Top 12 Things Customers Want From Their Banks

The business landscape for banks and other financial services institutions is evolving. Regulations are forcing change. Banks are bigger and offer a broader range of services. But perhaps most importantly, customers are demanding a better experience and expanded services. Here’s a look at what they want:

  1. Make It Easy — facilitate simple online account set-up and funding capabilities
  2. Single Sign-On — give each client one identity to access multiple accounts and products
  3. Single View — show a panoramic view of the client’s financial life with full transactional capabilities; when, where, and how they want to engage
  4. Frictionless Financial Service — update outdated legacy systems that interfere or make the customer experience clumsy and awkward — fluid money movement between accounts and ease in opening new accounts is critical
  5. Money Movement — enable instant transfers with internal and external accounts
  6. Time For Play — provide useful modeling tools that allow customers to consider the possibilities of their financial future
  7. Cash Management Capabilities — provide automated and enhanced sweep capabilities that allow consumers to move excess money to interest-bearing deposit accounts help customers benefit from FDIC insurance by sweeping funds to different banks to extend protection limits
  8. Painless Payments — offer comprehensive electronic payments and invoicing capabilities, including bill pay, account-to-account, and peer-to-peer transfer capabilities; direct deposits; ATM/debit access; check writing; and over overdraft protection
  9. Remove The Clutter — create a green, paperless environment with communications, statements, and messages from the firm—all online
  10. Show Your Detail — provide quality data and performance management counts
  11. Enhanced Fraud Detection — ensure data protection and help customers preemptively avoid fraud
  12. White Glove Service – leverage service as a differentiator;  customers want to feel they are part of a valued relationship

The obvious challenge will be delivering on these customer wishes while maintaining a profitable business model and ensuring ever-changing regulations are met. Check out our full perspective, Integrating Bank and Brokerage Services, to see how banks can break down organizational silos to give customers what they want.

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