It’s no secret that banks are looking to improve their customer experience to get ahead of the competition. Features continue to come out by the plentiful, with customers increasingly finding themselves online rather than in person. Digital banking in financial institutions has led to plenty of adjustments, and even the best banks have been left trying to figure out what to do next.
There are the obvious features such as lower fees, more ATMs to access, and a robust mobile app. But it’s the more robust features that can trip up even the best banks.
Whether it’s a single person or a business, customers know what they want. Do you? Here are the top features customers are looking for from banks.
1. Digital Account Opening
The old account opening process was as simple as choosing a bank, choosing a product, making an appointment, completing an application, and making a minimum deposit.
Now, technology has evolved. We’re in a digital-first world, and the customers know it. So, when you’re looking to provide features for your customers, you’re looking at a strong account opening experience.
Customers are looking for a digital-first experience that works quickly. The longer your account opening process takes, the higher the drop-off rate is.
However, you can wow your customers by providing the following features:
Electronic signatures/document management: This streamlines processes and allows customers to move efficiently throughout the account opening process.
Automated data validation: Customers are looking for their data to be validated in real-time.
Quick account funding/activation: Customers don’t want to wait to be able to fund new accounts and access their banking services.
If you can provide those features and an overall strong online experience, you’re looking at an increased chance of getting customers to work with your bank.
Additionally, there are various account opening software that allow you to improve the customer experience and provide additional features for customers. You can read all about these options here.
2. Financial benefits
Customers want to maximize the amount of money coming in and minimize the amount of money going out. What that means is low fees, good rates, and good perks for using your bank. For customers on a tight budget, low fees can make all the difference in deciding which bank to use. Low fees means a greater likelihood that customers will feel comfortable that their money is in the right, safest place for them.
In a similar vein, customers want to know that their money is being put to good use. With that, they are looking for good rates from their banking institutions. Providing good rates will entice customers to trust your bank with their money.
Customers will also always be on the lookout for good perks. It’s not uncommon these days for a customer to pick a bank based on how much they are rewarded for choosing said bank. In fact, on any given month you can find a list of the best offers in the banking industry, showcasing how important the information is to potential customers.
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Your bank must be on top of new technologies when it comes to lending, or your customers will look elsewhere.
Recently we covered how generative AI will impact business lending and the ROI of digital business lending. Technologies are always evolving, and banks are always being asked for more and what new things they can do for customers.
The idea is what lending features you can offer that separate you from other banks. Customers want banks who are looking at those new technologies, new ways to fund customers and provide the best opportunities for growth.
What makes up a strong lending platform includes:
- Automated onboarding: Customers do not want to go through a rigorous and manual onboarding experience. They want something quick and automated.
- AI-friendly: As previously mentioned, AI is a key technology that customers are showing interest in. Understanding and utilizing AI will help your lending platform stand out.
- Transparency: In both data and decision making, customers want to know what you’re doing and why you’re doing it. For a lending platform, that means transparency is key.
- Digitalization: Customers want to easily upload documents and fill out their applications from anywhere.
Another thing to consider is how banks are using SBA lending to power digital lending growth.
With some creativity, banks are using SBA loans as a stabilizing strategy to shore things up for struggling customers. SBA lending reduces risk for lenders while allowing small businesses to get the support they need.
Tactics like SBA lending go a long way towards building trust with customers, while also working to reduce risk all around. Whether it’s SBA lending or another type, staying on top of the latest trends and the latest technologies will make a major difference.
Customers want everything to be personalized. The more things are personalized, the more they feel attended to and like they’re being valued by their respective banks. We live in a world where the customers are always right, and that sentiment will not be going away any time soon.
Consider personalization features such as using AI to monitor customers’ real-time usage data. Using this data can allow you to predict what customers want or need and will help you determine how to best fund your customers.
Take, for example, marketing towards your customers. If you know that a customer has been searching for homes, you can tailor their experience to include home loan information.
Customers want to be fed what they are looking for rather than a hodge-podge of information that includes some helpful information for them and some helpful information for others.
Personalizing the experience for your customers using features such as AI will go a long way towards building a relationship with your customers.
It’s no longer acceptable to be complacent when it comes to working with your customers. You must be ahead of the curve and providing new features for your customers.
While low interest rates and a strong online banking experience will get you started, they won’t be the end-all when it comes to a customer deciding of which bank to go with.
Starting with these four features provided will certainly help you attract and retain customers. However, we also recommend you investigate even more features to provide for your customers.
As always, Biz2X is here to help. Check out our features at Biz2x.com, sign up for our newsletter at the bottom of the page, and keep up with our blog for the latest information on what customers are looking for, and how you can help provide it.