Customer experience isn’t a “growing consumer expectation” anymore, it’s a demand. Shoppers will walk away from a brand—even one they love—after one bad experience. Companies are under pressure to figure out what their customers want and how to deliver it seamlessly across all platforms. Bank customers expect a relationship built on empathy, trust, and personalization.
This can be extremely difficult for banks to deliver. They often have millions of customers interacting on every possible channel. From mobile apps to physical branches to phone calls. But, that isn’t stopping banks from leading the charge in customer experience innovations.
Here are five replicable examples of banks delivering on the promise of great customer experience.
1. Suntrust Bank—Fixing a Customer Experience Blindspot
Suntrust Bank’s marketing team found a gap in their customer data—the phone call. They weren’t able to collect and analyze call data the same way they could website traffic or digital ad clicks. The data they needed was trapped in the call center.
“We didn’t know if people were calling for customer support or if they were new buyers. With over 100 products in our mortgage category alone, we had no way to tell what product callers were interested in. And we didn’t know anything about the journey that led to a phone call,” said Suntrust Bank’s VP of Paid Search and Digital Capabilities.
SunTrust started using Invoca call tracking and analytics to figure out what was driving phone calls. They found out that 75 percent of shoppers who landed on the website preferred calling the bank over submitting a web form. This opened up a whole new way of thinking for Suntrust Bank.
To better serve customers over the phone, Suntrust Bank starting using custom call routing to connect shoppers with the right agent. This not only created a seamless omnichannel experience, it increased SunTrust Bank’s call center efficiency by 60 percent.
2. JPMorgan Chase—Designing to Meet Customer Needs, not to Increase Sales
Chase Mobile®, the company’s banking app, has 1.61 million reviews and a 4.8 out of 5 rating in the Apple App Store. It was the first large bank mobile app to offer Touch ID, and has since added Face ID. The app helps customers navigate their finances on mobile, and empowers the customer to be self-service. Offering features like mobile check deposit and credit score checks, the app acts as a financial one-stop-shop.
Chase’s website was given a multi-million dollar redesign, with customer experience in mind. The redesign included revamping the search function and personalizing content served up when a shopper lands on the homepage.
3. Bank of America—Using AI-Powered Chat to Serve Customers 24/7
Bank of America initially released its AI-powered chatbot Erica to answer customer questions quickly and efficiently. The bank has since moved the chatbot beyond being a fancy FAQ machine. It now perform actions like managing payments and monitoring charges. Essentially acting as a financial babysitter—but in a cool way.
Erica gives Bank of America’s customers both convenience and empowerment.
4. Ally Bank—Using Advertisement Dollars to Give Back
In 2018, Ally Bank decided to give back to its customers for Thanksgiving. They launched “Banksgiving”, a day that every employee in the call center has the power to give free money to Ally’s customers.
“We said, ‘what if we give our call center reps a budget and allowed them to grant our customers’ wishes?” said Andrea Brimmer, Ally’s chief marketing officer. “We took our customer-centric approach a step further than usual to demonstrate to our customers our interest in them and the things they care about.” From $25 to thousands of dollars, call center reps did everything from pay off loans to fund anniversary trips.
You may be doubting the authenticity, but Brimmer states the bank “didn’t script any of this—we just gave our reps a single mandate: to ask if there was anything else we could do for our customers.”
This project is a demonstration of a win-win customer experience. Ally Bank was able to boost its brand reputation, and customers got some free cash.
5. Huntington—Helping Customers Keep Track of Spending
This year, Huntington Bancshares announced its new product Huntington Heads Up, a spending tracker. Any Huntington customer can use Heads Up to budget spending by category. Users receive automatic alerts when they are reaching a limit. Heads Up also enables customers to improve their budgeting by getting visibility into spending habits.
Heads Up allows customers to have their banking and budgeting all in one place. This both creates a seamless experience, and keeps Huntington’s customers attached to its products.
Financial services is a tricky space to navigate customer demands. But, these five brands found effective ways to create customer-serving experiences.