Forbes shared that 87% of business executives felt that individuals trusted their firms, however, it was only 30%. Establishing trust in online financial services is now a necessity for firms to keep receiving customer loyalty. For banks to retain their customers, they must establish and continue to maintain strong levels of trust in the products and services being provided.
Traditionally, trust is built through face-to-face interactions but, with the accelerated movement of banking services online, how can banks build that same level of trust with customers digitally? Given the statistics, finance firms should have the best digital marketing company in Dubai by their side to deal with the virtual problems. This blog will help you understand how to build trust in online financial services.
Cybersecurity
Given the excessive misuse of the internet, it is not unusual for data breaches or hacks to steal information and eventually serve a blow to the trust established by a financial institution with its customers. Banks need to make sure that the digital technologies they employ are reliable and secure to build trust in online financial services.
Unbreachable cybersecurity is the biggest challenge for establishing trust in online financial services. For banking and other financial services, there should be:
- End-to-end encryption for data transmission.
- Multi-factor authentication (MFA) for customer logins.
- Biometric authentication
It is important for banking applications to stay compliant with global banking security regulations (PCI-DSS, GDPR, ISO 27001) to become a benchmark of trust, and thus establish a sustainable climate for users.
“Human” Interactions
Even with digital advances, human interaction is necessary to enhance face value. People trust people. This is why technology is utilized to enhance experiences, but human touch is used to fuel engagement, loyalty and brand satisfaction. Customers still desire to deal with trusted experts, so even if it is through website content or a chatty chatbot, financial institutions must include a human-like element in interactions. To keep it cost-friendly and time efficient, employ a social media marketing agency in Dubai to give a human touch to your applications and social media platforms and resolve customer issues.
Personalization
The expansion of digital services has transformed the nature of experience and raised the degree of personalization that a customer anticipates from their financial services provider. Lack of personalization is seen as the biggest deterrent to consumers engaging in online business.
Technologies such as cloud computing, AI & machine learning are enabling personalization at a scale. Banks can surprise and delight customers by delivering personalized and contextual recommendations, insights and nudges that enable them to better manage their finances.
To create trust, the customer needs to be at the heart of digital plans and data needs to be utilized to serve relevant and useful information based on the customers’ requirements.
Exceptional customer journeys
The customer’s journey is crucial in establishing financial services trust. Banks must consider what occurs after a client has been acquired and what journey they undertake.
Building smooth customer journey requires elimination frictions, simplifying services and providing effective processes that meet customer needs, minimize customer drop-off and enhance engagement.
Whether the transaction is conducted online or via bank, the experience needs to be one of consistency and on-brand. A reliable SEO consultant in Dubai can help you curate excpetional customer-centric strategies so you can get the best virtually.
Radical transparency
Transparency equals trust. By giving the customers all the information, they need about the products and services they can access, it not only aids them in making the right financial choices but instills trust in the bank. Banks must make clear what the customer needs to know initially and avoid deceptive messaging and marketing.
By being open about the Terms & Conditions, customers can be assured of the choice they are making and whether they can trust their bank. Trust drives participation, it boosts loyalty, and has a direct effect on a bank’s bottom line. Banks must know their customer’s motivations and behaviors to deliver outstanding customer journeys, to ensure long-term loyalty and to establish and maintain trust.
Transparency isn’t necessarily about displaying everything, all at once, but about displaying the right things and keeping the customer informed so they can access what they require.
Provide a customer-centric experience
Put your customers at the forefront. With everyone turning to digital banking, banking firms must get it right so that they’re providing a seamless experience. Adding too much information can sometimes be daunting for a new customer.
Your products should be easy for customers to navigate to what they’re searching for – and in a scenario where they can’t, it should be simple for them to ask for assistance through mechanisms such as live chat.
Utilize customer data
A huge advantage of having digital services is that information can be retrieved. This information is gold dust. You can use it to fuel enhancements to your app or customer service based on what your customers desire.
Statistics can assist you in identifying the most important setbacks and loopholes, which you can leverage to enhance your customer service. Seek out the reasons behind user dissatisfaction – technical or feature limitations in your online services, or do they no longer have an interest in the product? By taking the help of the best SEO services in Dubai, you can understand what the pain points of your users are and attempting to rectify these results in a more customer-focused strategy.
Find a balance
Financial institutions face the tricky challenge of having easy-to-use digital services, but never too secure. Finding a balance between quick, easy and secure is the mantra to build trust in online financial services. The trade-off between optimization and trust is a fascinating one. You sometimes must slow down certain processes to customers’ expectations of how long they believe it will take. Such expectations can be addressed by effective UX design.
Be attentive and available
8% of customers complain through social media for Financial and investment services. In this digitally advanced world, social media is growing as a platform for complaint and consumer communication.
Your social media representative doesn’t have to fix the issue right away. They just need to greet the customer, let them know what progress of their problems is and transfer them to the correct department.
