Banking Customer Experience Transformation – 6 Effective Approaches

Banking Customer Experience Transformation – 6 Effective Approaches


Customer satisfaction is the topmost priority. App developers, UX and UI designers focus on creating meaningful, memorable interactions between people and their tools. Customers prefer experiences that give them a sense of honesty and trust, are simple to grasp, and are enjoyable to use. Creating a positive customer experience transformation entails more than concentrating solely on the digital aspects of our business or product. Even with web-based solutions, the non-digital components, such as customer service, quick processing of requests, communication through preferred channels, and so on, play an essential role. This means that to produce excellent service, we must look beyond design and apply best practices to a far broader range of factors.

Customer experience transformation

Many major banks are devoting significant resources to improving the customer experience transformation, with mixed outcomes. The significant journeys of a customer’s banking relationship vary from onboarding and transacting through maintenance and problem resolution. Effective transformations should acknowledge the complexities of these relationships and prioritize the aspects of the customer experience that matter most, rather than deferring to current organizational structures to manage the end-to-end nature of client needs and cross-functional requirements. 

Transformations might vary in terms of time and resources necessary, depending on a bank’s customer-experience goals. Only a few things are required to carry out any program that would have a long-term impact. Some of them include, a persistent focus on value, maintaining the customer’s central role in any transformation, and the ability to expand a program.  With excellent strategies, approaches, and implementation, banks can create effective customer experience transformations.

Banks are losing control over their consumers in the digital age, where there is an app for everything, and nearly anybody can create one. FinTechs are breaking the banks’ monopoly by replacing a pleasant consumer experience in banking for the financial burden.

Companies are being forced to modify their business models and adapt to the new market reality due to digital transformation.

According to IDC research, two-thirds of Global CEOs of 2,000 companies will transform their focus from traditional, offline strategies to more modern digital strategies to improve customer experience by the end of 2022, with 34% of companies expecting to adopt digital transformation in 12 months or even less fully.

The following statistics demonstrate digital spending:

  1. In 2018, over $1 trillion was spent on digital transformation globally
  2. By 2022, experts predict to reach more than $2 trillion. (In fact, over 79% of businesses reported that the pandemic raised their digital transformation budget)
  3. Organizations with excellent digital transformation create highly engaged customers

These are the customers:

  1. They are 6 times more inclined to try a new service or product from a favorite brand.
  2. They are 4 times more likely to have told their friends, family, and connections about your brand.
  3. Even if a competitor offers better quality or price, people are twice as likely to buy from their favored brand.

 How to Begin a Customer Experience Transformation /Digital Transformation

  1. Define your digital plan

Organizations may use digital transformation to understand today’s buyers better, engage with them, and meet their expectations through a multi-channel customer experience. Before implementing digital transformation, it is essential to define your plan. Due to continuously evolving technologies and advancements, the corporate world moves at a breakneck pace. Every year, new and emerging technology upset even the most well-established businesses. Organizations need a long-term approach to compete, adapt, and survive in this new digital landscape. Indeed, it requires new ideas to launch into the marketplace.

A customer experience transformation strategy begins with three basic questions:

  • What are your plans for today?
  • What are your plans for tomorrow?
  • What are your plans for getting there?

Companies require a strategy that identifies the new technology and provides protection against digital disruption. That is why, before harnessing the potential of digital transformation, you must first understand your fundamental systems and processes to find opportunities.

2. Analyse the clients’ problem-solving cycle

You might think that now that you have all of this valuable information, you can proceed directly to solving your customer’s financial concerns with your financial solution. This is a prevalent blunder made by many finance professionals. Yes, it all begins with a decent solution to a critical issue. However, three critical conditions determine whether or not a service/product will succeed between the problem and the solution.

Organizations should investigate the impact of the problem-solution cycle on banking user experience by establishing user personas and outlining their duties to precisely describe the problem and tasks.

Client problem solving

3. Personalized Customer Experience

Consumers today want businesses to treat them as distinct individuals who are aware of their particular preferences and purchasing history.

75% of customers say they are more likely to purchase from a company that:

  • Recognizes them by their names
  • Knows their preferences and purchase history
  • Send recommendations based on what they’ve bought in the past

4. Instead of selling, businesses should serve

“Sell” is about focusing on marketing and viewing individuals as numbers in the conversion process. In this scenario, design is solely concerned with appealing packaging. User experience (UX) is a technique for influencing user behavior. “Serve” is concerned with the needs, feelings, and actions of the consumer. Certainly, conversion is merely a metric used to assess the clarity of a product. The primary goal is to deliver genuine value to the customer.

5. More emotions and less information

Users forget facts, but they remember experiences, which are based on emotions. Information should be included in a usage context. It should become inextricably linked to the banking customer experience. Emotions are the language of the Experience Mindset when it comes to communicating with customers and understanding their wants and expectations.

6. Seamless multi-channel experience

Customers may now have whatever they want when they want, and in the way they want it, thanks to technological advancements. More than 50% of all customers now anticipate a response from customer service within an hour. They also anticipate the same response times on weekends as they do throughout the week. This desire for immediate gratification has compelled businesses to be available and on-demand 24 hours a day, seven days a week.

Everything now happens in real-time, so businesses that can provide their customers with immediacy, personalization, and accessibility will win out in the long term. Certainly, consumers today aren’t confined to a single platform. They shop in stores, shop online, leave reviews on mobile apps, and ask your customer service team queries on social media. When you tie these interactions together, you can construct a single digital profile for each consumer who interacts with your company.


Customer experience transformation is meaningless unless it improves the digital banking client experience. Because, the use of digital technology to change a bad user experience into a memorable one, make users happy, and answer their problems. It’s not about technology, marketing, or keeping up with the latest trends to appear “cool.” It’s all about people and their business experiences. As demands for your financial products, loyalty, and support from your consumers begin to rise rapidly, you will see significant changes both within and outside your financial company. At Appice, we can help you turn your firm into a beloved financial brand with a deep emotional connection with customers using the power of analytics and technology.


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