Superior Digital Experiences are Key to Customer Growth

Intro

As the world becomes increasingly digital, the banking industry must adapt to meet the changing needs and expectations of customers. Synovus Bank, based in Columbus, Georgia, understands the importance of providing a strong digital experience to acquire and retain customers. In this article, we will explore why a strong digital experience is crucial, how Synovus has improved its digital customer experience, and the impact it has on customer growth.

Why is a strong digital experience key to acquiring new customers?

Customers today expect a seamless digital experience when interacting with their banks. They want convenience, speed, and ease of use in managing their financial accounts. If a bank fails to offer a user-friendly digital experience, potential and existing customers are likely to switch to a competitor that can meet their expectations. Additionally, a strong digital experience helps build trust. By prioritizing customer security and providing reliable digital banking services, banks demonstrate their commitment to safeguarding their customers’ financial well-being.

How has Synovus improved the digital customer experience?

Synovus Bank has made significant efforts to enhance its digital customer experience over the past few years. They have replaced and updated their major digital solutions, including their consumer online and mobile applications. They have also invested in digital account opening and onboarding solutions, as well as a next-generation commercial and treasury digital platform. These improvements have not only enhanced the functionality of their digital platforms but have also increased their ability to serve the diverse needs of their customers.

Which features and functionalities are necessary for a mobile banking app?

Table stakes for a mobile banking app include essential features such as account balance checking, transaction history, fund transfers, mobile check deposit, ATM/branch locator, biometric login, alerts, and card management. These features have become standard across the industry and are expected by customers. Moving forward, personalized financial advice and low-friction budgeting tools will become increasingly desirable. Additionally, mobile payments, conversational AI capabilities, digital identity verification, and even augmented reality experiences are emerging trends that can further enhance the digital banking experience.

How do banks accommodate the preferences of all generations?

Different generations have different preferences when it comes to digital banking. Younger generations are more comfortable with self-service options and prefer to figure things out on their own. On the other hand, older generations may prefer a more simplified approach, focusing on basic transactions. To cater to various customer needs, banks must strike a balance between offering self-service options and providing the option for human assistance. Synovus Bank aims to become relevant to all demographic groups by exploring segmentation opportunities within its digital platforms. Their goal is to offer a common mobile app that can be personalized based on individual preferences.

How is the industry doing regarding delivering a seamless omnichannel experience?

While progress has been made, the banking industry still has work to do when it comes to providing a true, seamless omnichannel experience. While most banks offer multiple channels for accessing accounts, such as mobile apps, online banking platforms, and ATMs, integration between these channels is not always seamless. The industry needs to focus on improving the flow and continuity of the customer experience across all touchpoints. This includes aligning digital and physical channels, ensuring consistent branding and messaging, and enabling smooth transitions between different channels.

Related Facts

• Customer expectations for digital banking experiences continue to rise, and banks must keep up with evolving demands to stay competitive.
• The COVID-19 pandemic has accelerated the shift towards digital banking, making it even more critical for banks to invest in superior digital experiences.
• High-quality digital experiences can enhance customer satisfaction and loyalty, leading to increased customer retention and organic growth.

Key Takeaways

Providing a strong digital experience is crucial for acquiring and retaining customers in the banking industry.

Investing in digital solutions and continuously enhancing digital platforms are essential for meeting customer expectations.

Personalization and segmentation within digital platforms are key to accommodating the preferences of different generations.

The banking industry must focus on seamless omnichannel experiences to provide customers with a consistent and convenient banking journey.

Conclusion

In today’s digital age, banks must prioritize delivering superior digital experiences to drive customer growth. A strong digital experience not only attracts new customers but also builds trust and loyalty among existing customers. Synovus Bank’s efforts to continuously enhance its digital customer experience showcase its commitment to meeting customer expectations. As the banking industry evolves, providing personalized, seamless, and omnichannel experiences will be the key to staying competitive and thriving in the digital landscape.