How to improve banking customer experience with right mix of digital tools, personal touch

Banking is a client service business that has continued to be redefined by ever growing advances in technology, from ATMs to mobile banking. Events over the past year have continued to accelerate that evolution. As the customer journey evolves, financial institutions have been tasked with meeting client demands to increase digital offerings while still delivering personalized solutions.

Even with the rapid adoption of digital tools, one of the most important parts of any client experience is complementing online offerings with a personal touch. As financial institutions look to enhance their client care approach, there are simple strategies to ensure you are implementing the right mix of tools to drive customer satisfaction and loyalty.

Reduce friction to improve the user experience across all channels

There's been a lot of disruption to doing business in person over the past year, and digital platforms have been supercharged as a result. As companies continue to innovate, it's not about providing the newest and flashiest technologies; instead, it's about delivering the optimal solutions that give clients the most convenient and effective way to manage their finances. Digital tools should make everyday banking activity intuitive whether it's depositing a check or automating savings.

At Bank of America, we have seen record levels of digital engagement. Today, approximately 70% of Bank of America consumer client households are interacting digitally. It's clear that the desire for digital solutions isn't going anywhere, and the ability to deliver these solutions with a personal touch is going to be incredibly important to the future of customer experience.

Give clients the choice to engage through their preferred channels

Each person has a unique need and way they want to manage their finances, whether it's online, by phone or in-person, and preference can also vary by product. For example, some might feel confident using online and mobile banking for regular transactions but seek in-person guidance when it comes to more complex financial goals, such as saving for retirement or creating an investment strategy. No matter how a customer chooses to interact with your business, they should receive the same support and seamless experience across channels.

Video is also quickly becoming a critical part of the customer experience and serves as a helpful tool to communicate during a time when in person-interactions are limited. Specifically, video can allow your organization to incorporate a human element that may be missing from educational content, important updates for clients or other valuable resources and information. Take advantage of video content to help guide clients through online experiences or explain products and offerings.

Leverage feedback strategically and be adaptable

Client insights should be captured continuously across different channels throughout their journey and converted into an actionable plan to inform your approach and personalize your offerings. Nothing shows clients you are invested in them better than asking for their opinion and acting on feedback accordingly. Dedicate time to understanding what's working and what isn't so you can quickly adapt your tools and resources. At Bank of America, we use Voices, a customer survey program that helps us embed the culture of client care at every level of our organization. It makes it easier for our teams in the field to understand what clients are saying because they can get real-time feedback at the touch of a button. Last year we received 11 million client feedback surveys which have been critical in informing our approach and personalizing our offerings.

Beyond traditional surveys, harness the power of social media. Listen and respond to clients across online channels to ensure you're gathering holistic feedback. Online reviews can be a valuable tool for enhancing the customer experience, elevating employee training and adapting your approach. Many in the financial industry are overlooking valuable platforms like Google Reviews and missing out on a critical opportunity to tap into a wealth of information.

Make employees a top priority

Don't underestimate the power of employee feedback. Your employees are working with clients on a day-to-day basis and know their needs better than anyone, so make sure you're engaging employees across all levels within your organization. Bring them into meetings, listen to their experiences and involve them in the decision-making process.

Invest in your employees by supporting them throughout their careers. New-hire training, in-role development and mastery programs will equip them with the necessary skills and knowledge, and builds confidence in their abilities, so they're able to best serve clients.

At the same time, think about how you can enhance your team's wellbeing. Offerings and benefits like mental health resources, childcare reimbursements, competitive wages and benefits can improve your employee's quality of life. After all, a satisfied employee who is valued and supported by their company will, in turn, take care of your customers.

Don't underestimate the importance of personal interactions

Your clients want you to know them at a personal level. For financial institutions, this often means providing the relevant resources to support their financial priorities and understanding any potential barriers. Whether a client is opening their first credit card and learning to budget and save or a client is starting a family and eager to buy a home, understand what's most important to them, help them set their goals and provide the educational resources and guidance to achieve these goals and prepare for the unexpected. Data should always help inform your approach, but nothing replaces authentic human connections and feedback.

Ongoing training is critical to help employees retain soft skills like empathy to help clients navigate unique challenges and help anticipate their needs. Give employees the opportunity to learn about the challenges your clients may be facing so they can build relationships with clients and better serve their evolving priorities.

Communicate consistently

Many have faced uncertainties over the past year and are turning to their banks for additional support and guidance. Don't be afraid to over-communicate so it's clear to customers where they can go for support in moments of need. Sometimes companies are hesitant to over-communicate because they don't want to bother clients, when in reality, clients appreciate knowing you always have their best interest in mind. There should be no question about how and where they can find the support they need.

Furthermore, client interactions are never "one and done" when it comes to banking. People are really looking for a financial institution that can help them manage their money and pursue financial goals, as needs and priorities change throughout their lifetime. Stay in touch with clients and anticipate their needs based on the goals they've shared. And whenever possible, find ways to celebrate your client's relationship with your institution by sharing new benefits, exclusive rewards, and personalized experiences. Taking that extra step shows customers that you're invested in their financial wellbeing.