The modern way of life is dictated by technology that offers a lot of convenience. From shopping online to getting medicines home-delivered, everything gets done effortlessly. Thanks to smartphones and consumer apps, this has become the norm. It’s not a wonder that people expect the same convenience when banking as well. Whether it’s about getting a loan or calculating savings account interest rates, they want everything to happen seamlessly.
Today, customers have a lot of banking options to choose from. To overcome competition and stay relevant, banks need to attract new customers and enhance customer satisfaction.
How Can Banks Improve The Account Opening Process?
Below are a few steps banks can take to improve the overall account opening process in India:
Offer Flexible Account Opening Options
Gone are the days when banks had people queuing up to open new accounts. Today, they have to pursue customers to open accounts. When it comes to attracting new customers, you have to keep one thing in mind. Convenience is the main factor that can tip the balance in your favour.
Go for a flexible account opening process. By flexible, we mean a seamless experience that involves mobile, online, and in-person banking. Today, many customers use more than one gadget in their daily lives. You need to make sure that the account opening option is present on all such devices. The process of physically opening an account should also be quick and hassle-free.
Ensure Ease of Use
Ease of use is one thing that potential customers expect in a bank account opening process. Make sure that your online application form has clear and self-explanatory interfaces. Customers must be able to understand what they need to do. At the same time, the interface must be smooth enough to use.
For in-person banking, the process of applying should be fast and simple. There must be helpful employees at the local branches to help clear customer doubts. For instance, if a customer is unable to understand the KYC requirements, there must be someone to explain it clearly.
Speed Up the Account Opening Process
In this era of customer gratification, you can’t expect potential customers to wait long for their accounts to be opened. Rather, you need to make sure that the account opening process gets completed instantly.
For instance, when a person opts for the bank account opening process online, the account should become functional within minutes. This facility must be extended to in-person customers as well. Once they submit their application form physically, it needs to be verified, and the account opened right away. This way, your customers won’t have to face delays, no matter whether they opt for the online or offline process.
Extend Follow Up Communication
It’s common for customers to compare the features offered by different banks before deciding which one to opt for. Customers often show interest in opening a new account and then don’t proceed. That is where follow-up communication can be an effective option to pursue them.
An email or a phone call can nudge them to take the required action. Another advantage of this service is that it can help clarify doubts and encourage customers to go with your bank. For instance, if they have any query about the savings account interest rates, a bank employee should address that. It can help them to take a call.
Offer Exceptional Customer Service
A major reason customers switch banks is that they are unsatisfied with the customer service of their current bank. Engage an enthusiastic and motivated customer service team that can respond to customer queries in a friendly way.
When potential customers call your bank, they should get their doubts and queries addressed effectively. Remember that it takes one bad experience for a person to reject one bank and opt for another. So, paying attention to this factor is essential.
Seek Feedback for Improvement
Different people have different expectations from a bank. Make sure to collect feedback from not just existing customers but potential ones as well. It will help you understand people’s expectations when they apply for a new account. You can mark the areas where you can make improvements and act accordingly.
The opening of a bank account marks the beginning of a relationship between a customer and the bank. Ensure that it happens on a smooth note. Make your potential customers feel valued right from the start, and you’ll be able to increase your customer base effectively.