With the continued emergence of fintech, the competitive pressures innately forced upon financial institutions to improve the customer experience continue to grow. By 2020, it’s estimated that the customer will manage 85% of its relationship with an enterprise without human interaction, according to Walker Information.
Many institutions have adopted a self-service online model, giving customers more control over their accounts and transactions. While this is certainly a step in the right direction, where many fall short is the “set it and forget it” mentality. The result? Potentially frustrated customers, increased customer service calls, decreased retention rates, and lost sales opportunities.
To put things into perspective, a friend of mine recently applied for an auto loan. She first checked her local bank (where she has checking and savings accounts) by browsing their website to see if she could apply there. She then tried to call her bank to speak with a customer service representative and kept getting looped through the automated system. When she was not able to quickly find her answer, she became frustrated and applied for the loan elsewhere. I asked her why she chose the institution she now has the loan with and her reply was, “I was able to quickly find what I needed online without having to pick up the telephone.” As a result, her local bank missed an opportunity to cross-sell to an existing client.
Unfortunately, this happens quite frequently. According to a recent American Express survey, 67% of customers reported hanging up on an automated system out of frustration at not being able to reach a live person. While this sometimes cannot be fully remedied, it can be improved by a cleaner online User Experience (UX) that gives the customer the answers they are looking for without the need to place a phone call.
Thankfully, there are many solutions on the market geared toward improving your organization’s online UX. Electronic Presentment (ePresentment), for example, is a tool that can help you satisfy today’s needs with the capabilities of facing tomorrow’s challenges. Here are some tips to ensure your ePresentment is keeping up with the times:
1. Place links to your products and services prominently on all customer-facing landing pages. This will give customers quick and easy access to all your offerings, decreasing the chances of them taking their business to one of your competitors instead.
2. Personalize, personalize, personalize. Studies show that customers react positively to personalization. Why? Because they like to feel valued as individuals rather than just numbers.
3. Utilize Dynamic Messaging. You have so much customer data at your fingertips- now it’s time to put it to good use! Age, income, geographic location, and marital status can help you deduct if your customers are eligible for your other services. From there, you can display messages and ads that are relevant to each customer.
4. Implement Single Sign On (SSO) through your home banking platform. SSO eliminates touchpoints and will allow your customers to sign into their accounts ONE time to access all of their financial information. The easier the process, the happier the customer.
5. Be consistent in design. Your ePresentment design should look just like it is a part of your home banking site, giving the customer peace in familiarity.
6. Provide interactivity. Including interactive marketing messages and direct check view access are both capabilities that are enhanced through ePresentment. Marketing messages that can be clicked for immediate access to offers are extremely beneficial and allow for a more pleasant UX.
By implementing the above best practices, you can enhance the user experience and keep your customers coming back for more. To learn more about ePresentment and how it can help your organization, click here.
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