3 Ways to Provide an Excellent Customer Experience in Banking

August 11, 2022

Providing an excellent customer experience in banking has become essential to meeting customers’ growing demands.

The rise of COVID-19 triggered a shift in consumer behaviour. The pandemic left customers with no choice but to transition to digital banking. As a result, banks saw record growth in online services. Today, 78% of Canadians use digital channels to conduct most of their banking transactions, and 49% say online banking is now their most common method.

Over the years, customers of all ages have remained banking online. According to the Canadian Bankers Association, 54% of Canadians aged 45-64 and 68% aged 65+ say digital banking is their go-to channel. Not surprisingly, members of Gen Z are 5 times more reliant on online banking than Canadians aged 65 or above.

54% of Canadians aged 45-64 and 68% aged 65+ say digital banking is their go-to channel.

It’s clear that banks and financial institutions must undergo a digital transformation to meet customers’ needs. Not only is going digital important but so is delivering an enjoyable online experience.

We already know video content effectively captures audiences’ attention, and more and more people are consuming video daily. In 2021, over 27.7 million Canadians consumed digital video. So for banks, video poses a unique opportunity to grab attention, boost engagement and improve customers’ overall experience.

What Is Customer Experience in Banking?

What is customer experience in banking? Customer experience in banking refers to the efforts banks and financial institutions make to ensure customers have positive interactions with their brands and services.

Think of it like a culmination of all customer interactions at once. Having positive touch points along the way will lead to a great customer experience in the end.

Banks and financial institutions that invest in the customer experience tend to improve their retention rates, increase selling opportunities and improve customer satisfaction.

So, How Can you Provide an Excellent Digital Banking Experience?

Customers are looking for banks that value their needs. Offering digital-first services, personalized interactions, and engaging video content is the first step to delivering an excellent banking experience.

Customers crave convenience, personalization and security online. So, you must take time to recognize these needs and embrace new changes to make them happen. Financial institutions that refuse to keep up with digital banking trends will fall behind and see a decline in engagement and customer retention.

The key is learning to grow with customers and adapt services to meet their needs.

But, how can banks do that?

3 Ways to Provide an Excellent Customer Experience in Banking:

Here are 3 ways to provide an excellent customer experience in banking: prioritize convenience, get personal, focus on security.

1. Prioritize Convenience

Customers no longer have time to visit physical locations or call support centers. Instead, they want fast and easy solutions.

Digital banking services like mobile apps offer 24/7 online access to finances. Customers can complete any banking transaction from the comfort of their homes and save time.

But beyond convenient access, banks can leverage digital technology like video reviews and video Q&A to enhance the convenience they’re offering customers.

One of the most effective ways to do this is by investing in an online self-service portal. Customers want self-service content they can access to answer their questions or find educational resources online. A Zendesk survey revealed that 67% of customers prefer self-service options over speaking to a company representative.

Instead of having your customers drive to your bank or call on the phone, consider using videos on your website that answer FAQs or explain complex financial services like investing. This will improve your customer experience by eliminating excess hassle and enhancing convenience.

2. Get Personal

With more people using digital banking, financial institutions can access customer data that reveals valuable insights. Leverage the data to understand your customer’s needs better and then shape personalized content around them.

A Capco study revealed that  72% of respondents rate personalization in banking as highly important. Not only will focusing on personalization help build stronger customer relationships, but it will also boost customer engagement in banking.
Using video, banks can even leverage user-generated content (UGC) to share authentic video stories from past customers with new ones. Think service reviews, testimonials about customer experiences or even educational videos like how to get the best mortgage rate as a first-time home buyer.

Being more personal means becoming more valuable to customers by crafting better solutions that match their needs.

3. Focus on Security

Security is a number one priority for most people in banking. But unfortunately, there are security risks everywhere. So, when customers opt to use digital banking services, offering peace of mind is an effective way to improve their experience.

Focusing on security gives customers a feeling of safety and trust. To boost customer trust, consider using video to show your customers how much you value their security. Testimonial videos are a great example of how you can show your customers how secure and reliable your services are through social proof. It’s one thing to tell customers yourself, but it’s even more powerful when your customers speak on your behalf.

Use Video to Offer an Excellent Customer Experience

Offering a positive banking experience is essential today. Banks and financial institutions are at a crossroads to undergo a digital transformation. Leveraging video as part of their digital services is a proven way to enhance customer experience.

At StoryTap, our patented video technology allows brands to capture thousands of videos at scale easily. With hundreds of videos at their fingertips, banks can use video to educate customers, offer self-service content, personalize service offerings, and boost customer satisfaction.

Learn how StoryTap can improve your customer experience. Chat with our team today!

For information, check out our blog 7 Video Marketing Strategies Banks Can Use That Actually Work.

Interested in learning more about using video in banking? Download our Video in Finance report today.