Where are you optimizing today?
Are you spending the time & resources on the right priorities for your customers?
Recently, I was interviewed by Hannah Wallace from Finextra for my take on the trends in banking in 2021.
People of all generations just got used to utilizing digital services faster than we may have predicted a year ago. As a result, banks are faced with expensive, empty branch networks to run, and lagging digital experiences and services. Digital services, particularly in financial services, need to feel safe, secure, and friendly – we need the human touch with the trust that has been established through face-to-face relationships and customer service.
But how do you get that human touch?
It’s a wonderful (digital) life
The traditional banking relationship that can be embodied in the character George Bailey in the classic movie ‘It’s a Wonderful Life’, is one where the bank representative is part of the local community and knows the people within it personally – beyond their transactions. Whether that’s remembering the name of their significant other, or congratulating them for a house move or new job, this relationship is built on the basis of unstructured and structured data.
Accepting digital transactions is not building digital relationships
The way to stand out from the competition is in ‘how’ you’re using your data. Because while you might be able to use it to anticipate the next transaction, you could also use it to understand your customers.
Next to using your data intelligently, you also need to use it responsibly not only from a regulatory perspective but also from the perspective of your customer. Banks are still positioned as the data steward, which is a tremendous opportunity when data is used sensibly to deliver relevancy to customers without becoming creepy.
As customer behavior is shifting, so should you
The current ways in which we’re looking at customer relationships have their limitations. Break down the silos today. When it comes to what data to collect and how to utilize it, banks are in different stages of the journey towards transformation.
Your customer’s behavior has been shifting and you need to respond adequately. There’s no playbook so to speak, but you start by processing three key considerations that are critical for digital transformation and what organizational silos you need to break down first if you want to become truly customer-centric and build those relationships with your customers at scale.
Find out what those key considerations are and how to deal with all of this in our whitepaper:
You can watch the whole Finextra interview here: