Despite all the talk around digital and customer centricity, most banks across the globe continue adding digital technologies, in bits and pieces, to either improve their bottom line or streamline their operations for better speed. Most banks are yet to step out of their boundaries and enter the minds of the consumers. The human and emotional aspect of digital interactions seems to be missing.
While customers are evolving, and accepting digital platforms more than ever before, the human touch is not something they want to give up. A recent Fiserv study states that around 44% of banking consumers prefer traditional branches with tellers for their daily transactions, as compared to only 39% preferring online banking and only 14% for mobile banking. Here are a few things a bank can do:
1. Move away from the existing push strategy: A bank that focuses on long term relationship partners with the customers to make their life simpler and better. Focus on the customer, and not the ‘next best banking product' that you could offer her. Align recommendations (if at all any) with the goals that customers have for themselves, and not the other way around.
2. Look beyond simple personalization: A simple personalized birthday message is cliché, do not waste customer mind-space stating the obvious. Getting deeper, developing an understanding of the life stage and the emotions of your customers.
3. Intent decoding and empathy: Know your customer very well, anticipate what could be the challenge they are facing, empathize with them as human. Observe and respond aptly to customers’ emotions.
4. Constant learning and application: Register what you learn through each interaction, apply the tangible and intangible leanings to all future interactions.
As human touch remains vital to many banking customers, the challenge for banks is to deliver high-quality compelling user experience seamless across channels. A bank that moves away from the product mindset and becomes a need-based companion to its customers, is all set for long-term success.