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3 Ways Banks Can Deliver a Frictionless Customer Journey

By 08.16.19
Reading time: 2 minutes

Recently we revealed six trends to watch in banking, the first being: removing friction from the customer journey. It begins with focusing on everyday experiences. Customer experience is often the number one differentiator when it comes to choosing a bank. Today’s savvy consumers want and expect technology that makes access to their accounts simple and streamlined, highly personalized interactions that make them feel important to their banking institution, and simplified banking that is quick, easy, and intuitive.

However, customers often encounter friction when attempting to complete day-to-day banking tasks such as switching channels during a branch interaction or having to complete multiple steps to make a mobile payment.

Here are a few ways to help eliminate friction from the customer’s banking journey to provide a better experience… and foster stronger brand loyalty.

#1: Provide self-service banking options

Banks should consider investing in their online customer experience by enabling account opening and onboarding processes that allow customers to sign up for services without having to visit a branch. Offering your customers a self-service channel that allows them to open a new account or apply for a loan in a few minutes will increase customer satisfaction and improve brand loyalty.

Self-service personal teller kiosks are also disrupting the market. Enabling customers to complete banking tasks on their own and in their own time increases customer satisfaction while lowering overhead costs.

#2: Adopt an omnichannel approach

Building an omnichannel strategy is crucial for banks. Enabling customers to engage with the bank using the channels they prefer at the times they want to engage is critical to customer satisfaction.

With today’s advances in technology, security, and especially AI, It’s much easier for banks to offer a wide array of ways to interact with customers, such as enabling online chatbots and providing FAQs, scheduling, and e-signature options. Customers shouldn’t have to walk into a branch or call a customer support line for answers to their questions.

#3: Don’t boil the ocean

Before you mistakenly try to boil the ocean, you should take the time to understand what your customers really want. Start by following these four steps:

  • Ask your customers what matters most to them
  • Map out the entire customer journey
  • Identify the gaps that will make the biggest differences
  • Fix one issue at a time

Find and focus on addressing consistent and repeatable problems in your customer journey and fix the problems that will result in quick, high-priority customer wins. Maybe you just want to offer customers the ability to chat with customer service, track financial goals, open new accounts, apply for loans, or upload customer documents. Focus on those priorities first.

If you try to solve all your banking problems at once, you’ll never solve anything.

Provide a frictionless customer journey with Silverline

Ready to deliver a friction-free customer journey? With deep expertise in the banking industry, Silverline can help guide your digital transformation and improve your customer experience.

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