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Five Customer Experience Mistakes Banks are Making Online

Five Customer Experience Mistakes Banks are Making Online

Marketing Executive Nic Weschenfelder looks at some common mistakes from finance sites, and how they can improve the customer experience. 
It seems it was only a few years ago that folks had to pull out their cheque books and several forms of ID to withdraw money, set up new accounts or transfer money.
Of course, all of these transactions were usually done with the help of a friendly representative, but today these representatives are required less and less thanks to online technology.
So has the banking experience become less personalized? No. Since the innovation of online/mobile banking customers are actually getting an increasingly personalized customer experience where consumers can carry out transactions within a few clicks or taps.
Customers are becoming less bothered about the convenience that a local branch can offer and more interested in the ease and experience of online banking. So when it comes to online banking what are the main mistakes that are pushing existing and potential customers out the door.
Here’s five common mistakes banks are making when it comes to customer experience…

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How User Experience Can Drive Customer Loyalty for Banks

How User Experience Can Drive Customer Loyalty for Banks

Financial services brands can build customer loyalty and increase customer lifetime value through user experience. Great mobile banking apps are one way to achieve this. 
Customer loyalty is a challenge for financial service firms. Like many businesses, this sector has often had a greater focus on new customer acquisition than retaining existing customers.
There are obvious benefits of a focus on customer retention. For example research shows the potential of selling new products to existing customers at 60-70%, compared to between 5% and 20% for new customers.
It’s now more of a challenge that it used to be. Thanks in part to the Current Account Switch service, introduced in 2013, it’s now much easier to change banking providers.
More than 3m customers have switched accounts since 2013. Moreover, there is less of a perception amongst the public that changing banks is a major hassle. 83% find it easy to switch.
Now that switching is easier, banks have to work harder to hold on to their customers, and user experience has a huge part to play here.
This is where digital comes in. The use of banking websites and apps has grown rapidly, with mobile banking apps used 11 million times a day in 2015, up from 7 million in 2014.
Banking apps and online services are now a key part of the experience for finance customers, and providing an excellent user experience in this area can be key to retaining (as well as attracting) customers.

To put it simply: if users find it easy to use banking services on mobile and desktop, then they’re more likely to be happy customers.

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E-Commerce: Champions of Europe

E-Commerce: Champions of Europe

EMEA Marketing Assistant, Matt Anderson, looks into our database and identifies E-commerce trends and winners, as he’s on the lookout to see who doesn’t make it to the second round.
Ciao, Hallo, Salou, Hola! This summer is really a busy one in Europe. Whether you’ve recently been waxing lyrical over the kitsch grandeur of Eurovision or you’re excited over the football (To see your hopes, frozen out by Iceland shh…let’s not mention that), it sure is a busy season! Which means that there is no better time than now to look at the European E-commerce market and do some analyzing!
To begin scouring Europe, we gathered a manageable group of the the top companies in Europe to ensure our data was as relevant as possible, and the results are as follows…

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