Why the Retail Banking Industry Should Focus on Customer Experience

Be it any retail business, customers are always hard to please at a go. Customer experience plays a significant role in building a retail bank's reputation. It is crucial for banks to prioritize customer experience, especially after the 2008 recession. This can help them retain their customers and establish strong relationships with them.

The retail banking industry must consider different ways to increase customer engagement. Nowadays, customers have plenty of choices when it comes to choosing banks. If a customer is dissatisfied with a particular bank then they can switch to another bank immediately. Also, they can damage the bank’s reputation by venting on online platforms. This is why retail banks need to stay ahead of their competition. Banks must show consistency in enhancing their customer experience. Only those retail banks that provide satisfactory services to their customers, can survive.

Retail banks must ensure that their customers are pleased with their various financial services. Some of these services include money transfers, net banking facilities, bill payments, and others. For an outstanding customer experience, retail banks must adopt an integrated approach. They need to stay connected with their customers at all times. They can do so through SMS services, calls, and emails. 

Customer is Changing

In the present day, customers are smart and knowledgeable. They have a clear idea of what they want from their banks. Also, they connect with more than one bank to fulfill their banking needs. According to research, customers choose banks based on other customer reviews. This is why retail banks need to strive hard to beat their competition.

Firstly, retail banks must understand their customers’ perspectives and needs. They must also know who their competitors are and their strategies. This way, they can adopt effective strategies and establish strong customer relationships. This will help them increase their stakeholder value.

Nowadays, customers opt for easy banking services, such as net banking services. They prefer online transactions from the comfort of their homes. Also, they are most likely to sign up for new financial services online. This reduces the number of bank visits and makes the entire banking process hassle-free.

Considering these growing demands, retail banks need to be on their toes. They need to provide these easy banking solutions to their customers. As a result, this can improve their customer experience, and help them acquire loyal customers. Not only this, but modern customers also expect immediate responses to their feedback. Retail banks need to focus on customer feedback and come up with effective solutions at the right time.

Use of Technology for Superior Customer Experience

Happy customers are most likely to choose the same bank over and over again. So to keep customers happy and satisfied, retail banks must know what they are looking for. Customers want to stay in touch with their banks through various channels such as text messages, emails, calls, and more. The more they stay connected, the more they can trust their banks. This, in turn, can build a loyal clientele for these banks. On the other hand, if a bank fails to be consistent with its responses then it may lose customers.

Banks can enhance their customer experience through regular communication on different channels. They can use a channel that the customer prefers.

For a superior customer experience, Sinch has a wide range of products for the retail banking industry. These products can simplify the banking process and create a superior customer experience along with some added perks such as cross-selling. As a result, customers can enjoy an easy banking experience with their banks. Let us now discuss some of the products offered by Sinch to retail banks.

 

Text messages:

·         Thanks to SMS services, account registration is much easier in today’s world. All we need is a One Time Passcode (OTP) to register, log in, or for transaction approvals. Even the money transfer process has become simpler through OTP verification.

 

·         Text messages can also prevent fraudulent activities. They do so, by generating an OTP for two-factor authentication. This way, customers are safe from unauthorized account activities.

 

·         For retail banks, sending text messages to existing customers is the easiest way to communicate with them. Most people own mobile phones, and therefore, find it easier to read text messages.

 

·         Retail banks can send bank statements to their customers through text messages. Not only this, but banks can also share promotional offers such as new policies and financial services, with their existing customers.

 

·         Banks can send bulk messages to their customers across the world. Sinch guarantees instant message delivery.

 

·         With the help of Sinch’s SMS API, retail banks can send SMS messages through any online platform.

 

Emails:

·         Retail banks can stay in touch with their customers through Sinch’s email services. MailHub is an API email delivery platform by Sinch. It allows banks to send and receive emails at the speed of light.

 

·         Banks can send emails to their customers at the right time using MailHub. This email API also makes sure that the emails reach the customers’ inboxes and not their spam folders.

 

·         The email analytics feature helps banks gain insights into their message deliveries. As a result, they can have a clear picture of the number of clicks on those emails.

 

·         Sinch’s email services help banks to send emails to authentic and verified customers. This increases customer engagement.

 

Calls:

·       Retail banks can achieve customer satisfaction by connecting with their customers through calls. Nowadays, banks have toll-free numbers that are easily reachable. This is one of the easiest ways to communicate with customers.

·         Sinch’s call services also eliminate fraudulent robocalls.

 

·         Their call services are designed in a way that protects the customers’ personal details. As a result, Sinch’s call services mask the numbers of their customers.

 

·         Be it a local or international call, Sinch ensures that its call services are of high quality.

 

·         Sinch also provides in-app video-calling services, ensuring a smooth video-calling experience.

The Bottom Line

Retail bankers can improve customer experience by collaborating with Sinch. Retail banks can use Axiom, which is a centralized communication management platform from Sinch. It is already being used by more than 35 banks and financial institutions. Retail banks can easily integrate this unified API to manage, monitor, and control their customer communications across all channels. They can send real-time messages to customers in milliseconds. It comes with smart routing algorithms and has a simple onboarding process. It comes with role-based access controls, multi-factor authentication, and end-to-end encryption.