Customer experience is often the deciding factor when it comes to banking. Today’s customers want personalized interactions, simplified banking and access to their accounts through technology. Banks that can innovate and meet customers’ needs have a huge competitive advantage. Here are 10 examples of innovative banking customer experiences.
Bank of America recently launched its AI-powered chatbot, Erica, and saw more than 1 million users in the first three months. Erica makes it easy for customers to search transactions, transfer and deposit funds and get advice on financial products. The chatbot is integrated with Bank of America’s financial literacy library to quickly provide resources to customers. Erica can understand voice or text commands and gives customers a virtual personal banker in their pocket.
In Spain, BBVA has an app feature called Bconomy, which helps customers set goals, save money and track their progress. On top of that, the app also makes suggestions about how to save money and compares prices on things like utilities and groceries. Users can also compare their spending to people like them to see if their financial activity is on track. In just three weeks, Bconomy had half a million users. BBVA and Bconomy make it easy for customers to get personalized financial advice no matter where they are.
Instead of customers waiting in line to talk with human tellers at bank branches, Chase Bank uses automation. The bank has installed self-serve teller kiosks in many of its branches so that customers can quickly help themselves. Chase also recently introduced “Express Branches,” which feature kiosks and an advice bar for digital products or new accounts. The smaller branches make it easier for customers to get the help they need without waiting in line.
Polish bank Idea Bank makes its products available on the go—literally—with branches and co-working spaces on commuter trains. The Idea Bank cars feature desks and conference spaces, plus free office supplies, Wi-Fi and coffee. Any passenger can use the space while the train is moving, but priority is given to Idea Bank customers. The car is staffed by Idea Bank employees to help with bank transactions. It’s all part of the bank’s goal to support small business owners by giving them a place to work from the road.
It used to be that sending money to a friend or transferring between banks was a long process with lots of hoops to jump through. Zelle makes it easy to move money between banks. It has partnered with more than 30 banks and allows customers to transfer money with the click of a button. Instead of waiting for payments to come in or getting checks from friends, Zelle opens the door to get and send money anywhere.
Russian bank Sberbank uses an AI-based tool called Tips to help customers improve their financial habits while saving time and money. Tips analyzes each customer’s banking behavior to provide personalized estimates for what will happen in their future. From there, customers can set financial goals and get connected to the best products to reach those goals. The more a customer uses Tips, the better the recommendations. Tips puts everything together in one place for simpler banking.
Capital One customers can take advantage of Eno, a text-based chatbot to help with all their financial needs. Eno learns more about each customer’s behavior with every interaction and can adapt to meet their needs and preferences. A simple text command can show customers their balance and recent account activity and help them pay bills. The bot even understands emojis for a truly human-like communication experience.
Like the name implies, Simple Bank is simply a bank. With everything online, there aren’t any branches. Customers can control everything about their accounts through the app and visit a large number of partner ATMs for cash transactions. Simple’s app allows customers to monitor their accounts and budget all in one place. The entire experience is built around helping busy customers keep track of their money without any red tape.
Instead of having to fumble through a wallet or risk losing a bank card, Barclaycard in the U.K. has a Grab+Go feature that turns customers’ smartphones into wallets. Customers can scan items into the app while they shop and then pay for them through mobile checkout without having to wait in line. Grab+Go helps customers streamline their shopping and spend more time doing the things they love.
BMO Harris Bank recently opened a “Smart Branch” to combine the best features of interactive technology and human advice. The branch includes video tellers that interact with customers through screens, Smart ATMs and on-demand video to showcase products and advice. Bankers also have tablets to help customers with their accounts and online access.
Banking will continue to evolve and transform as customers demand more from their banks. Customer experience technology can help a bank innovate, and I will continue to cover these examples of innovation here on this column.
I am a leader in customer experience, a keynote speaker and customer experience futurist currently working on my second book with HarperCollins on customer experience technology. My first book is "More is More: How The Best Companies Work Harder And Go Farther To Create Knoc...