Financial Services

Despite the rise of online and mobile technology at banks across the country, studies show consumers still prefer face-to-face interactions when they need financial advice. The challenge for banks is balancing innovation with human interaction to meet the needs of their customers and create a personalized experience. Incorporating technology at bank branches is important, but what will keep customers coming back now and in the future is meaningful interactions with actual humans. It is these interactions that make people feel comfortable making important financial decisions.

In a study from Kantar, it was found that financial institutions that lead in customer experience (CX) have a higher recommendation rate, a higher share of deposits, and a greater likelihood that customers will increase their portfolio of new products and services from their bank. Read more to learn the five key takeaways to an improved experience in banking.

Research from Mintel has found that Millennials are more likely than older consumers to interact with their bank or credit union three or more times per month in a variety of settings, including visiting a branch close to their home, using their mobile banking app, and chatting with a customer service representative online. Many large institutions working hard to revitalize the branch experience to include more personalized advice centers, easy parking, drive-up windows, and coffee bars, in others words, making the branch visit an enjoyable part of their customers’ routine.”

In the Digital Banking Report edition, entitled, “Humanizing the Digital Banking Experience,” more than 200 financial institutions globally showed that, while having good intent, most are falling woefully short of what the consumer really wants from financial interactions. Organizations neglect to take into account that how a customer feels about an interaction has the greatest impact on loyalty and tend to ignore consumer emotions across the board, a particularly during digital experiences.”

Whether you are in the “omnichannel” or “mobile-first” camp, this article discusses why the approach you choose could have far reaching implications for the success or failure of your bank.  As the author points out, being proactive and intentional will place you light years ahead of the bank that sits back and lets the future happen.