FIs Should Bolster #DigitalBanking Offerings in 3 Key Areas

Two-thirds of the decisions customers make are informed by the quality of their experiences. To keep pace with rapidly changing expectations, FIs should consider a different approach to managing the consumer experience. This means embracing the speed and functionality digital channels offer.

Most community financial institution (FI) staff would likely agree there is very real pressure to create the “perfect” consumer experience. Specifically, there’s pressure to deliver digitized experiences providing consumers with cross-channel, targeted, real-time product and service information in an effective, seamless way.

As more consumers use mobile devices to make financial transactions, some FIs have responded by amping up websites and revamping traditional channels, including physical branches and call centers, to support their digital efforts. Many find they are reducing costs along the way. However, digital channels no longer just represent “a cheaper way” for FIs to interact with consumers. They are now critical for executing promotions, stimulating sales and growing market share.

A recent article highlights five key areas community FIs should focus their digital efforts on to best meet current consumer expectations. I’ve included three of the five below.

  1.  New accounts — Consumers expect the account opening process to be automated and digitized for speed, ease of application and convenience.
  2. Design — With more than 60 percent of Internet use occurring on mobile devices, consumers expect the same quality of experiences on their handheld devices as they have on their computers. A responsive digital design is a mobile-friendly solution.
  3. Security — Consumers expect to receive optimal digital experiences while being protected from fraud, identity theft, card theft and cyber attacks. A recent CGI survey found protection is critical to consumers. Around 25 percent of consumers even reported they are willing to pay for it.