Useful Tips for Excellent Customer Experience in Banking

Disappointing increasing checkings and auxiliary fees are among the things in retail banking which have widely affected the customer experience in banking adversely. It has been proved through various researches that changing the fee setup and providing great services to the customers can be among the effective ways to improve customers’ experience in this competitive era.

Actually, banks and businesses have the highest mutual connectivity which can influence each other’s businesses. So it is necessary for both of them to improve their mutual relationship by providing better services. Banks can take advantage of various other aspects like resolving financial problems etc. to balance the dissatisfaction of the customers created by their fee structure.

Similarly by providing better services to the customers banks can improve not only their customers’ experience but also their business to a great extent, which is the base of their existence. They can improve loyalty of the customers to high levels by planning and implementing right customer service policies. This strategical business reform can influence various other field related to businesses.

Any change in customer experience in banking with the change in fee structure of the banks can help not only in retaining the existing clientele but also in increasing it in future. So in order the control customers’ confusion and anger banks should focus on changing their service policies. They can win the loyalty of their customers by providing them convenience, exceptional customer services and eliminating unsatisfactory conditions. Some tips in this regard are provided hereunder that can help banks in improve the experience of their customers regarding banking.

Tips for Providing Excellent Customer Experience in Banking

Use of high class personalized service

It is assumed that banks mainly focus on making profits from their customers which has greatly resulted in the reduction of the loyalty of their customers. In fact they should focus on providing personalized services to their customers to stop them from looking for some alternative institution to get financial services. They should prefer to use latest technologies and tools to provide high class personalized services to their clients, even if they cost dearly to the banks.

Ask about the requirements of your customers

You can really provide excellent customer experience by contacting them personally to ask about the kind of services expected by them from your bank. You will be amazed to observe that such efforts will be relished by your clients. It is just like a feedback expected by a vendor about his product to improve its quality according to the needs of its customers. You can easily reform the services of your bank on the basis of the feedback you will receive from your customers by asking them about their expectations.

Give supreme importance to customers’ experience

Instead of ignoring the experiences of the customers banks should give them supreme importance if they want to improve their customer base and profits. Continuous improvement in the customers’ experience can help your bank in sustaining and strengthening its clientele. Improving the loyalty of its customers should be a continuous process for any bank to retain and improve its growth.

Prediction of customers’ expectations

If you can anticipate the expectations of your customer then you can expect the improvement in customer experience in banking to an unbelievable level. By pinpointing the expectations of their customers banks can invest their money in a more profitable manner. You will be in better position by understanding the needs of your customer in advance.

Improve connectivity

The recent technological advancements have considerably changed the scenario of customer services especially in banking field. Today customers want up to date information every time to keep them satisfied. Banks should provide their customers all the latest facilities including transferring money without visiting bank, check account balance through mobile phone, quick answer to their queries and ATM facilities etc. to retain their clientele and improve their experience regarding banking.

Creation of effective policies

Customer service is one of the most challenging aspects of banking industry. Banks should take inspiration from the failures of others while creating policies for the kind of services they want to provide to their customers. The best way of growing customer base for a bank is to provide strong moral and ethical services to its clients. The policies made regarding the kind of services you want to provide to your clients should not be forgotten after drafting them. The policies made in this regard should be actually implemented to get better results.

Use of this service strategy in other departments

The benefits reaped by improving customer experience in banking and its feedback should not be confined up to service department only. You should also use them in your other departments to improve their customer base also. The strategies regarding improving the customers’ experience should be implemented throughout the organization instead of one or two departments. It should be implemented in the same manner from top to bottom in the whole organization.

Focus on minor changes to make it better policy

If you already have a policy about the kind of services your establishment wants to provide to your customers then while executing the policy you should focus on the minor points to improve its effect on customers. If you are not able to answer your customers on any point then you should be able to satisfy them either by refereeing them to some other competent person or inviting them some other time to find the answer in the mean time. The main thing is to satisfy your customer.

Be practical

The type of customer services you provide should be practical and your customers should positively show their reaction in this regard. you can easily manage the cost of your banking organization spent on inbound calls by satisfying your customers through practical communications including information about card balances, bill payment reminders, service updates and tips about the security of their debit or credit card etc.Thus, such activities will help not only in improving the goodwill of your bank but also in providing excellent customer experience in banking.


Matthew is the Lead Author & Editor of CXperience Blog. Matthew established the CXperience blog to create a source for news and discussion about some of the issues, challenges, news, and ideas relating to Customer Experience.