How E-Banking Affects Customer Satisfaction
Recent innovations in technology have transformed the way of life. It has impacted all segments of society be it banking, retail, healthcare, education, or telecom. Customer satisfaction is the ultimate goal of companies through which they can retain and increase their sales. Hence, each day, companies are trying to incorporate new systems and technologies into their business to satisfy their customers.
In the banking industry, for example, E-Banking is now the popular choice. There are various e-banking apps that can be accessed easily on mobile phones. All you need is a device and an internet plan such as Spectrum Mobile plans, or any other to download the apps and begin using them. The ease of performing transactions anytime, anywhere is a newfound luxury that has transformed the banking system.
Importance of Customer Satisfaction
Because all banks offer similar products, customer service is the only differentiating factor between them. Customer service is crucial to banks to set them apart from their competitors; a satisfied customer is less likely to switch to another bank. Therefore, it is imperative that banks offer the correct product, service, or support at the right time to their customers in order to retain them and keep them happy.
Although marketing is important to promote businesses, for banks, having satisfied customers is far more profitable as that boosts their financial performance. The higher the level of customer satisfaction, the more loyal they will be for a long time.
What Is E-Banking?
Electronic Banking is an arrangement between a financial institution and its customers that allows encrypted transactions via the internet. You can perform funds transfers, view account statements, pay utility bills, locate the nearest ATMs, and do much more using an online banking app.
E-Banking is a big term that covers:
- Internet Banking
- Mobile Banking
- Debit Card
- Credit Card
- Point Of Sale
- Electronic Data Interchange
- Electronic Funds Transfer
With the invention of online banking, customers now don’t need to go to the bank for their basic transactions. All these tasks can be done at their convenience wherever they want whenever they want. After registering an account, all it requires is a mobile or laptop, a working internet connection, and a bank card to take advantage of online banking with ease.
Advantages of E-Banking for Customers
To ensure customer satisfaction, a few considerations should be taken into account when developing E-Banking products such as ATMs and mobile apps. Let’s have a look.
One of the major advantages of E-Banking is the ability to perform transactions 24 hours a day, seven days a week. Banks that offer user-friendly apps which customers can easily use to perform their daily banking tasks will have higher customer satisfaction levels as compared to a bank that doesn’t offer this service.
Banks must ensure high-class privacy settings and security controls for their online apps and ATMs. With these tightened security controls, customers will feel more secure doing transactions which will lead to higher customer satisfaction. Banks that allow proper encryption of data to ensure fast, reliable, and secure transactions tend to stand out from their competitors. Additionally, the constant notifications received by the bank whenever a certain action is performed on one’s account is an excellent feature that keeps the account holder constantly connected to their account.
Fast and Efficient
E-Banking is a fast and efficient way to transfer funds, check bank account statements, open bank accounts, pay utility bills, and so on. Many customers prefer doing all these tasks from home without having to go to the bank. However, mobile apps need to be fast and efficient so customers can perform their tasks easily. App design should be simple so more customers can access it easily. Banks that provide superior facilities to their customers tend to rank higher than others in terms of service.
Bank accounts can be closely monitored through E-Banking apps. Customers can keep track of all the activities happening in their accounts by turning on notifications. Whenever an activity takes place, the customer is notified through the app’s notification or text. Furthermore, around-the-clock access can easily detect any suspicious activity that might be taking place and reduce the chances of a huge financial loss.
E-Banking and Customer Satisfaction
The introduction of E-Banking has revolutionized the banking system entirely and has turned out to be a viable tool to create customer value. By providing customers with reliable and speedier services and increased control over their accounts, E-Banking is becoming more profitable. Customers are in control as they can access their bank accounts easily, whenever they need to whether it is to monitor their account statements, transfer funds, pay their bills, or change their ATM pin. Unlike conventional banking where customers had to visit banks and wait in long queues, E-Banking allows customers to conveniently perform their tasks within a matter of clicks from anywhere. This ease of use, control, transparency, efficiency, and quality of services is what ensures customer satisfaction.