Big banks are falling short on customer experience, leaving them vulnerable to new, more agile competition. But new, white-label banking solutions can potentially change all that.
Banks will naturally be looking to make the most of the recent boom in digital banking to increase their revenues with seamless cross- and upselling – but the customer journey has to be as smooth as possible, otherwise those efforts will fall flat.
While digital banking usage and engagement go hand in hand, it’s the latter which holds the key to greater revenues. It’s one thing to have customers log on to their mobile banking app to transfer funds – it’s another thing entirely to engage them in tasks which go beyond the transactional.
If banks want to supercharge their engagement and create smooth customer journeys which end in a purchase, those digital banking solutions have to be perfected.
It starts with ensuring that the entire customer journey is joined up. That means not just ‘bolting on’ digital banking technology, but seamlessly integrating it into the organization – in fact, there are strong arguments to make it the focal point of operations post-pandemic.
Banks need to recognize that 74% of customers use multiple channels to start and complete a transaction, and they expect consistency at every turn.
Yet, more than half (54%) of consumers say they experience some kind of friction, due to a lack of information sharing, as they interact across departments, as per Salesforce’s “State of the Connected Customer” report from 2020.
So, make data consolidation and discovery a priority, sharing insights across the organization, empowering marketing and sales to deliver automatic and targeted insights and ready-made notifications to each customer segment.
51% of bankers believe that financial digital advisors that help customers save will increase engagement
Salesforce’s report indicates that financial services is one of the least mature customer-centric sectors, with only ‘Government’ ranking lower.
It’s on banks to change all that by giving something back to their customers, showing them that they remain the top priority. With customers having set their expectations low for banks, there’s something to be said for surprising them with a digital banking platform which adds real value to their lives.
Digital banking technology’s importance in creating a smooth customer journey cannot be overstated. For example, if a bank is pushing green banking products, what better way to engage customers than to show them their carbon footprint? No marketing campaign on sustainability can compete with showing customers a path to greener actions.
Through digital banking solutions, banks have a real opportunity to build a customer journey around their organizational priorities.
Meniga has a number of white-label banking solutions to help banks build customer journeys which are aligned with both their objectives and those of customers.
From our Personal Finance Management tool which helps users create healthy financial habits over time, to our Smart Money Rules product which makes saving fun and instinctive, our solutions drive user engagement and create opportunities for cross-selling.
All of our products offer exceptional user experience, so that the customer’s journey to your chosen destination is without a bump in the road. Let us help your bank.