Reshaping Customer Experience in the Finance Industry

Reshaping Customer Experience in the Finance Industry

Reshaping Customer Experience in the Finance Industry


Gone are the days when customers stand in long bank queues. Previously, the bank customer would stand in line, almost longer than the time they took to visit with their soul mate or better half.

Today we shop where we trust and feel esteemed. We, as customers, will pay for the prime help and great experience. Interestingly the parallel goes with our financial system as well.

In any case, what is a good experience in finance? What’s the distinction between a decent financial experience and an incredible one? Banks will offer a wide range of justifications for why they are superior to their rivals. However, customers get to make the judgment here.

So, important CX addresses the most crucial customer experience issues and assists you with understanding the importance of giving the best financial experience by your bank or credit association.

What is a good financial customer experience?

Banking is the same as industries in the service domain. Not all customers might be happy with their experience with a bank representative or a particular service. So, the better service you provide, the better benefits you reap.

So, an acceptable definition can be as follows:

“A good customer experience in the finance industry is a perception of your customers across all channels, as long as the customers have similar experiences across all the banking platforms, be it a physical visit, mobile banking, or net banking .”

A sound banking experience may be challenging to put into words. However, it is not difficult to notice. One must have a significant association with banks that make your life smooth through computerized channels (e.g., net banking, mobile banking).

Why is a good customer experience critical for banks and credit unions?

Banks were the most local establishments, and individuals entrusted them with their cash and lives. However, things have drastically changed a great deal now.

The development of technologies, especially in online shopping, and mobile applications, have made numerous ways in which banks’ role have increased, and the customer experience in finance has been the top priority. Especially in payment gateways and acceptance of multiple payment options.

Do you know why? Since customers are more linked than ever, they’re more empowered, with more choices for them to browse.

The following are five fundamental justifications for why your bank or credit association might be struggling to provide outstanding customer experiences:

  1. Banks are not in contact with their customers. They seldom talk with their customers and lack an information-driven approach to understanding what makes their customers satisfied or discontent with the bank.
  2. Banks depend on a one-size-fits-all methodology. Due to the absence of individual touch, banks will generally use similar methods for every one of their customers, irrespective of their monetary circumstances or nature.
  3. Banks are not giving significant data with flawless timing. If you don’t have the haziest idea about your customer’s requirements, you can’t offer them meaningful data.
  4. Banks neglect to perceive people’s inclinations. For example, a few clients need to visit a branch office when they have an issue, and others like to do it online or through a mobile application.
  5. Banks need everything as quickly as possible! Private sector banks have turned things around in dealing with customers. Their fast and beyond satisfactory customer service has hit the nail. They have used “quick resolution” to attract customers, loyalty, and retention.

Improving Customer Experience in the finance industry

Banks and other BFSI institutions have been swiftly improving their customer experience more in recent memory than ever. Especially after how the financial customer venture has changed post the pandemic. Also, finance as an industry has customers experience patterns and difficulties – from administrative to best security practices.

The following are a few ways to further develop the customer experience in the finance industry covering BFSI (Banking, Financial Services, and Insurance) sectors.

1. Streamline and facilitate the customer onboarding procedure

One of the vital variables in conveying a superior customer experience is to consider a quick and hassle-free onboarding process.

By and large, banks’ incapability to offer a completely online account opening experience keeps them from taking out the requirement for customers to visit a branch during account opening.

2. Quick web-based payment experience

There is a gradual decrease in cash transactions. Moreover, with the onset of the Covid-19 pandemic, customers avoid face-to-face interactions in favor of virtual conversations. Therefore, sending money through net banking and mobile applications is the new normal today.

It is critical to ensure you are prepared for your rivals who use mobile services to a great extent. You can do this by:

  • quicker and more secure handling of payments
  • Consistent and well-planned user interface (UI) for better user experience (UX)
  • Giving more instantaneous notifications and better dealing with blunders

3. Customer and Employee feedback needs to be more inclusive

Feedback about customer experience in the finance industry is one of the best ways to assist organizations with further developing their customer experience. By incorporating live talks with employee performance surveys, associations comprehend how to help their customers better.

For example, suppose an employee is evaluated unsatisfactorily for missing out on an essential item highlighting demand from a client. In that case, the organization can pull up that specific talk record and transcription of the chat and analyze precisely where the breakdown happened and how the problem can be solved. This permits organizations to address their customers’ interests more efficiently. The following are a few things banks and credit associations can adjust accordingly.

1. Provide better alternatives in the mobile application to directly connect to the support staff.

2 Getting rid of the old “Hold” music and better shift to the new Interactive Voice Response (IVR).

3. Customers must know about the time at which their query will be resolved. Like their place in the queue or the time they will get a response.

4. Create an authentic omnichannel customer experience

The Knowledge Management (KM) practice is the most valuable asset to the customer and the BFSIs at this moment to enhance their CX.

By implementing a knowledge base platform, more freedom is given to the customers in getting more self-service and fewer interventions. With the best processes in place to manage the knowledge, you have the best Knowledge Base (KB) to address the customer’s queries in the best possible ways. Therefore with the robust KM in use, the BFSI will get the most authentic CX.

5. Provide customized experiences across customer journeys

Every customer has a unique inclination and assumption. You want to provide the best systems for building a customized financial encounter as a bank. The best and, by far, the only way to do this is by grasping your customer’s journey and feedback.

To do this, you want to deeply analyze customer interaction across your branches, call centers, ATMs, and web-based financial framework. You can even provide personalized service at each step of their interaction with your bank. One can direct an ordinary survey of your digital channels for more valuable data.

Act according to the customer feedback, both positive and negative; Center around the necessities of your customers; use the information to quantify your customer experience execution against industry benchmarks. Then, use the data to recognize potential chances further to enhance your customer experience.

6. Be adaptable to change and update your services to match evolving needs of customers

Open banking is a customer-driven model that catalyzes people to command their financials and begin clearing banking and investment issues. The open financial revolution is centered around enabling customers’ direct access to their information and giving them unprecedented decision-making capabilities and flexibility in communicating with their banks.

The customary financial model will be outdated if banks are slow in answering new requests of customers who need absolute transparency in their finances. In addition, the customers anticipate that their banks should be able to handle third-party products and services-related administration flawlessly.

  • Put customers at the center of your business: Let the customers understand how their finances and data are utilized. And how customers can take command of it by opting for net banking or mobile banking facility.
  • Simplicity is the key: Speak with clear data that assists customers with understanding how they can manage your item or administration and how it functions.
  • Try not to fail to focus on security: Consider security gambles while connecting with third-party providers, for example, extortion alarms and information protection concerns, and ensure you’re ready for all safety elements.


Being customer-driven ought to go beyond verbal communication. This is how one builds longer and better associations with your customers. It is vital to living up to the assumptions of customers by giving frictionless services across all channels by being

  • Profoundly context-oriented and pertinent to the customer
  • Real-time assessment to furnish items and administrative services
  • Broadcasted omnichannel presence
  • Provide 24/7 support for customers’ questions

Whether your BFSI is a big player or a newcomer, it must put resources into making an excellent customer experience for new and old customers.

Featured Image Credit: Pexels; Thank you!

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Manpreet Singh Chawla

Manpreet Singh Chawla

Sr. Digital Marketing Specialist

Manpreet is a Sr. Marketer at Knowmax, an AI-powered knowledge management solution for enterprises seeking to improve their CX metrics. Apart from work, he loves to listen to country music, and you can probably find him in a small cafe reading a book.