As of 2024, more than 84% of customers use online banking, and 72% use it to reach their primary bank. With these growing numbers in online banking, creating a modern customer banking experience has become a necessity rather than a luxury. The modern customer expects personalised, seamless, and efficient services that align with the convenience offered by technological advancements. Banks that fail to meet these expectations risk falling behind their competitors and losing customer loyalty.
In today’s hyperconnected world, customers expect more than basic banking services. They want personalised experiences that cater to their individual financial needs and goals. According to a 2022 Accenture research, 91% of customers are more likely to purchase from the brand they resonate with. Moreover, according to Zendesk, 62% of digital banking users agreed personalised recommendations are better than general ones.
That’s why it’s important for banks to leverage artificial intelligence (AI) and big data analytics to gather consumer insights for a more personalised experience. These tools can gather insights into user spending habits, financial goals, and preferences for tailoring products and services that suit individual customer profiles. But will this alone improve customer experience? Probably no!
With customers increasingly using multiple devices and platforms to access their banking services, ensuring a seamless experience across all channels is crucial. In banking, this means customers are looking for flexibility to switch websites, in-branch services, and call centres without disruptions. For example, if a customer starts a mortgage application online, they should be able to walk into a bank branch and pick up exactly where they left off without needing to re-enter information. This fluid integration builds trust and encourages customers to remain loyal to the bank.
Efficiency is another critical aspect of modern banking that customers value highly. The traditional bank visit, often associated with long wait times and manual paperwork, no longer appeals to tech-savvy customers who expect instantaneous services. Banks that embrace these elements and align their services with the expectations of the digital age will be better positioned to not only meet the demands of today’s customers but also secure long-term loyalty and success in a highly competitive industry. The future of banking is customer-centric, and the time for transformation is now.
