How Financial Firms Can Create a Great Digital Experience

Capturing the consumer’s eye in digital channels is more critical now than ever before. Creating a great digital experience for your customers is vital to standing out in a crowded marketplace, which now includes traditional financial institutions as well as fintech neobanks, robo advisors, nonbank lenders and more.

By improving the digital journey for users, financial services firms can create more sticky and profitable customers, notes this article from the ABA Banking Journal, which cites a poll that finds digital user experience as a top reason why people switch banks.

“To truly reduce customer frustration and account holder defections, financial institutions must assess their own current customer experience to ensure that it is succeeding in the areas that are causing customers to leave,” the article states.

Some of these areas include not providing easy access to information, not delivering the right prompts at the right time and failing to provide access across all digital channels. Being proactive and anticipating a customer’s need — and then delivering the solution to that need in the appropriate manner — is key to creating a great digital experience.

“Additionally, banks should look to business leaders in other industries to inspire their own digital experience,” the article adds. “For example, many digital-only brands, such as Amazon and Netflix, anticipate the next step in a customer interaction and supply contextual guidance to solidify that action. By looking to these industry leaders as inspiration, financial institutions can create a digital presence that can stand on its own.”

By adopting some of these digital tactics, financial institutions can stand out from the pack by vastly improving the digital journey for customers.