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The continued growth of digital-only banks and higher customer expectations has put pressure on traditional banks to change their approaches to customer service to remain competitive and relevant.

One way to augment your bank's customer experience strategy is to formalize a digital customer experience program with measurable goals. This program can provide a framework for identifying improvement opportunities and executing new technology and processes to address them.

One rising trend in the financial services industry is the use of a journey-driven transformation approach to optimize the digital banking experience. As part of this approach, financial institutions are making a concerted effort to organize around the customer rather than their products.

This means tracking customer buying habits and activity to better understand their needs throughout their journey with your financial institution. With access to this valuable data and analytics, banks and credit unions can have confidence they’ll get in front of the right people at the right time, something that is especially important when it comesto seasonal buying trends in banking.

Consider the following top benefits of using your CRM to map customer buying behavior and guide your sales and marketing strategies. 

One common misconception about digital banking is that customers no longer desire in-person bank interactions because they can get everything they need from their phones. However, the opposite is true, as a PwC survey found that 60% of traditional bank primary customers say it’s important to have branches in close proximity.

Each year, Temkin Group releases its Temkin Experience Ratings, which serves as a customer experience benchmark for the banking industry. In the 2018 rankings, credit unions tied for the top spot based on scores in three categories: success, effort, and emotion.

Credit unions’ membership business model, favorable rates, and flexibility all make them appealing to consumers. But, in the age of instant gratification and digital customer proximity, it’s important for credit unions to adapt to new customer experience (CX) approaches so they can maintain member loyalty.

Mobile marketing used to be a rarity, something that would set a business apart among its competitors. Not anymore. Now, mobile is necessary for maintaining a strong presence or implementing a successful marketing strategy in any industry.

In 2017, smartphone unit shipments didn’t increase for the first time ever, as market penetration was maximized. Not only that, but consumers are now spending approximately 3.3 hours a day consuming digital media on their mobile devices. It’s been a long time since phones were only used to make calls or send text messages.

You can’t afford to miss opportunities to reach your customers where they spend so much of their time. Consider these tips for revamping your mobile marketing strategy to remain competitive in the digital age.