Building Consumer Trust and Improving the Customer Experience in Banking

In today's digital banking landscape, customer trust is the cornerstone of success. As banking services become increasingly digital, customers have more choices than ever. The global consumer class, reached 4 billion last year, and is projected to reach 5 billion by 2031 (PwC). Building and sustaining consumer trust is essential for financial services organisations to maintain and grow market share. Currently, global banks are losing 1 in 5 of their customers due to poor customer experience (10x Banking), highlighting the direct impact this has on retention and revenues​.

Maintaining customer trust requires banks to deliver not only secure and reliable services, but exceptional and intuitive user experiences within apps and online banking. Customers expect seamless interactions and robust data security, and they have little tolerance for lapses in service. For banks, this means balancing innovation with the reassurance of stability and safety, ensuring that every digital touchpoint reinforces trust and fosters loyalty. In an era where customer experience directly affects retention and revenue, the ability to cultivate trust is a decisive factor in maintaining market share.

Transparency and Data Security: The Foundation of Trust

Data security is at the heart of building customer trust in banking. With the rise of digital services, customers are increasingly concerned about how their personal data is handled. In fact, a significant majority—83%—of customers view data protection as a key factor in determining their trust in a financial institution​ (PwC).

Customers expect transparency in how their data is used, stored, and protected, especially with the implementation of regulations like the General Data Protection Regulation (GDPR) and ISO 20022.

Adhering to these regulations is not only a compliance requirement but also a means of demonstrating commitment to safeguarding customer information. This, in turn, helps banks build a foundation of trust that encourages loyalty. Quality Engineering (QE) plays a crucial role in ensuring that digital banking platforms are secure by embedding rigorous security checks throughout the software development lifecycle (SDLC). This approach helps prevent data breaches, strengthens customer confidence, and creates a safer digital environment for all users.

Delivering Seamless and Personalised Digital Experiences

As customer expectations evolve, banks must deliver seamless and personalised experiences to remain competitive. The rise of digital-only banks and fintech challengers has set new standards for convenience and tailored interactions. Today, customers expect banking services that understand their needs and preferences, with nearly 70% of consumers claiming they want their banks to offer them personalised financial advice and help with savings (Sopra Banking Software).

To meet these expectations, banks are increasingly leveraging data analytics and artificial intelligence (AI) to personalise customer interactions. This includes offering tailored product recommendations and targeted communication based on user behaviour. However, implementing these technologies successfully requires a solid infrastructure that supports consistent and reliable performance.

QE is key to ensuring that digital services deliver a smooth and consistent user experience across all channels and devices. By testing various user scenarios, QE helps banks provide personalised services that are reliable and free from technical issues. This not only enhances the customer experience but also builds trust by ensuring that services meet customer needs and protect their personal data.

Enhancing Service Reliability: Avoiding Outages and Downtime

Service reliability is another crucial aspect of maintaining customer trust in banking. Disruptions, such as unexpected outages and system failures, can quickly erode customer confidence. Unfortunately, there have been several high profile incidents of system failures this year within the financial sector, with customers losing access to online banking or system errors that have left them unable to send or receive payments. Customers expect uninterrupted access to their accounts and services, making it essential for banks to have robust systems that customers can rely on even during periods of high transaction volumes or cyber threats.

QE plays a vital role in this area by providing stress testing and resilience assessments that simulate high-load scenarios. These tests help banks identify potential system vulnerabilities before they lead to real-world disruptions, ensuring consistent service delivery and maintaining customer trust even during peak periods, system updates or other unforeseen scenarios.

Ensuring Consistent Communication and Support

Clear and consistent communication is a fundamental part of building trust with customers. Nowadays, banking services are primarily digital, and customers value being informed about updates, changes, and security measures. Effective communication, especially during times of service disruptions or updates, can significantly impact how customers perceive a bank’s reliability and transparency.

Additionally, high-quality customer support is essential for addressing queries and resolving issues swiftly. Customers value responsive and empathetic service, especially when dealing with complex financial matters. While digital tools can support efficiency, the importance of maintaining a human touch in customer service cannot be overstated. Customers often appreciate the reassurance that comes from speaking directly to knowledgeable representatives, particularly when resolving sensitive issues or navigating unfamiliar services.

QE plays a crucial role in ensuring that banks' support systems—both digital and human—operate smoothly. By maintaining high performance standards across all customer interaction points, QE ensures that support services remain reliable and responsive, even during peak times. This commitment to seamless service helps reinforce customer trust and ensures that their needs are met with care and professionalism.

The Role of Compliance in Trust-Building

Compliance with regulatory requirements is integral to building and maintaining customer trust. Regulations such as those enforced by the Financial Conduct Authority (FCA) and the upcoming Digital Operational Resilience Act (DORA) set clear standards for operational resilience and data security​. Adhering to these standards shows customers that a bank is committed to operating securely, which is critical for fostering trust.

QE supports compliance efforts by integrating compliance checks into each stage of the SDLC. This ensures that banking systems remain aligned with evolving regulations, reducing the risk of non-compliance, avoiding costly penalties and brand damage. By building compliance into the development process, banks can reassure their customers that they are committed to meeting industry standards and protecting their interests.

Success Stories: Banks Building Trust Through QE

Here at Roq, we have experience working with banks and financial institutions to improve their systems and enhance customer experience and trust.

We recently partnered with a leading UK high street bank undergoing a major transformation to become a truly digital business. This effort aimed to modernise the bank’s digital platforms, delivering both internal efficiencies and improved customer experiences in order to strengthen it’s competitive position in the marketplace.

To support this transformation, Roq developed a bespoke Test Automation Framework tailored to the bank's needs. Our solution focused on ensuring interoperability with existing systems, including legacy infrastructure, allowing seamless integration with new applications.

This framework enabled the bank to conduct real-world stress tests, automate compliance checks, and ensure that its systems could handle high transaction volumes without disruption. As a result, there were no unexpected surprises during the development process and the bank was able to achieve greater operational resilience and customer satisfaction by providing consistent, reliable digital services. This case highlights the value of embedding QE into digital transformation efforts, helping banks maintain stable and secure operations even during periods of significant and complex change.

Trust as a Driver of Growth

In an increasingly competitive market, building customer trust is a high priority for banks. Trust is built through transparency, personalised services, reliable platforms, and adherence to regulatory standards. QE is a critical enabler of these outcomes, helping banks deliver seamless, secure, and customer-focused services. As banks continue to navigate these complex challenges, investing in QE will be key to maintaining the trust that drives long-term growth.

Roq’s QE services can support your bank in delivering trustworthy, resilient and seamless digital experiences. If you’d like to learn more about how we can help you navigate complex compliance challenges and build customer trust, reach out to one of our Quality Engineering experts here, or via email at ask@roq.co.uk.