Only 7% of consumers in the UK felt that the customer experience at their bank had exceeded their expectations, and in an age where it is becoming easier and easier to switch between banks, that is becoming a bit of a problem.
So, what are banks doing to combat this, and who is bucking the trend and offering a customer experience to be proud of?
Let's take a look at the financial players that are banking the best customer experience!
Modern banking is about usability and convenience, with 63% of people now choosing to manage their finances online and on-the-go.
One of the winners of this new digital-banking revolution is the perennial darling of the neo-banking movement, Monzo. The UK-based mobile-only banking service has established a loyal following of over 500,000 active current account holders since launching in October 2017.
Monzo’s charm is in its simplicity. Just a few clicks through the app sets you up with a brand-new account. Instantaneous alerts of how much you spend and where give users greater visibility on their spending habits, and sophisticated AI software offers helpful real-time advice on where to save money on everyday outlay. This mobile-centric, user-friendly banking experience has had a huge appeal with the younger market who are looking for a convenient and transparent way to manage their money. With 24/7 online support and a fiercely loyal community of brand advocates ready to jump on the forums to assist with any issues, Monzo is building the bank of the future with customer experience very much at the forefront of everything they do.
On the flip side, Barclays understand that the digital revolution taking place within the banking sector can be daunting for the older generation who are used to a more personal, human approach when it comes to their finances. 61% of banking customers expect more online interaction with their bank in the future, so Barclays needed a way to bring their legacy customers along for the ride, to prevent them from switching to a simpler alternative.
The Digital Eagles initiative is designed to help the less tech-savvy portion of their customer base understand how to best use some of the technologies involved in mobile and online banking. With a range of online courses and in branch one-to-one sessions on offer, they provide practical and helpful advice on developing general online skills and understanding the range of digital services that Barclays have available. From coding for kids to online security, the range of topics is a brilliant way to support the changing face of banking.
44% of customers now expect a more personalised banking experience, and Spanish banking giants BBVA are one of the first major players to step up to the plate. They’ve adopted a new customer-centric approach, that focuses on helping their customers do more with their money by offering bespoke advice and personalised product recommendations on a customer-by-customer basis.
Their Bconomy service allows customers to set their own budgetary goals; create bespoke saving packages, offer money-saving tips through smart price comparison software and pro-actively analyses various aspects of a customer’s finances to offer personal recommendations that will help them achieve their financial goals.
Although not strictly a bank, Moneybox is a fantastic example of creating an excellent customer experience by making a complex financial service (investment funds) incredibly simple and universally accessible.
Moneybox helps to make saving part of your everyday life, by allowing you to set up your very own tracker fund at the tap of a few buttons; think of it like your own virtual piggy bank. Your loose change gets invested into the likes of Apple and Disney to make your money work harder and go further, turning those previously worthless pennies into precious pounds. Their innovative mobile app syncs your debit card to an ISA. Every time you spend on the linked card Moneybox rounds up the transaction to the nearest pound and adds the difference automatically to the account, ready to be invested.
Innovations such as this are popping up throughout the financial service industry. Simplified mobile alternatives are challenging the preconceptions of some of the more daunting and complicated aspects of finance and opening the space up to everyday consumers through more engaging and user-friendly customer experiences.
If you have a customer experience to be proud of get in touch with our expert team to see how Feefo’s independent reviews platform can help your customers tell the world!
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