The BrightFit logo and the Sterling National Bank logo on a plum-colored background

When considering your financial institution’s strategy and goals for the next year, the customer experience should be front and center. A positive customer experience (CX) grows brand trust, generates word of mouth, and can lead to better opportunities to up-sell or cross-sell products and services to existing customers.  

One of the leading expectations from modern banking consumers is state-of-the-art digital experiences. The rate of digital adoption has grown exponentially thanks not only to Covid, but also the innovation of leading institutions and fintech brands. According to a survey of over 17,000 banking consumers, digital channels like mobile apps or online banking services are now used far more frequently than branches and ATMs.  

For community banks and credit unions, many of which face a widening gap in digital capabilities, there are huge opportunities to improve their offerings and deliver a distinct customer experience.  

Digital Banking Customer ExperienceTrends in 2022

Last year’s Digital Banking Report highlighted the digital user experience, personalization, and financial education & advice as having the greatest impact on customer experience. For this coming year, we’ve compiled a list of the top three digital banking trends that customers are expecting from their local financial institutions.

1. Meet Customers Where They Are, When They Need You

As technology advances, innovations in data, analytics, and channels have allowed most banks to expand the way they engage with customers to build better relationships. Customers want to be provided with insight into new financial opportunities and minimize their risk, but they will be more receptive when that information is timed to their personal activities or milestones.

By offering customers a digital platform capable of powering proactive engagement, community banks and credit unions can:

  • Educate customers about products and services to make improved financial decisions.
  • Notify customers regarding billing, application status, or announcements to keep them up to date on transactions.
  • Collect customer feedback to identify and understand customer experience gaps.

2. Hyper-personalization

Delivering value to customers and understanding their needs is vital for financial institutions to deliver a personalized service. Each customer manages their finances differently, and hyper-personalization is about providing them with the experience they’re looking for.

Whether it’s automated transactions like autopay and autosave, niche products for a distinct consumer group, or tailored suggestions for investments, personalization truly puts the customer first. It can also maximize your own customer knowledge, putting the collected data into action to cultivate a strong, long-lasting relationship with each individual person.

3. A Seamless Experience

Today’s consumers expect consistency across brand channels. They no longer distinguish between what is done online or offline (ask anyone younger than 25 what the term online means and you’ll likely get a blank stare). A banking transaction may be accomplished online, via an app, in a branch, through a call center, on a voice device, or even through video. Whichever option the consumer chooses, they will expect the same brand experience every time.  

This means banks and credit unions need to meet this expectation of consistent buying and contact experiences. Part of this digital transformation will require significant internal process changes, including modern banking platforms that allow real-time data synchronization between different channels.

The best strategy for any financial institution to improve its digital banking services is to learn what your customers and members expect. High consumer expectations are on the horizon, meaning now is the time to create fast, simple, and customized digital experiences that enhance your customer’s journey.  

As innovation continues, the technology small financial institutions need to digitally transform will be ready and available. Your bank or credit union can build and configure a unique combination of consumer digital banking products and features to stand out in a crowded market. With a modern digital experience, you can delight customers and save time and money over legacy technology and operations.  

Learn how you can create the solutions your community needs with a banking platform that meets all your customer’s expectations.