What Today’s Customers Expect from Their Bank

Today’s customers are changing their expectations of everything, in particular, financial services. Historically, the bank has always been a safe place to keep one’s money. However, in today’s digital era, customers have come to expect much more than simply financial storage from their bank. Today’s bank account holders are made up of a rapidly growing generation of millennials who have come to expect digital services as standard in their lives. So, what are the main things that today’s banking customers want from their chosen financial institution? Let’s find out.

Bank customer relationship

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#1. Instant Access:

Whether it’s a savings account, checking account, credit card, or even savings bonds, today’s customers don’t want to go through lengthy processes of visiting the branch or telephoning the bank to find out their balance or make a quick transaction. Instant online access has become a huge priority for customers, with the quality of the online banking platform often being a major consideration taken when choosing a new bank. Customers today want to be able to simply log in and manage their money from home without the hassle of waiting in a telephone queue or standing in line at the branch.

#2. Mobile Banking:

In addition to the option of banking online, today’s customers want financial institutions to take it a little bit further by allowing them to bank on the go. Banks that do not provide mobile applications are taking a huge risk since the number of people using mobile banking is rapidly increasing. With millions of people around the world owning smartphones such as the iPhone, the ability to log into a bank account to get the balance, make transactions, view a statement, and even set up regular payments using Touch ID or a simple passcode has become a necessity for customers today, many of which have increasingly busy lifestyles.

#3. Security:

The need for security from a bank has always been a top customer priority. However, in today’s digital era, it has grown significantly. With an increasing number of customers now accessing their bank accounts using online and mobile platforms, it’s not just about making sure that their money is safe, but also the personal information that they must enter online to access it. Banks have realized the need to step up their security protocol with many using Touch ID for mobile applications, two-factor authentication for logging into online banking platforms, and card readers for setting up new payees and making large transactions online.

#4. Rewards:

Finally, interest rates alone aren’t always enough to sway today’s customers when it comes to choosing a bank to do business with. With banking competition on the rise, financial institutions need to think outside the box when it comes to what they can offer their customers to encourage them to open an account with them instead of other options. For example, many banks today use services such as Deluxe FI to provide their customers with a rewards program that works for them, for example, by offering cashback on purchases made online or in-store with their bank card.

Does your current bank meet all your needs? Let us know!

Anum

Anum Yoon is the founder and editor of Current on Currency. She loves all things personal finance, which is why you'll find her work all over the PF blogosphere.

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