Why Banks and Credit Unions MUST Provide Seamless Banking Experiences
Digital technology is transforming industries and introducing consumers to new levels of convenience. When customers connect with businesses, they expect continuity across mediums for a consistent experience no matter how they interact with the business. Consumers are accustomed to having the same access and capabilities whether they use a business’s website, its app, or connect in person. They increasingly prefer continuity, personalization, and a seamless banking experience from their financial institution as well.
The most competitive community banks and credit unions offer consistent, high-quality experiences inside the branch, at the ATM, via the website, on the app, and elsewhere. So, what do financial institutions need to do to provide the seamless experiences consumers expect? Read and learn!
Why Seamlessness Between Banking Touchpoints Matters
Customer Convenience
Today’s consumers can open an app that remembers their preferences and order their favorite meal in a few taps. Many of these apps can scan receipts to keep track of in-person interactions with the related restaurant as well. In many cases, consumers can order from the restaurant’s website and have the same experience. Familiarity and consistent data across channels have proven to be significant convenience factors that keep customers interacting and engaging with the businesses that know them. Why shouldn’t consumers find similar convenience when banking?
Consistency across banking channels isn’t just a nice-to-have; it is critical to building trust. When customers experience consistent security, functionality, and visual layout at every interaction point, it reinforces the institution’s commitment to reliability. Imagine an everyday banking scenario, like when a member deposits a check via the mobile app. Imagine that the member later confirms the transaction on a web portal with identical updates and notifications. That continuity fosters confidence. In contrast, inconsistent experiences can raise doubts about the institution’s capabilities and security.
Enhanced Engagement
Engaging customers through seamless banking channels helps banks and credit unions deepen their relationship with users. A consumer might start a mortgage application on a laptop, check its progress via a mobile app, and receive updates by text or email, all with no changes in experience. A smooth transition between these channels can foster higher engagement and encourage members to explore more products and services with the institution
What Makes for a Seamless Banking Experience?
Creating a seamless experience requires connecting each dot along the member’s journey. Here are the key areas to consider when building a unified presence and consistent experience:
Omnichannel Integratio for Seamless Banking
An omnichannel approach to digital banking ensures that every member interaction is interconnected, providing a cohesive experience whether they’re at an ATM, on a mobile device, or on a desktop. For example, a customer can start a transaction on a mobile app, then walk into a branch or visit an ATM and pick up where they left off.
To make this possible, data must be instantly and securely synchronized across all channels. Leading banks and credit unions have invested in centralized systems that ensure real-time updates and provide customers with accurate account information wherever they are. Investments in cloud technology can help institutions create this seamless sharing of data effectively.
Design that Centers the User (The Member/Customer!)
Seamless banking experiences keep the user experience at the core, offering clean layouts and quick access to essential functions. Intuitive interfaces are critically important! ATMs, mobile apps, and banking websites should feel familiar, with the same visual elements, labels, and navigation, This consistency makes it easy for members to use multiple channels, and it encourages them to engage with new features.
A customer who is comfortable with the web portal is more likely to use the mobile app if they see similar visual elements, and they’ll be more likely to try new experiences that the financial institution presents.
Personalization Across Channels
Personalization is easier to implement and more effective when institutions build platforms for seamless experiences. Banks and credit unions can use member data to deliver customized experiences, like savings plan recommendations and bill payment reminders, through the channel the members use most frequently.
Imagine a member who typically uses the mobile app to check balances but prefers to manage investments on a desktop. The institutions featuring systems that remember and adapt to these customer preferences across all channels can make the member feel valued and encourage brand loyalty.
How to Deliver a Seamless Digital Banking Experience
Community banks and credit unions must commit to investing in technology and strategy to create seamless banking experiences that keep members engaged and recognizing the institution’s value. Here are some steps to make it happen:
Invest in New Technology
Robust technology that integrates all member-facing channels creates infrastructure for success. Investing in new tech could mean updating slow legacy systems or adopting cloud-based solutions that can share data in real time. It’s important to implement technology that will deliver the instant service that consumers have come to expect in this digital age.
Bolster Security Across the Banking Platform
Multi-channel digital banking requires up-to-date security measures. A seamless experience means members can rest assured their information is secure, even as they access their accounts from varying touchpoints. Achieving this security means investing in data encryption, multi-factor authentication, and continuous monitoring to catch and respond to potential threats platform-wide.
Train Staff Members to Support Every Channel
Even the most advanced digital experiences will sometimes require human input or administration. Staff who understand the bank’s omnichannel strategy can support members who may have questions or encounter issues. Whether a member is struggling with the mobile app or has questions about a transaction at the ATM, knowledgeable employees can bridge gap between digital and in-person banking to provide continuity and efficiency.
Be Ready to Adapt to Changing Customer Demands to Maintain the Benefits of Seamless Banking
Omni-channel banking experiences must evolve with customer expectations. Banks and credit unions can gather feedback from members to identify areas for improvement and keep up with changing needs. Customer surveys, app ratings, and direct feedback are valuable sources of insight to drive improvement and discover ways to make the banking experience more convenient and invaluable.
The Future of Seamless Omni-Channel Banking Experiences
The meaning of a seamless banking experience will continue to evolve and technology advances and customer demands change. You want your banking channels to talk to each other and be responsive to the member no matter what technological revolution is next.
Would you like guidance on using the latest technologies to create a seamless banking experience across every channel? Call 800-423-EDGE (3343) for a consultation with a subject-matter expert on omni-channel banking.
