7 Keys to a Great Digital Banking Experience

Finance

Long before COVID 19, innovative financial institutions were building out digital banking strategies. Those looking to win, retain, and maximize value from their customers know the move to digital will be paramount as a top revenue and retention channel. The pandemic, however, did accelerate the need to go from good to great. 

As more and more customers of all ages move away from walking in a branch and instead open their apps, a “good” digital banking app won’t cut it. Here are seven elements of a great digital banking experience that enable you to deliver digital experiences to customers that rival and even improve upon the in-branch experience.

1. Anywhere, anytime access

The American Bankers Association (ABA) found that 76% of consumers used a mobile app for banking in the last 30 days, and 43% used that app more than three times in the past month. Customers expect to access banking functionality via desktop or mobile browsers, native mobile app, or hybrid app. In other words, customers must be able to access banking functionality when it is most convenient for them.

Consumer preference for mobile is strong, especially for younger customers. ABA found that 62% of those aged 19 to 20 and 53% of those aged 33 to 44 say they use mobile more than any other banking channel.

2. An intuitive user interface

The largest financial institutions employ an army of app designers and developers, but customers are still underwhelmed. A recent Gartner survey found that 84% of customers say their experiences using digital tools and services fall short of expectations. Millennials—the most frequent users of digital services—were the least happy. Your digital banking app has to beat the odds and not just meet, but exceed, customer expectations.

3. Exceptional in-app customer support

Customers can struggle with even the most elegantly designed digital banking app. Since it’s tough to predict where customers will stumble and become frustrated, banks must build customer service capabilities right into the apps. Gartner suggests that many mobile apps fail to achieve business objectives because “there is very little customer service capability built into the apps.” 

If you are experiencing lower-than-hoped-for customer satisfaction or transactions in your digital banking app, it very well could be due to the lack of help functionality. Your bankers and customer service agents need to be able to see where the customer is stuck and guide them through the app, shepherding transactions to completion.

“Human interaction, especially when it’s related to finance, is an inherently emotional and sensitive topic. Our goal is to meet our clients in the way they best prefer to interact. Sometimes they do need that higher touch connection.”

— Jonathan Crane,
Senior Vice President, Axos Bank’s Center of Excellence

4. Access to expert advice

Digital banking is on the rise but customers still want advice—especially when buying more complex products—from real live human experts. To add value and grow the customer’s portfolio, the app should allow your bankers and financial advisors to digitally present proposals and prospectuses and offer human-to-human expert consultation.

5. Easy access to other bank products

Deposit and savings accounts are often a point of entry for other financial products such as investment accounts and loans. The digital banking app must make it easy for your customers to expand their relationship with your financial institution and grow assets under management.

6. Humanity

Human interaction matters: 82% of consumers want more of it in the future. NPS scores tend to rise when a customer can see the face of the banker or advisor or service rep who is helping them. Injecting humanity into your digital app builds customer satisfaction, loyalty, and lifetime customer value.

7. Premium customer experience

Do it right and you achieve the best of both worlds: the benefits of digital transformation with the loyalty-building human element and premium experience of a face-to-face in-branch experience.

Want to find out more about what it takes to move from good to great? Download “Do or Die Digital Banking: Why your digital banking app must create a great customer experience.

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