Many people consider going to the dentist an unpleasant experience, which is completely understandable.
However, some people would prefer a dentist appointment over interacting with a bank after having a negative customer experience, reveals a survey done by Mitto.
How could those two even compare, you might ask? Well, it’s no secret that customer experience is a key brand differentiator. When negative experiences tend to become a pattern, people start to feel frustrated and helpless, experiencing feelings similar to those we get while having a toothache.
When it comes to customer experiences in banking, Mitto found that most respondents want high-standard customer support which is also the best indicator of the quality of CX.
In reality, customers often feel disappointed after dealing with their bank. Commenting on the most common frustration points, Ramon Kania, Chief Technology Officer at Mitto, says:
“Our recent consumer research shows that poor support and bad communication are the most common complaints from bank customers. Consumers find support inflexible and communication options too limited.”
That putting customer support first really makes a difference reveals a figure of two-thirds of respondents who said that they had average or positive experiences after improvements in CX.
Lost in communication
The survey also reveals that customer communication preferences play a crucial role when interacting with a bank. According to the findings, banks are significantly behind customer trends and expectations.
Namely, 70% of Gen Z and Millenials see fast response times as a priority, while 58% of respondents expect a two-factor authentication text message as soon as possible. When they have to wait, 41% of consumers will abandon the pursuit.
Customers also prefer fast and convenient channels of communication, with 46% saying they prefer text over email or phone calls.
These numbers tell that banks need to give customers the option of choosing a preferred channel, like SMS or social media. After all, we are living in an ever-evolving digital age and banks cannot afford to stay behind. Kania advises:
“Banks find themselves in a unique position. They’re a legacy industry that provides essential services to consumers, but they’re also one of the most disliked industries. Newer, digital-friendly financial solutions are challenging the hold establishment banks have had on consumer financial services.
“To remain competitive and secure a prosperous future, banks must be agile and embrace modern customer experience tools. That includes integrating various digital payment options and making customer experience available on channels beyond phone support and proprietary banking apps.”
Adopting new channels
There are a number of banks that are aware of customer preferences and they are putting effort into improving customer experiences, especially means of communication. Few of them made dedicated apps through which customers can interact with them and get the answer they need.
Yet, customers rarely want to go out of their way to interact with a company. And why should they? The whole world is using at least one of the few most popular messaging and social media platforms. Banks should join as well. Kania concludes the topic by saying:
“Many large banks have done a great job creating their own phone apps, but they’re lagging in offering support on other channels.
“Customers want to interact with their banks using the channels they’re already on – SMS, Twitter, and Google Business Messages, for example.
“And this almost goes without saying, but banks must prioritize security. Customers want enhanced account verification and immediate notifications when their accounts are used to make large purchases.”
Discover how Mitto can help you transform your businesses’ communications by visiting their website.
