Experts’ Advice On How A Bank Can Improve Customer Engagement

  • UPDATED: 28 November 2023
  • 7 min read

Reading Time: 7 minutes

Customers are essential to any business. When customers are happy, a business thrives. However, these days, the modern customer has unlimited options, and companies are forced to fight for their attention.

It can be difficult for businesses to create engagement with their customers. Today’s customers are more demanding than ever and are no longer willing to just jump at whatever you’re selling. Instead, they want to be more engaged in their purchases, which is why customer engagement is so important for these businesses.

Many businesses think that after onboarding a client, they no longer need to work as hard to retain their customers. After all, they already availed of the product or service, right?

However, when it comes to banks, there’s an even more urgent need to improve customer engagement. As most marketers know, if customers don’t feel appreciated, they are much less likely to be loyal to your brand. And with banks, customers are entrusting their hard-earned money, so they need to feel like they can count on you to make them feel safe.

Thankfully, there are many ways for banks to revitalize their customer base. This post will give tips on how banks can improve customer engagement from seasoned experts.


👉 Customer Engagement Benchmarks Report, 2022

👉 Fintech and Banking in the Era of the Connected Customer

Increase Transparency

Colin Palfrey, CMO at Crediful, states that banks have an opportunity to improve customer engagement by providing transparency. In order to provide transparency, banks should provide clear information on their products and services.

For example, a bank could start by regularly publishing articles on its blog that outline the benefits that customers receive. It could also publish its policies and fee structures on its website and make them easier to find.

WordPress makes it easy to set up a blog and fill it with content. There are also many plugins that can help you publish your policies and fee structures in an easy-to-find way.

Providing these details in an easy-to-understand way will allow customers to make more informed decisions and also improve customer satisfaction. This will also allow banks to increase their profits by reducing customer attrition and increasing customer satisfaction.

Make it Easy to Contact the Bank

how to improve customer engagement in banking

Banks should make it easy for customers to contact them. There are many ways that a bank can do this. One is by offering a toll-free line. And, the other is chatbots or even Whatsapp.

It is important to remember that consumers have a lot of questions when they are trying to open a new account or run into any problems with their existing account. They need to know that they can contact the bank easily.

Another effective way is by offering a chat function. Dean Kaplan, CEO of Kaplan Collection Agency, swears by chat is a great tool for customer service. It is not only effective but it also provides an easy way for customers to contact the bank. The chat function can be found on the bank’s website, app, or even on social media.

For example, one type of chat that is growing in popularity is Facebook Messenger. This allows customers to contact the bank through Facebook. Banks can also use this chat function to answer frequently asked questions. This way, customers can get their questions answered quickly without having to wait on hold or talk to a customer service representative.

Banks can also use a chat function directly on their website, using tools such as SnapEngage or Olark. These tools allow customers to chat with a customer service representative in real time.

Offer Incentives

The founder and CEO of Choice Mutual, Anthony Martin, believes that incentives are a great way to get customers to engage with your brand. When you have a customer that is engaged with your brand, it is much easier to sell them other products and services.

Banks can offer incentives in a variety of ways. For example, when a bank offers a “free checking account” to a new customer, they are doing everything they can to make sure that the customer stays with the bank.

Incentives can also come in the form of discounts, free trials, and even free products. Beyond incentives, banks can get more creative with the way they engage with their customers. For example, banks could offer free consultations to their customers on mortgages, loans, and even savings.

Listen to Feedback

There are a lot of ways that banks can improve customer engagement, including listening to feedback and rethinking the way their customer service works. Banks should also be aware of their competitors and how they engage their customers.

In order to enhance customer engagement, banks should also be aware of the types of issues that their customers need to deal with. The key is to make it easy for customers to have a positive experience.

Gathering feedback is easiest when using SaaS tools such as Zendesk or Intercom or even by using forms such as Typeform. With these tools, banks can quickly gather feedback from their customers and use it to improve the customer experience.

Make it Personal

Consumer banking relationships are important. The less time a customer spends with a bank, the more likely they are to switch banks. That’s why it’s important to tailor the customer experience to make it personal and meaningful.

When a customer walks into a bank, they expect a professional, efficient experience. It’s a place they know they will be able to get the services they need and want without any hassle. Your bank’s staff should make customers feel like they are being served by a personal banker. This can help you stand out from the competition as well as make your customers feel more like family.

Be Responsive

Fig Loans CEO Jeff Zhou advises that it is the best practice for any business to be responsive to its customers. A bank can do this by checking in with their customers on a regular basis and listening to their feedback.

Also, they could make their customers feel more involved. One effective way a bank can make their customers feel more involved is by asking them to participate in surveys. These are great ways to learn more about your customers. Fig Loans, for example

For example, the tool “Customer Thermometer” can be used to survey customers on a regular basis. Customer Thermometer is an email feedback tool that makes it easy for customers to give feedback. The other tool that you can use is MoEngage’s Customer Engagement Maturity Index to discover how you stack up against your region and industry’s leaders.

Once you start to get in touch with your customers, you’ll be able to ask for feedback and use that information to improve your customer interactions.

Offer Convenience

In an age of increasingly mobile and tech-savvy customers, traditional banking is struggling to keep up. With customers’ attention spans waning, banks are trying to find ways to offer more omnichannel methods for customers to avail of their services.

If you can offer convenience, then you can not only retain but also increase your customer base. One way to do this is by offering a mobile app.

A mobile app that allows customers to view account balances and transactions, as well as make payments, can go a long way in today’s cashless society. You can also provide convenience by making it easy to navigate through your website. Use sleek navigation tools that are easy to use and can help your customers navigate the site quickly. As another way to offer convenience, banks can also target their marketing towards customers in key segments, such as those who are interested in house buying.

Be Proactive

Customer engagement is the process of communicating and interacting with a customer in order to satisfy their needs and wants. In recent years, customer engagement has become a significant element for many banks to focus on. It has become an important part of a bank’s marketing strategy and has become a significant source of revenue for a bank.

In order to improve customer engagement, a bank must first be proactive. This means that the bank must be proactive in understanding the customer’s needs and wants. The bank must also be proactive in understanding the market and its customers. Only then will they be able to provide a customer with the information they need to make a purchase without the customer feeling as if they are being sold to?

Encourage Customer Feedback

Business Loans President Andrew Gonzales believes that customer feedback is an important part of any business. According to him, banks can use it to improve their customer relationships. As a bank, you want to continue to learn more about your customers, so this is a great way to do it. Encouraging customer feedback is important because it not only helps you learn more about your customers but also helps you identify potential issues before they become a serious problem.

A way to encourage customer feedback is to ask for it. There are many ways to get it, whether it’s through surveys or focus groups. This can also be done through feedback forms or by asking customers what they like and dislike about their bank. These forms can be found online or in the form of a pop-up window on the bank’s website.

Make Use of Technology

Make use of technology to improve customer engagement

While technology is increasingly becoming a part of everyday life, it can also be a challenge for banks to make it work for them. The key is to use the technology to their advantage.

Push Notifications

One of the easiest ways to encourage customer engagement is through push notifications. This is a great way to let customers know about new products, services, or promotions. It’s also a great way to keep them updated on their account balances and transactions.

Use of Rewards

Another way to encourage customer engagement is by providing rewards for using the bank’s mobile app. This can be in the form of points, cash back, or even coupons. This is a great way to encourage customers to use the app and to keep them coming back.

Improved Automatic Telephone Systems

Automatic telephone systems are a great way to ensure that customers can get the information they need without having to wait on hold. It’s also a great way to reduce the number of customer service calls. However, many banks still have not made the switch to an automatic telephone system. This should be changed as soon as possible, using voices and menu options that are easy to navigate. In this case, it’s important to implement a reliable and professional landline phone service to avoid further customer issues.

One example of an automated telephone system is the use of an interactive voice response (IVR) system. This system allows customers to select the option they want by pressing a key on their telephone keypad. This is a far cry from the days of waiting on hold for a customer service representative.

In order to make the most of customer engagement, banks must be proactive, use technology to their advantage, and encourage customer feedback. By doing so, they will be able to improve their customer relationships and increase their bottom line.


Bank customers are often early adopters who are open to new and innovative experiences. With all the fast-paced technological changes happening in today’s world, it’s the banks who will lose if they don’t step up and make their customer experience more interesting and captivating.

Our experts’ advice is to focus on your customers’ needs and expectations. Customer engagement is a huge factor in any company’s success, and while it can be difficult to manage at times, there is always something that can be done to improve it.