Digital offerings, whether mobile or online, are created with the intention to enhance the customer experience, bring customers closer with your brand, and develop a richer atmosphere for everyday consumers to address their financial lives.
Sometimes, when thinking about the digital experience, it’s easy to get carried away with brainstorming new features, somehow convincing ourselves that the financial institution with the highest number of features wins. Obviously, this isn’t true, but it raises the question: What elements of a digital experience truly improve customers’ lives? Think about the following when you refine and improve your digital offerings.
Ease of Use
More than anything, your digital offering should be simple. Think about the most important tasks, and how you can guarantee success.
As an example, think about your mobile deposit process. Are customers consistently able to make mobile deposits? What safeguards do you have in place to ensure the check is captured accurately? What percentage of photos taken result in a successfully deposited check?
While it may seems tedious and even obsessive to analyze a single task in a mobile app with such granularity, the reality is that anything less than an almost-every-time consistency can lead to pain points, causing customers to mistrust your mobile deposit process and potentially seek out other venues, or even other financial institutions.
Focus on perfecting the basics in order to impress and retain customers.
Innovation
Exploring and creating new features can help give your financial institution a competitive edge. In particular, when thinking about innovation, think about what your customers are demanding most. Do you have feedback about their biggest desires and wishes from your digital presence? If not, try to gather data to inform your organization of their needs, and then work to deliver on them, putting the customer wishes at the center of your innovation.
Notably, new tools like budgeting calculators, unique payment processing and enhanced security features can help separate you from your competitors and differentiate your brand according to prospective customers.
Partnerships
The quickest and easiest way to streamline your digital customer experience is through partnerships. FinTech organizations, whether focusing on security, payment processing or budgeting tools, all are reliant on your financial institution in order to build a large customer base for their technology.
In this sense, make sure you leverage your position in order to bring them on board, and excite your customers with enhanced digital performance. Rather than trying to build innovation and customer experience from the ground up, let a separate organization streamline the process for you.
