4 customer experience improvements business owners want from their bank

Nearly 80% of business owners use the same financial services for personal and professional business, according to BAI.

Video: How the blockchain and smart contracts are changing the finance industry Caitlin Long spent 22 years on Wall Street. The president of New York startup Symbiont explains how distributed ledger technology is forcing banks to innovate.

Nearly 80% of business owners using the same provider for both personal and business financial services, and these professionals expect a lot out of their financial representatives, according to a recent BAI report.

SEE: 10 ways to communicate more effectively with customers and co-workers (free PDF) (TechRepublic)

The report surveyed 600 business owners to determine what they want from financial services firms. As technology shifts, customers expect services to do the same: Nearly 70% of business owners said they would prefer to open a deposit account online, and nearly 50% would prefer to open a loan online, the report said.

The top three reasons business owners said they would choose a new financial services provider are lower fees, better rates, and a better understanding of business needs, according to the report.

Here are the top four customer experience improvements business owners want from their financial services, the report found:

  1. Improve the omnichannel experience
  2. Transform branches for better in-person experiences with experts to help achieve financial goals
  3. Deliver tools and options to customize solutions
  4. Provide more useful real-time content to manage day-to-day banking

"Businesses need their financial services provider to make their banking experience easy, so they can focus on running their business," Karl Dahlgren, managing director of research for BAI, said in a press release. "By listening to and understanding the voice of the customer, financial services leaders can seize an opportunity to stand out amongst the competition and provide unparalleled service offerings."

For more information on how technology is changing the financial client and advisor relationship, check out this TechRepublic article.

Also see

bank.jpg
Image: iStockphoto/seb_ra

By Macy Bayern

Macy Bayern is an Associate Staff Writer for TechRepublic. A recent graduate from the University of Texas at Austin's Liberal Arts Honors Program, Macy covers tech news and trends.