With over 600 branch closures annually, banks risk being distanced further and further away from their customers. As the banking industry continues to further shrink the branch network footprint, banks should make the most of digital and mobile channels. This will enable them to extend their reach and relationship with customers who hardly ever visit the branch office.
Yet, here is where the dichotomy lies, as according to Gartner1, “Too often banks deploy digital technologies that simply push customers further away from them, risking complete marginalisation in the eyes of their customers.” No longer can banks dictate how customers interact with them. Instead, banks must place customers at the heart of their business and the way in which they service their customers accordingly.
Let’s explore a few ways in which this can be done.
Understand Usage Patterns
In their urgency to get to market, many banks and financial services organisations give little thought to considering how their customers use mobile apps. By understanding the client’s usage patterns, banks can identify the most used functions of the application.
This will help drive prioritisation of change and ongoing user experiences, which can be achieved by:
- Reviewing volume of user downloads by manufacturer/models
- Researching customer adoption and experience
- Tracking behavioural and segment profiles
- Gaining location-based insights
Analyse Operational Metrics
Banks should review operational based metrics such as the performance of the app. This can be best measured by the app’s failures, which affects the customer’s overall experience and retention.
Addressing customer usage patterns and operational metrics can help both increase revenues and reduce operating costs, whilst driving customer stickiness.
Use Push Notifications
Push notifications are an easy way for banks to gain vital feedback on the customer’s usage of the app. It will help drive further adoption, as also with understanding how customers use the app on a daily basis.
Push notifications will encourage customers to maintain their applications on the latest version and improve the customer experience, whilst also managing operating and support costs.
Source: “Start conversations with your Digital Banking Customers” (2015)”
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