The proliferation of digital tools is profoundly transforming society. The evolution of uses affects all sectors of activity, and banks are no exception to the rule. Today, you have to know how to respond with finesse to customer expectations to remain competitive. The ability of banks to offer a fluid and adapted customer experience is therefore a major competitive advantage in the market. In this game, the neobanks have a small head start.
But more traditional banks have a significant advantage since they combine digital and physical presence. How can they catch up with their customer experience today? A human, technical and organizational challenge that is well within their reach, but which should be taken up without further delay.
To answer this question, let’s find out what customers really want from their bank. Expectations are intrinsically linked to uses: today, 43% of French people carry out all their transactions online, and according to the French Banking Federation, 8 out of 10 French people consult their bank account via the Internet. Beyond the need for autonomy that these practices highlight, customers expect their bank to be responsive and transparent, and that the relationships they maintain with it to be intuitive and personalized, whether online or by telephone. or in an agency. Because the primary stake in the evolution of the relationship between a bank and its customers is based on omnichannel, i.e. the ability of banks to maintain a continuous link with the consumer regardless of the communication channel. that he uses at an instant t. While the quality of the banking products offered remains high, it is no longer sufficient. What matters today is the unique and comprehensive experience, which must not only be good, but also meet what the customer expects from it.
Neobanks, because they offer a limited number of products, because they do not have to deal with an information system made more complex by decades of developments (unlike traditional banks), offer particularly fluid digital experiences and have developed a strong bond with their customers. This is where the margin for progress of the traditional players lies. And that implies an omnical management of their customer communications. Let us take an example: that of a customer who wishes to take out a bank loan. He will start the process online and go through the various stages (identify the desired amount, justify his identity, provide the requested proof of his solvency, etc.), but may, just before signing, want to speak orally with an advisor. He will then go to an agency, resume the process where he left off, be reassured by an advisor and sign his loan with the latter. If the follow-up of this customer is only carried out from his online activity, the bank will not know that he signed in a branch and may want to revive him by offering him a more advantageous interest rate for example, which would be counterproductive and would make their customer experience particularly negative. The salvation of traditional banks therefore does not depend on their ability to create a phygital experience (physical and digital) for ultra-personalized monitoring.
How then to succeed in standardizing exchanges and concentrating data for a better customer experience? Several steps are necessary for traditional banks. The first is qualitative and consists of understanding the customer journey and mapping their different interactions with the bank (when they start an online process, how long it takes them, when they give up, etc.). Then comes the quantitative analysis of the data collected which makes it possible to confirm or invalidate the overall vision of the cartography with figures. Finally, you have to orchestrate the experience and possibly make modifications to optimize it. The objective here is to define the “next best action” for each user (and not in relation to the process), according to his profile, his customer journey and his expectations. This last step can only be done collegially, involving both technical teams, marketing project managers and teams specializing in customer experience. The more detailed the analysis of customer journeys, the more it will allow us to build precise user profiles and anticipate customer actions and expectations. It is this understanding of behavior that makes it possible to identify the flaws in the course and therefore to remedy them.
On the tooling side, integrated and modular solutions exist to carry out this transformation. Traditional banks therefore have all the keys in hand to move up a gear in terms of customer experience. They have the means they can allocate to this digital transformation, quality products, an existing customer base and a good reputation. It is time for them to offer their customers the same level of experience that they can find with neobanks, regardless of the communication channel they use. At a time when the crisis is weakening the ability of pure players to raise funds, traditional banks have the means to beat them at their own game. Customer experience will be enhanced, only strengthening their satisfaction and loyalty. .