Sajeev Sreekantan, who heads the TemenosUXP practice Aspire Systems outlines the number 1 essential way to figure out if a bank’s digital channel requires a revamp.

Internet and mobile banking channels is a key user experience tool for banks. Listen to Sajeev’s podcast where he points out customer behavior patterns to realize the real need of a revamp.

Audio Transcript

Since the time ATMs were first rolled out in the 1960s, followed by internet banking in the 1990s and mobile banking in the late 2000s, banking customers have come to expect 24-hour access to checking their savings accounts no matter where they are.

Still, the most useful and powerful cross-channel, digital tools rolled out in recent years were not introduced by banks themselves, but by tech companies that understood how to use the Internet, data analytics, and mobile technologies to solve customers’ day-to-day banking problems.

So here is the number one way to tell if your internet banking channel really needs a revamp.

Do you find the number of customers visiting your bank’s branches higher? Even with ample amount of information available online for customers – do you wonder why the number of visits is high?

Then it’s time for you to start thinking about revamping your internet banking channel. This is a huge – huge – huge reason that often banks tend to overlook – since they believe this is a good sign.

The no 1 reason your customers are visiting a branch is because they need a relationship manager to guide them on attaining certain information.

When account holders can’t access very much of their own data (in many cases they can only see the most recent year’s statements online) and are limited to viewing account balances, rather than sorting raw data to see, for example, how much money was spent on groceries over 63 days’ time.

All kinds of customers’ transaction information must be found available including insights on their recent grocery shopping spree and so on. The key is to provide personalized services on your internet banking channel so that they do not have to make a trip to your branch whining.