The Results Are In: Today’s Customers Want These Banking Options

When considering opening a new account and staying with a current bank or thinking about moving to a new bank, customers now have so many options and so many reasons to switch or stay. If someone wants to set up one account, have one card, and access their funds online and in-person, they’re free to be as straightforward as they want. But banking today is more about personalization, creating a new all-in-one experience with multiple options and variety.

The key to adhering to this outline and giving the younger, more trending customers what they’re looking for in a bank, financial institutions need to stay on top of offering an engaging, unique experience that sets them apart from the rest; this is very important for older banks looking to compete with newer online-only banks.

Here are some ways in which variety can stay at the top of a bank’s list of important things to consider when looking to attract or retain customers.

Personalization

While banking customers value anonymity, they also value having a personalized experience brought on by sharing important information to their bank. The expectation is that a bank will provide the information and products they want where they expect it. One thing customers want upfront is a one-on-one, easy experience if they have a need or a question. When it comes down to it, a human-to-human interaction will win out, providing customers with that personal touch of attention that mobile devices and online options can’t provide.

Banks should look at customer requests, orders and questions at the end of each day and go over what can be answered or looked into more thoroughly. In the event that customers don’t feel like their needs are being met or something has handled in a negligent way they may take it upon themselves to take legal action. In this case, which is not necessarily the first thing customers reach for, bankers insurance is a valuable option for banks.

Providing More (and More) Options

It’s no secret that with the advent of technology and the rise of online- or app-only banks, customers are leaning to a more on-the-go experience where they can access their information more readily. Web, chat and online communities in the banking industry are seeing a rise in participation.

Offering as many channels as possible for customers to communicate and gain access to information is important, but it’s vital to make communication as seamless and agile as possible.

Since a more mobile experience, or mobile-like experience, is preferred, 24/7 service or information options should be available. Customers are looking for services that work around their schedule, not the normal hours that banks operate in. What’s more, this is a great opportunity for banks to invest in and develop AI technology to reach out to and customize someone’s experience when they are online. AI can help to provide services that are in tune with a customer’s own specific needs.

The banking climate, from a customer’s standpoint, has changed. Banks should be apt to adhere to these changes and find ways to provide seamless and abundant options, while also fine tuning ways in which customers can be serviced.

Was this blog helpful? Take a look at our other blogs on providing an optimal banking experience.

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About Financial Guaranty Insurance Brokers

Since 1983, Financial Guaranty Insurance Brokers has distinguished itself as a provider of Professional Liability, Cyber Liability, and Crime insurance products for entities of all types. To receive timely, personalized service from a knowledgeable and experienced staff, call us today at (626) 793-3330 to speak with one of our professionals.

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