Banks Must Make It Easy If They Want More Customers.
Banks and financial institutions are always looking to win more customers. But this isn’t an easy task. So what can banks do to create a new stream of loyal customers? It could be useful to check out customer service statistics from current customers. Of course, they should focus more on improving customer experience, which would bring them more customers.
Happy customers can turn into loyal customers for life!
With tough competition, how can banks win this rat race? Better customer experience, simplicity and convenience hold the key to winning the battle for loyalty for banks. Traditionally, banks have been processing payments via ACH (eCheck) and credit cards, but it’s time now to dive deeper into other payment solutions.
What Makes Bank Customers Happy?
Customers want a hassle-free, convenient experience with banks. Make it easier for them to process transactions and you can easily keep them as happy customers.
Customers are always looking for the ease, convenience of transferring, depositing, and withdrawing money and making other transactions. It is here that financial institutions can harness the power of technology to engage & woo consumers, build trust and lasting relationships, and turn users into customers.
Now customers can keep track of all of their financial transactions with creative apps.
Related: How Safe is Online Bill Payment?
Financial Guidance Can Help
Besides making it easier for customers to track monetary transactions, banks and financial institutions can offer financial guidance through mobile Apps. This has the potential to help banks establish themselves as an authority in the industry. Additionally, by offering financial guidance, banks can establish themselves as a brand with non-customers.
Undoubtedly, the proliferation of mobile has created an umpteen number of opportunities for banks to establish themselves and win & support more customers.
The proliferation of technology can also help financial institutions connect with social networks and engage with customers, encouraging the latter to participate with banking offers.
How Can Banks Win More Customers?
- Offer better online, offline experience
- Make it easy to deposit, withdraw, and receive money
- Encourage the use of mobile for financial transactions
- Provide access to user-friendly to facilitate transactions
- Here is a rundown on what US customers prefer the most. They are more likely to recommend a financial institution
- 80% prefer to recommend a bank for the ease of opening an account
- 74% would refer a financial institution for the ease of getting a mortgage
- 68% for the ease of applying for a credit card
- 51-57% for the ease of making routine transactions
According to the 2015 Bain Retail Banking NFS and Interaction Survey, 96% of participants are influenced by the ease of making routine transactions. This can have an overall effect on customer loyalty.
Steps To Improve Customer Loyalty
Make routine transactions easier: It may help to create apps that can provide more value for customers and make their tasks easier. Since customers have to deal with routine transactions on a regular basis, it would help to offer them a great experience. If customers have to deal with hassles every day for routine transactions, they will not hesitate to switch over to the competition.
Transition to mobile: The proliferation of mobile technology has ensured that most consumers are using mobile phones for online interactions. Nothing will delight customers more than the access to mobile banking apps.
Delight customers in complex interactions: Mobile apps can make life easier for customers. Combine mobile technology with skilled customer support service and you can delight users and turn them into loyal customers.
Collaboration among departments: Close interaction and collaboration among departments can help banks improve customer experience by promptly acting on feedback.
Contact Us for more information on Credit Card Processing, or eChecks and ACH Transactions. Or take us up on our FREE Merchant Account Analysis offer. We’ll analyze your merchant account rates and let you know how to Save! If you are ready, you may be able to Switch and Save!