Enhancing Customer Engagement in Financial Services

1st January, 1970

Enhancing Customer Engagement in Financial Services

The advances and increased use of digital technology in the finance sector is no secret. However, the advances are both exciting and threatening. The opportunities that new technologies offer seem to be endless, but they don’t come without their disadvantages and implications, particularly to traditional businesses. A main worry for many branches is the extent to which going digital will improve their business, and more so, how to further enhance customer engagement along the way.

With more customers than ever taking an active role in their finances, customer engagement has never been more important. Specifically, with the increased integration of digital processes and channels, engaging your client base, both digitally and face-to-face, is vital to remaining competitive.

EY Financial Services Insights recently conducted a “Global Consumer Banking Survey”, in which they outlined the challenges banks are facing and the steps they can use to move forward, specifically regarding customer engagement. A main issue that banks were found to be facing was that of offering smooth transitions between their Omni-channels and which specific channels to focus on.

EY’s first tip is to always keep engagement in mind when designing customer journeys. Ensuring that your customer’s objectives are at the heart of your design process and making sure that their preferred channel is easy to use will be vital to the quality of engagement. Their survey found that, although all channels remain relevant, there are demographic differences that will make creating a customised experience a bit easier. For example, younger customers place higher value on their digital experience, while still appreciating human assistance when seeking advice.

Their second tip is to eventually reduce your number of branches and focus on making the ones available better. In the future, it is predicted that there will be less traditional branches and smarter ATMs and micro-branches. Staying in tune with these changes, through ensuring your staff has the right skills to provide customers with the right information and links to experts will contribute greatly to having a competitive advantage.

To find out more about enhancing customer engagement, attend the prestigious Customer Experience in Financial Services Summit and Awards 2018.


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