demand, and strengthening customer engagement and advocacy.