Banks must maintain human connectivity as automation increases
Consumer needs in retail are evolving in tandem, and McKinsey reported that by 2022, almost every bank saw a 50% increase in digital usage. Banks now have a window of opportunity to influence customers’ preferences, create a renewed culture of innovation and opportunities, increase customer loyalty and strengthen human relationships.
With 41% of consumers surveyed saying they wanted banks to provide more personalized offers and information, there are now increased expectations for banks to immerse themselves in the consumer’s lifestyle, creating an experience, not just a transaction.
Many individuals are still looking for personal, high-touch interaction from their bank, with 35% of Boomers saying they still want to go to a branch. In contrast, an increasing number of consumers are opting for a more light-touch, technology-first approach.
Different generations seek different experiences, which has been a real challenge for banking firms who are now looking at how to ensure high-quality customer service, regardless of whether a transaction is digital or face-to-face.
Balancing automation and human connection
As consumer demand continues to change, bank leaders are asking themselves how to get the balance between automation and connectivity just right, with the right mix of human and digital functions.
Recent data from Deloitte showed that although 47% of customers are embracing the digital experience, these individuals still want to receive financial advice either in the branch or in a call center. To accommodate this, the banks require training that improves digital interactions and relationship development, in addition to supporting the delivery of expert advice. Effective training allows banks to create a consistent and powerful experience across in-person and digital environments and deliver excellent customer service.
With an increased demand for a personalized banking service, there is an opportunity for banks to leverage consumer information to better understand their audience and to offer the personalized features they demand. The effect: higher customer loyalty and commitment.
While advances in technology can save time and result in more seamless transactions, they can also make employees feel less valued. To prevent employee apathy, companies must ensure that learning and development plans are visible throughout the organization and implemented at all levels.
Attensis’ new whitepaper, ‘Retail Banking: Winning in a complex regulated environment’, looks at the most important challenges and trends facing the sector, bringing together industry-leading research and customer experience.
