Delivering excellent service has always been a fundamental objective for banks striving to retain relationships with customers. However, the emergence of digital banking seems to have complicated this ambitious goal.
Service delivery goes digital
As statistics show, achieving excellence is easier said than done. For example, according to Accenture research, nearly 80% of customers define their relationship with banking providers just as “transactional.”
The main reason for such thinking lies in a growing number of customers’ digital devices being used for banking purposes.
Banking is becoming more technologically oriented and now can be done by pushing a button in an online banking app. In these circumstances, mobile banking can become a tool to build up competitiveness in delivering extra value for customers.
Reconsidering principal features to exceed customer expectations
Delivering excellent service with a mobile banking app means delivering fast, convenient and personalized transactions that match customers’ pace of life. The following mobile banking enhancements can help banks to pave a smoother path towards intuitive and slick customer experience.
- Secure and fast access to information and payment functions. Excellent service with a banking app implies quick access to the most frequently used functions, such as checking account balances or paying bills. At the same time, banks should consider how the speed of data provision and function availability correlate with security. Therefore, the quality of service depends on a bank’s ability to find balance between mobility and security issues.
- Convenient handling of available funds. Mobile banking should allow customers to get money when and where it’s needed, for example by ensuring easy money movement between cards or converting securities into cash when a customer is abroad.
- Online loan applications. Customers may have various circumstances when they need extra money fast, and banks can facilitate the loan application process with their mobile app. Using customer data from various backend systems, the app can fill some application fields including an e-mail, phone number, ID, address and job title. This way, mobile banking can reduce the time needed for loan approval and make the process more automated.
- Contextual assistance. Whether customers contact a support center by chat or by making a call, banks should provide adequate help based on the user history from a mobile app. Equipped with this knowledge, customer support specialists can reduce time on solving customers’ issues.
- Mobile live chat. This feature is a win-win scenario for banks and customers. For customers, a mobile chat session is definitely less formal than writing an e-mail and in some cases less demanding than a phone call or a visit to a branch office. Banks can simultaneously handle multiple inquiries as well as offer more personalized services based on customer data.
This functionality can be further extended to using chatbots and artificial intelligence (AI) to handle context-driven interactions. For example, RBS has introduced a mobile chat feature for business customers to reduce both call- and in-branch waiting. And in 2016, they enhanced this function with “human” AI to streamline customer query resolution.
Achieving service excellence is a bumpy road
For banks that strive to become leaders in the market, delivering excellent service is one of the main priorities, as it provides an incentive for customers to come back. A great service makes customers feel that their bank really cares about establishing and nurturing a long-term relationship that goes beyond the ordinary transactional service. Such attitude implies constantly raising the bar to outshine all previous achievements. The proposed features can help banks to improve the level of their service, but they should be aware that the quest for excellence is a perpetual process, not a destination. That is why those banks that strive for service excellence should opt for ongoing improvements.