Adapting to the Needs of Digital Banking Customers
According to a study conducted by ath Power Consulting, 51 percent of digital banking consumers have attempted to open an account online. Many never complete the process due to the amount of time required and the complexity of the task. On top of that, consumers expect the same personalized care and service from their digital banking platforms as they do from their local branch, and it’s clear that some organizations just aren’t cutting it.
Beyond the basics (like simplifying online account opening), digital banking institutions should consider implementing the following advanced digital banking features:
- Loyalty Programs: People love being rewarded for their customer loyalty, so it’s no surprise that they feel similarly when it comes to their digital banking. Offering loyalty programs, such as a credit card point system, is an easy way to generate a feeling of customer appreciation and worth. Such is the case with the S. Bank Cash + Visa Signature Credit Card, which allows card holders to earn points toward cash back with each purchase. By using customer data to predict consumer behaviors, banks can develop loyalty programs that are not just interesting, but also effective and that help them to understand what’s resonating with customers.
- Discount Coupons: Programs that offer discount coupons and deals are another effective way to keep customers happy. If customers know they’ll receive discounts on other products, services and events they’re already interested in, they are more likely to see the value in a particular institution. For example, Chase’s Disney Rewards Visa Card allows card holders to redeem 1 percent of all card purchases toward “most everything Disney.”
- Public Financial Management (PFM): More consumers are turning to their digital devices and financial institutions for budget advice. With the growing popularity of apps such as Mint, PocketGuard and YNAB, the industry is seeing that individuals are keen to track where exactly their money is being spent. Banking institutions need to think about how to streamline their offerings.
- Mobile Payments: Enabling mobile payments helps ensure that customers are continuing to use mobile banking to its full potential. Not only are customers looking for bill scheduling and autopay, but they’re also looking for the ability to wire money directly to other personal accounts. If customers are looking for independence from the burden of legacy banking, mobile payments are an easy way for them to find freedom from cash and ATMs.