Customer Experience

Banking Trends to Improve Customer Experience in 2022

Customer experiences are built from every interaction no matter how minuscule between a business and its consumer.

The needs of customers are always changing which drives the ever-evolving and increasingly difficult to keep up with customer experience development. Today, banking as well as many banking products tend to meld together in one indistinguishable pile which means customer experience can be a huge differentiator. Thus, it’s becoming increasingly vital financial institutions pay close attention to these upcoming 2022 customer experience trends and more.

Create Human Connection (Yes, Even Digitally)

According to customer satisfaction surveys, financial services are generally ranked at a lower satisfaction level than other industries. In order to improve customer experience and satisfaction, financial institutions shouldn’t forget about “human touch” either. The digital human touch comes into play by improving contact centers that allow customers to chat and interact with a representative digitally. So, when customers reach out with complex concerns and issues it’s important institutions match their expectations. For example, Verivend enables real-time communication per invoice or payment and empowers customers to collaborate with partners. The platform then securely stores every interaction in one place that can easily be referenced in the future.

Omnichannel Expectation

In order to provide customers with what they’ve come to expect, financial services have to begin investing in technology that allows them to offer the digital omnichannel. In other words, customers expect to be able to connect with their financial services through an app, live chat, or email on whatever channel best suits their needs at any given time, and from anywhere. With Verivend banks who integrate with our innovative SaaS platform benefit from:

  • Increased customer retention.
  • A secure intuitive user experience.
  • Improved end-to-end operations.

When organizations implement omnichannel platforms, this provides a seamless experience for customers to handle all their digital channels in one place. Thanks to Verivend, not only do customers carry their cash flow wherever they go, but they put more trust in their transactions and spend less time waiting to get paid for a quick and convenient experience.

Niche Banking and Personalization

Targeting a niche community is a great way to reach a customer base beyond geographical boundaries. Now, financial institutions can create a community from anywhere and all online. An example of this personalization is Verivend specifically targets B2B transactions and customizes their platform and services to meet the needs of business owners. Specific features that cater to this community include cashflow clarity, paperless pay, business reputation rankings, real-time messaging, and a connective network. The pandemic, in particular, has driven forth the idea of building a community and helping others with 72% of customers ranking personalization as “highly important” in financial services today.   


While following these trends greatly increases the digital and consumer success surrounding financial institutions, in order to avoid future issues it’s important to still maintain a proper balance between digital and in-person service. However, don’t just read about upcoming trends today and forget about them tomorrow, putting good service into action is what will truly elevate financial services into a competitor. So, what’s the easiest way to do this? Partner with Verivend to offer customers a platform built to save them time and money.

How Banks Can Break Bad UX Habits

Today, almost all businesses in every sector are expected to offer some form of digital service.

The expectation for banks and credit unions to do so has become even higher. Providing users with just a mobile app is no longer enough, and many financial institutions are failing to realize that keeping up with digital transformations takes consistent innovation, which often leads to higher profit margins. In fact, 84% of companies that consistently work to improve their customer experience, while breaking old bad habits report an increase in revenue.

What Keeps Banks Behind in the Technology Race?

A Fixation on the Traditional: Just because a business model or system may have worked in the past doesn’t guarantee its future success and longevity. The problem that arises when banks and credit unions stick to their bad habits and don’t see a need for the new is they fail to provide customers with a fintech solution that addresses and solves their concerns.

Risk Aversion: For many banks and credit unions, taking UX-based risks or discovering new methods through trial and error is often frowned upon. As a result, many do not leap toward total digital innovation. However, the risk can be well worth the pay-off as companies that have embraced digital transformation are 26% more profitable than their peers.

Faulty Measures of Success: Oftentimes, when banks measure the success of their UX professionals it is by the number of features shipped to customers. This may have a negative impact because though they are providing more, that doesn’t mean they’re providing what’s necessary. In fact, 81% of companies view customer experience as a competitive differentiator, therefore, banks and credit unions narrowing their focus into how they provide customers with the experience they need can have far greater impacts.

How Verivend Raced Ahead

Before launching Verivend, co-founder Aaron Santarosa noticed the way his businesses were doing business wasn’t working efficiently enough for him. He saw an opportunity emerge to create a completely digital platform that would allow businesses to spend less time getting paid and eliminate hefty paper trails — two of his own particularly problematic pain points. As a result, Verivend has taken off in the financial marketplace as the fastest and most secure way for businesses to pay and get paid.

Increasing customer retention, attracting new customers, and adding revenue opportunities have never been as easy as with Verivend. Now, we want to partner with banks to help them break their old habits and evolve as their customer’s needs do. Which involves making the most out of each business opportunity through our completely digital platform, giving SMBs immediate control over their cashflow, and more. Visit today to learn more.