These days the banking industry faces increasing pressure to meet customer expectations. The rise of Financial Technology (FinTech) companies and digital-first banking solutions has created a competitive landscape where traditional banks must innovate or risk being left behind. One of the key drivers of this innovation is customer data—more specifically, how banks can leverage data to provide personalized, seamless customer experiences across the omnichannel journey.
Let’s start with some basic concepts, and then get deeper with a guide to enhance customer experience in banking, and the best tools for a better customer experience in banking.
What Is Customer Experience In Banking?
When it comes to superior customer experience in banking, we’re referring to the overall perception and satisfaction that a customer (or prospective customer) experiences while interacting with your bank’s services, products, and touchpoints.
This can mean online and offline interactions, like visits to a local ATM or checking an account balance in a digital portal. Additionally, customer experience in banking can incorporate the usage of banking products (such as savings accounts, loans, or investment services), and the support a customer receives throughout their relationship with the bank (like chatting with a Customer Service representative).
4 Challenges That The Banking Industry Is Facing
It’s important to understand the challenges the banking industry faces today. These include siloed data, regulatory compliance, personalization, and omni-channel experiences.
- Siloed Data: Banks often have customer data spread across multiple systems—Customer Resource Management (CRM) platforms, transaction records, customer service databases, and more. This fragmented data makes it difficult to create a single customer view.
- Regulatory Compliance: The financial industry is heavily regulated, and banks must ensure that their data practices comply with various legal requirements, such as consent, GDPR, CCPA, and other data protection laws. For more information on these laws, see our blog, De-Mystifying Data Privacy: The Scoop on Data Privacy Regulations.
- Personalization Expectations: Modern customers expect personalized experiences similar to those provided by tech giants like Amazon. Banks must meet these expectations to retain and attract customers.
- Omni-channel Experience: Customers interact with banks through multiple channels—online, mobile apps, branches, ATMs, and call centers. Ensuring a consistent experience across these channels is challenging without a unified data strategy. Of special interest is Tealium’s unique mobile solution set that ensures enterprise-level engagement because today’s banking customer demands next-generation mobile experiences.
How To Enhance Customer Experience In Banking
To enhance customer experience in banking, you should use a tool like a Customer Data Platform (CDP) to unify and activate customer data in real-time.
A CDP is a tool that unifies customer data from various touchpoints, enabling organizations to create a real-time and actionable view of their prospects and customers. This unified data can then be used to deliver personalized experiences, improve customer engagement, and ultimately drive business growth.
The Best Tool For Customer Experience In Banking
Tealium’s CDP is the best tool for creating a better customer experience in banking.
Tealium’s solution is enterprise-ready and offers features and solutions to the challenges faced by the banking industry. Here’s how we do it!
Breaking Down Data Silos
Tealium’s ability to integrate with over 1,300 vendors and FinServ systems allows banks to unify data from disparate sources. Whether it’s transaction data, teller, ATM, or CRM systems, Tealium pulls everything together into a single, cohesive platform. This unified data layer provides banks with a complete view of each customer, enabling more informed decision-making and personalized customer experiences.
Enhancing Regulatory Compliance
With stringent data privacy regulations, banks need to be meticulous about how they handle customer data. Tealium offers advanced data governance features that help banks maintain compliance with global regulations. The platform allows for detailed tracking and auditing of data, ensuring that banks can demonstrate compliance with GDPR, CCPA, and other regulations.
Enabling Personalization at Scale
Tealium’s CDP enables banks to create detailed customer profiles based on real-time data. These profiles can be used to segment customers and deliver personalized content, offers, and services. For example, a bank can use Tealium to identify high-value customers and offer them personalized loan products or investment opportunities, thereby enhancing customer satisfaction and loyalty.
We recommend exploring our case study with ABN AMRO to see how we helped them offer more personalized experiences to their customers during their banking journey.
Providing an Omni-channel Experience
Tealium excels in providing consistent customer experiences across multiple channels. By integrating data from all customer interactions, Tealium ensures that a customer’s interaction with a bank is seamless, no matter what the touchpoint. This consistency is crucial in building trust and loyalty among banking customers.
A leading bank that implemented Tealium to streamline its customer data management saw major results. Before Tealium, the bank struggled with siloed data, leading to disjointed customer experiences. After implementing Tealium, the bank was able to unify its data, resulting in:
- A 20% increase in cross-sell opportunities and
- A 15% improvement in customer satisfaction scores
- Full compliance with GDPR, avoiding potential fines, and enhancing its reputation for data privacy
What Is The Future of CX In Banking?
The most important part of the future of CX in banking is the importance of data-driven decision-making. Although nobody has a crystal ball for the future, we know that future-proofing with consistent and reliable data will remain important.
Tealium offers a future-proof solution that not only addresses current challenges but also equips banks with the tools needed to adapt to future trends. By investing in a robust CDP like Tealium, banks can stay ahead of the curve, delivering exceptional customer experiences while maintaining the highest standards of data governance.
In today’s competitive banking environment, the ability to leverage customer data effectively is a key differentiator. Tealium empowers banks to break down data silos, ensure regulatory compliance, and deliver personalized, omnichannel experiences that customers now expect. By implementing Tealium, banks can not only meet but exceed customer expectations, driving growth and loyalty in an increasingly digital world.
