5 customer experience trends for banking in 2020

Customer experience is the new battlefield for customers in the banking industry. With the differences in products and services offered being minimal, improving the customer experience is one of the most powerful differentiators in the future.

With new technologies and new ways to engage transforming the way banking customers interact with their financial institution, a consumer’s satisfaction is becoming more dependent on the quality of engagement than on the differentiation of products and services. Consumers expect interactions with their bank or credit union to be based on insight built over time, with the timeliness, personalization and contextuality of engagement becoming paramount. Not to be forgotten in this equation is the increased importance of trust and security as more data is collected on each consumer.

As we look ahead, consumers will increasingly expect their financial institution to be proactive in helping them manage their finances. This is a significant departure from the rear-view mirror perspective most banks and credit unions have used in the past to communicate with consumers. People will also expect the experience they receive to be seamless across channels, with insights being the same no matter the channel they prefer to use.

Despite the desire for improved digital capabilities, consumers will want a strong integration of human and digital capabilities when engaging with their financial institution. This extends beyond a chatbot capability, to include easy access to humans when dealing with complex issues. While visits to the branch will continue to decrease, the importance of these interactions will increase.


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