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4 Areas of Focus for the Total Customer Experience at Your Bank

Giving customers the “TX” may be the key to creating lifetime loyalty.

Customers increasingly expect more from their banks. Creating an integrated total experience (TX) will require looking at your bank and re-thinking service in a holistic way.

The total customer experience (CX) is made up of all interactions a customer has with a business in the short-term and long-term as well as the relationship as a whole, states ASQ, an organization dedicated to promoting “excellence through quality.”

“To achieve great CX, bank and credit union executives must engage all levels of the organization to focus on improving experiences at every touchpoint, across the entire customer journey,” states Jim Marous, CEO of the Digital Banking Report. “Changes must begin at the operational level, rethinking existing processes while working on user experiences.”

Here are four areas of focus to improve the total customer experience at your bank:

  1. Omnichannel experience. By delivering a smooth omnichannel experience, you’re providing the flexibility and convenience customers crave. A customer might want to deposit a check with your app, swing by a branch to talk about a mortgage refinance in person, check their checking account balance online and get an email newsletter that delivers personalized financial advice, geared to their specific situation and life stage, to help them save money. Being able to deliver that kind of seamless service across channels will help to give you an advantage over the competition.
  2. Quality of products and services. Don’t lose sight of the basics: offering excellent products and services that respond to customer needs and wants is an important part of the total customer experience, according to ASQ. For banks, that may mean having a credit card rewards program that users love, offering a grace period on overdraft fees, and making sure your app works smoothly without bugs that can frustrate a customer who’s trying to check “deposit check” off their to-do list.
  3. Employee experience. “Employee experience is still king,” states Qualtrics, a technology company that offers user experience tools and advice. “Customers will never love a company unless employees love it first. In banking, as in other commercial businesses, customer experience is only half the story. To deliver the best customer experience, the employee experience needs to be the best it can be, too.” That means that, just as you look at the whole customer journey and relationship, you need to do the same with the employee experience. Research shows customer service improves when employees connect with their employee’s purpose and vision, feel they are respected and treated well, and get empowered to and rewarded for delivering excellent service.
  4. Emotional connection with customers. It’s also important to focus on building a real relationship with your customers, and that means you must factor in building an emotional connection. This is an undeniable part of the customer experience, starting the moment they first hear about your bank. Meeting and exceeding customer expectations can help build this connection. According to Qualtrics, bank customers these days expect a lot. For example, they want their bank to solve problems immediately, reward them for their loyalty, protect them from financial adversity and know who they are so they don’t have to keep repeating the same information over multiple interactions.

Creating a top-notch customer experience is no small task. But if you can get it right, you’ll gain a wealth of loyal customers for life.