# Building the Bank of You
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2022-07-08
Category: BANKING
Category URL: https://financedigest.com/category/banking
Meta Title: Enhance Customer Loyalty with 360 Degree Banking Technology
Meta Description: Discover how banks are investing in technology to provide a personalised customer experience and loyalty rewards, creating a seamless and connected service.
URL: https://financedigest.com/building-the-bank-of-youhtml

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_![](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/236-1736815592452-compressed.jpg)_

_By **Ryan Joyce,** Head of FinTech UKI at Salesforce_

In recent years, banks have begun tapping into areas of our lives previously uncharted by the financial services sector. Whether it be cash-back rewards for your favourite shops or complimentary cinema tickets for referring a friend, today’s banks are rewarding [customers for their loyalty](https://www.financedigest.com/how-do-you-build-customer-loyalty-3-steps-to-follow.html "HOW DO YOU BUILD CUSTOMER LOYALTY? 3 STEPS TO FOLLOW") with exciting everyday experiences that keep them front of mind at all times.

So how are these organisations [creating an offering that enables them to stand out from the crowd and satisfy their customers](https://www.financedigest.com/the-importance-and-growth-of-banking-ecosystems-to-create-superior-customer-experiences-and-value.html "The importance and growth of banking ecosystems to create superior customer experiences and value")? Investing in technology that provides a 360 degree [customer view can be a great place to start to deliver an exceptional customer experience](https://www.financedigest.com/how-will-open-banking-impact-the-customer-experience.html "How will Open Banking impact the customer experience?").

**Make your** [customers feel like one in a million](https://www.financedigest.com/crypto-broker-genesis-owes-geminis-customers-900-million-ft.html "Crypto broker Genesis owes Gemini’s customers 0 million – FT")

Today’s [consumer wants to feel](https://www.financedigest.com/consumer-durables-sector-still-feeling-the-effects-of-recession.html "Consumer durables sector still feeling the effects of recession") seen and understood. This can be as simple as knowing that a customer already has two [credit cards with their bank](https://www.financedigest.com/explainer-what-are-credit-default-swaps-and-why-are-they-causing-trouble-for-europes-banks.html "Explainer-What are credit default swaps and why are they causing trouble for Europe’s banks?") so targeting them with offers for an additional one will be frustrating. Although people demand the convenience of digital offerings like [mobile and online banking](https://www.financedigest.com/communicating-with-the-customer-is-the-future-of-mobile-banking.html "Communicating with the customer is the future of mobile banking"), they still want to know they have access to a person that understands their needs and can escalate a problem, when required.

Taking the time to understand where your customers are in their lives and offering services to best fit them at that moment in time is integral to delivering an exceptional customer service — whether that’s refinancing [student loans or creating a new savings](https://www.financedigest.com/student-loans-hurting-workers-ability-to-save-for-retirement.html "STUDENT LOANS HURTING WORKERS’ ABILITY TO SAVE FOR RETIREMENT") account to prepare for a family.

With experience becoming central to relationships, customer service in [banking must become](https://www.financedigest.com/banks-need-to-become-a-lifestyle-brand.html "Banks need to become a lifestyle brand") connected and seamless, anytime, anywhere, and on a preferred channel of choice. This starts with putting the customer at the centre of everything.

By deploying technology that offers a 360 degree view of every single customer, [banks can use these data](https://www.financedigest.com/open-data-represents-the-biggest-challenge-to-banks-in-a-generation.html "Open data represents the biggest challenge to banks in a generation") insights to predict their customer’s individual needs and provide a personalised experience. The advantage here is that all areas of the [business have access to this data](https://www.financedigest.com/reckon-introduces-link-to-bank-data-to-help-small-businesses-streamline-the-reconciliation-process.html "Reckon introduces link to bank data to help small businesses streamline the reconciliation process "), so every customer touch point becomes consistent and connected. From a customer perspective, this improves the overall [experience and fosters long-term loyalty](https://www.financedigest.com/fintechs-how-to-increase-loyalty-through-user-experience-and-fraud-prevention.html "FinTechs: How to increase loyalty through user experience and fraud prevention") by making them feel valued.

**Take inspiration from everywhere**

Gen Z and millennials in particular, are not afraid to [switch banking](https://www.financedigest.com/new-legislation-makes-switching-bank-accounts-simples.html "New legislation makes switching bank accounts “simples”") providers if their loyalty is not being recognised. In recent years, loyalty programmes have become a popular tactic to [improve customer](https://www.financedigest.com/improving-customer-experience-and-profits-with-embedded-payments.html "Improving customer experience and profits with embedded payments") service, whether that be in retail or hospitality. This has not gone unnoticed by the banking sector, with many big names in the [financial services sector introducing their own rewards programmes – including Lloyds bank](https://www.financedigest.com/financial-crime-is-the-chink-in-the-banks-armour.html "Financial crime is the chink in the banks’ armour") ‘Club Lloyds’, Citibank’s ‘Thank you’ programme and the Co-operative Bank’s charity rewards initiative.

The latest Salesforce [State of the Connected Customer report](https://www.salesforce.com/news/stories/customer-engagement-research/) has revealed that 56% of consumers are more likely to buy from a brand with a loyalty scheme. However, merely establishing a [loyalty programme does not guarantee customer](https://www.financedigest.com/the-problem-with-measuring-customer-loyalty-and-how-to-overcome-it.html "The problem with measuring customer loyalty; and how to overcome it") retention. How these programmes are executed and [delivered is integral](https://www.financedigest.com/5-ways-data-integration-solutions-are-helping-financial-organizations-deliver-improved-outcomes.html "5 Ways Data Integration Solutions Are Helping Financial Organizations Deliver Improved Outcomes") to their success, for instance two thirds (61%) of consumers would use a loyalty scheme more often if rewards were automatically applied and over half (55%) would opt in to the service if it offered personalised rewards.

**Be where your customers are**

Today’s customers want convenience, speed and efficiency. Digital banking [services](https://www.financedigest.com/20-billion-in-bank-service-fees-are-you-overpaying.html " Billion in Bank Service Fees: Are You Overpaying?") are now standard, which means customers will be comparing the speed and usability of different banking providers’ online and mobile offerings. For banks, this now [means the mere presence of an app on which people can address their banking](https://www.financedigest.com/banking-turmoil-means-recession-fears-are-creeping-back.html "Banking turmoil means recession fears are creeping back") needs is no longer enough. The functionality of that app and how it works in tandem with other aspects of customer [service in banking](https://www.financedigest.com/30-per-cent-of-uk-consumers-would-use-amazon-google-facebook-or-apple-for-banking-services.html "30 Per Cent of UK Consumers Would Use Amazon, Google, Facebook or Apple for Banking Services") will be the differentiator. Investing in technology that integrates with other tools and [platforms that customers](https://www.financedigest.com/a-ccm-platform-is-crucial-to-your-customer-communication-plans-heres-why.html "A CCM platform is crucial to your customer communication plans: here’s why") use in their everyday lives, makes processes simpler and keeps customers happier.

If younger [customers’ preferences](https://www.financedigest.com/walk-in-coolers-and-freezers-market-preference-for-customized-and-smart-machines-growing.html "Walk-in Coolers and Freezers Market: Preference for Customized and Smart Machines Growing") are an indicator of the future, digital footprints will expand. Millennials are the most digitally-inclined generation, followed closely by Gen Z — a cohort [yet to fully come](https://www.financedigest.com/have-multi-asset-funds-had-their-day-or-is-their-best-yet-to-come-new-whitepaper-from-camradata-explores.html "Have multi-asset funds had their day or is their best yet to come? New whitepaper from CAMRADATA explores") of age. Recent Salesforce research also revealed that over two thirds (65%) of Gen Z and [millennials now prefer to engage](https://www.financedigest.com/how-conversational-commerce-can-help-banks-engage-with-millennials.html "How conversational commerce can help banks engage with Millennials") through digital channels, as opposed to in-person services. Now is the time to [communicate with these customers](https://www.financedigest.com/talk-to-me-the-changing-face-of-customer-communications.html "TALK TO ME :THE CHANGING FACE OF CUSTOMER COMMUNICATIONS"), understand their needs and invest in enhancing your digital offering.

Enhancing the [customer experience](https://www.financedigest.com/visionary-banks-fight-the-blur-hybrid-computing-architecture-brings-a-faster-sharper-customer-experience.html "Visionary banks fight “the blur”: Hybrid computing architecture brings a faster, sharper customer experience") is paramount to success in the financial services sector, and taking the time to understand your customer’s evolving wants and needs will be integral to continued success. Today’s customers want to feel like their needs come first, and [banks that can deliver on this will ultimately come](https://www.financedigest.com/central-banks-hike-rates-again-but-a-pause-is-coming.html "Central banks hike rates again, but a pause is coming") out on top.


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