Customer experience is one of the most important topics in business right now. With the introduction of new technologies, consumer expectations are constantly evolving. The modern customer craves a seamless member experience from start to finish. Traditional financial institutions that do not adapt to new consumer preferences run the risk of being left behind.
Financial institutions are no longer just competing with other banks and credit unions. In recent years, competition from fintechs and third-party providers has threatened the growth of traditional financial institutions. These companies and services are built on innovation and allow customers a convenient way to interact with their finances. It may seem difficult to surpass these new services, but the key lies in your own digital experience. To challenge the offerings of untraditional providers, financial institutions must ensure that their digital experiences are as seamless and worthwhile as possible.
The importance consumers place on positive customer experiences will continue to grow. A Salesforce study states that 80% of customers consider the experience a company provides is as important as its product or services. By focusing on a great user experience, financial institutions can continue to attract clients and prospects.
Our lives are quickly becoming more advanced and the way we want to handle our finances is changing as well. The preference towards digital-first banking is evident by the exponential growth of cashless payments in recent years. People no longer want to enter a branch to make a deposit or open a line of credit. Creating a comprehensive digital transaction lifecycle that is entirely electronic from end to end is essential for financial institutions to thrive in modern society.
Enticing new prospects and retaining current clients is vital in the success of any business. In order to cultivate these relationships, it’s crucial to understand what’s important to your target audience. According to a recent study by Appnovation, 89% of millennials expect brands to use technology to shape their customer experiences. By adopting new technology like eSignatures into your banking services, you will continue to add value to the member experience.
Providing a consistent and favorable client experience is critical for your financial institution to stay relevant. By incorporating digital experiences into your financial institution, you can modernize the customer experience and strengthen brand loyalty.
