This article first appeared in the May BAI Executive Report: Unlocking value through technology optimization. Find more articles within covering the tech decision-making spanning CX, fraud, core updates and more.
In today’s digital-first world, consumers expect seamless, intuitive and personalized experiences in every interaction.
When it comes to financial services, accountholders aren’t just comparing financial institutions to each other. They’re measuring their experiences against the best service they’ve received anywhere—whether from a tech giant, a streaming service or an online retailer. And when they’re not completely satisfied, they’ll go elsewhere.
The consequences of accountholder dissatisfaction
The rise of challenger banks and the steady stream of fintechs entering the market over the past few years have given consumers access to a seemingly endless supply of new banking products and services. That means your accountholders now have more choices than ever before when managing their finances—and if you’re not delivering the seamless banking experience they expect, they won’t hesitate to move on.
According to Zendesk Benchmark data, more than 50% of consumers say they would switch to a competitor after having a single bad experience, and 73% would switch after multiple bad experiences.
Given these realities, financial institutions must take a proactive approach to improving the accountholder experience.
6 ways to improve the accountholder experience
Elevating your financial institution’s accountholder experience starts with an assessment of your digital banking platform—and the tools, capabilities and services your platform provides.
Here are six actions you can take to significantly improve the digital experience and consistently exceed accountholder expectations.
1) Bridge the gap between digital and personal service
Inflation is a daily challenge for many consumers, with 41% of Americans reporting last year that inflation or the high cost of living was their most pressing financial issue. It’s not surprising, then, that offering personalized financial advice has become key to creating a meaningful accountholder experience.
When your accountholders seek help through digital channels, don’t limit them to self-service options. Instead, offer a service continuum that starts with self-service, transitions to authenticated text chat with support teams and escalates to live video chat and screen sharing, as needed. This approach allows you to provide the type of assistance each accountholder prefers, fostering trust and deeper relationships. A well-structured digital support system strengthens engagement and ensures every interaction adds value to the accountholder experience.
2) Break down language barriers to foster inclusivity
Language accessibility is a critical component of an inclusive banking experience. With Spanish being the second most widely spoken language in the U.S., offering bilingual support through digital channels ensures that accountholders can interact with your financial institution in their preferred language.
Additionally, automating language settings based on a user’s device preferences can help remove barriers to financial services, build trust and create a more frictionless banking environment. By prioritizing language accessibility, you’ll be better positioned to serve diverse communities and improve overall engagement.
3) Embrace embedded fintech for customized experiences
The evolving financial landscape requires financial institutions to continuously adapt and offer unique, personalized experiences. Consider leveraging open banking principles that support seamless integration with fintech partners. Embed a range of fintech solutions like financial wellness tools, real-time payment options and budgeting apps to provide your accountholders with tailored financial experiences that evolve with their needs.
The key to success is flexibility. Whether you develop proprietary digital features or collaborate with third-party fintech providers, an adaptable approach ensures you remain competitive and relevant.
4) Provide a unified view of financial relationships
Some consumers manage 20 to 30 accounts across multiple providers, by Jack Henry’s findings. With so many accounts, consumers often lose track of their financial products—and most would prefer to have a single, aggregated view of all their financial relationships.
To address this challenge, offer tools that consolidate financial data across different providers, giving your accountholders a holistic view of their finances. Providing this type of integrated experience positions your financial institution as a primary financial hub, increasing engagement and loyalty while simplifying financial management for accountholders.
5) Switch to secure, API-driven connections for data exchange
Consumers are increasingly concerned about control over their financial data. Most believe they should have full ownership of their information yet are unsure about exactly which companies have access to their data. And the financial industry’s reliance on screen scraping for financial data sharing has increased these concerns while introducing security vulnerabilities and a lack of transparency.
The industry is thus shifting toward using secure API connections that offer greater control, security and visibility into data-sharing practices—and regulatory changes are further reinforcing this transition.
By embracing API-based data exchange, your financial institution can enhance security, comply with emerging regulations and provide accountholders with greater peace of mind.
6) Drive digital adoption and engagement
Having the right digital banking tools is only half the battle; ensuring your accountholders actively use them is just as important. Utilizing a three-pronged approach to marketing can help drive adoption:
Create public awareness campaigns: Use website banners, blog content and digital ads to educate accountholders about new digital services.
Deliver targeted in-platform messaging: Leverage contextual, targeted notifications within the digital banking experience to encourage feature usage.
Reach out directly: Utilize personalized email campaigns, onboarding messages and CRM-driven engagement to guide accountholders through digital adoption.
When you proactively promote your digital capabilities, you’ll see higher engagement and improved satisfaction levels among your accountholders.
Start your transformation
Prioritizing digital innovation and strategic modernization helps you retain your existing accountholders and attract new ones, ensuring long-term success in an increasingly competitive financial landscape.
Toni Domingo is a Digital Sales Executive at Jack Henry.
