Retail Banking Customer Experience: Rebuilding a strong and lasting bond with customers
A tailor-made conversational solution for banks
3,038 bank branches are connected to Critizr’s conversational solution
Average performance of our banking customers in 2022
59.72
NPS / KPI
3.79
Customer Relationship Score
3.62
Google My Business Score
66%
Dissatisfied Customers won back
(Re)Humanise the banking experience
The quality of the customer experience within a bank has a direct impact on customer satisfaction and loyalty. Efficient problem-solving, an empathetic understanding of their needs and the availability of advisors are just a few vital factors.
Customers need a personalised relationship and support dedicated to their financial issues: only your in-branch advisors can provide this kind of service. In addition to this support, they need easy access to an advisor who knows their needs best, whenever they need them.
Omnichannel and proximity are, therefore, key for the future of banking. 76% of customers re-challenge their banks every 1 to 5 years when they take out a loan (KPMG2020).
For the team of advisors, this strong link with customers allows them to have an up-to-the-minute view of customer satisfaction and to readjust processes within the branches. Direct access to customer opinions allows the management of advisors to transmit feedback, whether it be areas for improvement or compliments. The customer is placed back at the center of the business.
68%
of bank visitors agree that the in-store staff understand the customer better than HQ
Detect attrition risks and turn detractors into satisfied customers.
- • 61% of Brits switch banks at some point in their life (Finder, 2021)
- • 26% switch every three to five years.
- • The emergence of online banks has accentuated this versatility: 27% of British adults have opened an account with a digital-only bank, equating to 14 million people, as of January 2022 (Finder, 2022).
The risk of attrition is stronger than ever, a major challenge for retail banks. How can you detect your detractors and turn them into satisfied customers?
Answer: by (re)creating a strong and close link between your customers and your branch advisors.
41%
of bank visitors have intentionally chosen not to return due to the in-store staff not offering a good enough in-store service.
Increase the intensity of your customer’s relationships by accompanying them during their key life moments.
Financing a property, buying a car, diversifying your investments or preparing for retirement. These are all key moments in your customers’ lives that you can detect and capitalise on, transforming opportunities into transactions for your business.
But how can banks maintain this strong long-term connection with customers? By multiplying interactions with your customers and recreating a real “relational intensity”, you will be able to detect “relational motives” to re-engage the relationship, i.e. find adequate re-contact opportunities with your unseen customers.
40%
of bank visitors agree they would be more loyal to a brand if they had a closer connection to the in-store staff.
Achieve a real-time 360° view of your customer’s satisfaction.
Recreating a link and a connection with your customers is essential to build loyalty. Listening to your customers to know them better is a way to (re)create this link between your agencies and your customers. But too often, this link is only established with ‘seen’ customers – i.e. those who come into a branch or by sending post-visit satisfaction questionnaires, for example. This approach is essential but insufficient: the challenge is to focus part of the customer feedback process on all your customers, seen and unseen.
By only listening to post-visit customers, Banks essentially ignore a large percentage since 30 to 50% of a bank’s customers are considered ‘unseen’. However, among the unseen customers, the loss of profit is the greatest in terms of customer satisfaction. (Up to 1 point less on the satisfaction score for the unseen customer population – Source: Critizr 2022)
61%
of bank visitors agree the speed at which a bank responds to their online review would impact their decision to visit there again.
Find all our resources dedicated to banking
Blog
The 4 key issues of customer experience in the banking sector
According to Forrester’s 2022 European Banking Customer Experience Index (1), the main factors influencing customer loyalty in banking
Blog
Why should banks care more about their unseen customers?
With the digitalisation of the banking industry, the development of omnichannel banking and the emergence of online banking
Blog
Beating the disruptors at their own game: how harnessing the power of digital in bank branches can supercharge the customer experience
The future of banking seems clear, and it’s digital. Or so everyone would have you believe.
