How the pandemic changed digital banking forever – or did it?


Digital options must include a human touch

When it comes to simple transactions, it seems likely that most consumers will continue to use digital channels, but for complex services, “many surveyed customers will want in-person interactions,” according to the survey.

Additionally, according to the survey, younger consumers are less satisfied with their current institutions, more at risk of changing, and more open to options like digital-only banking. Yet they too show a preference for digital and physical channels.

If banks expect customers to pursue these newly developed digital behaviors, they will need to improve tools such as chatbots by humanizing them. The Deloitte survey noted that regardless of which banking channel consumers use, “one factor continues to remain important to them: the human touch.”

READ MORE: Find out how banks can create more human connections with their customers.

Consumers have changing expectations of digital banking

The survey notes that many customers, especially younger ones who have shown a willingness to use both physical and digital services, have changed their expectations. “It could become increasingly normal for consumers to engage in multi-channel journeys,” according to the survey.

There are many forms of interaction where consumers can use their laptop to connect to a chatbot or log into an app on their phone. Some of these cases may also require an in-person conversation with a loan officer or customer service representative. According to the survey, “the transition from one channel to another is not seamless at this time.”

For many banks, the digital and physical channels are not integrated. This forces consumers to provide the same information repeatedly, which is time-consuming and frustrating. Banks looking for a competitive edge could take advantage of this by implementing technology systems that enable more integrated data exchange to simplify the customer experience.

TO LEARN FOLLOWING: Find why automation is crucial for the modernization of financial institutions.

Banks continue to plan their digital transformation

For banks looking to humanize their digital offerings, the survey offered some suggestions. He highlighted the need to humanize consumers’ digital experiences and make digital banking channels “smarter, more empathetic and faster at solving customer problems”.

The survey cited artificial intelligence as a tool for humanizing the digital experience. “Training AI models to understand the range of emotions felt by humans and adapting their approach can make consumer interactions with these digital channels much more personal and human.” And bank employees can help increase customers’ use of digital tools by teaching consumers how to use them.

In addition to humanizing the digital experience, the survey recommends personalizing it by targeting promotions and special offers more directly to the individual. This level of personalization is made possible by the collection and use of customer data available to banks. However, the survey points out that many banks “still struggle with legacy and disparate systems that don’t talk to each other. Cloud platforms can alleviate this problem by connecting data silos and enabling banks to offer personalization as a service. »


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