Striking the right balance: Keeping banking human in a time of automation
The banking industry is currently facing a challenge in balancing automation and human connectivity to provide the best possible customer experience. As digital banking is becoming increasingly necessary, it is crucial for banks to understand customer needs and expectations, and to create a culture of innovation and opportunity while still providing personalized experiences that go beyond mere transactions.
The McKinsey report shows that there has been a 50% increase in digital usage in 2022 for almost every bank, which presents a unique opportunity for banks to influence customer preferences and strengthen human relationships.
Banks can harness customer information to provide personalized features that customers demand, but they must strike a balance between automation and connectivity. Effective training is essential for banks to deliver powerful experiences across both digital and in-person environments, while also providing financial advice. Investing in employee development is also crucial to ensure that employees feel invested in and valued, which can lead to a more motivated and engaged workforce.
To maintain human connectivity and strengthen customer relationships, banks can improve the customer journey across all touchpoints, by
- creating a customer-centric culture within the organization
- investing in innovative technologies that enhance the customer experience, such as chatbots and virtual assistants.
Banks must also ensure that their digital infrastructure is secure and reliable by investing in robust cybersecurity measures and training employees in data protection and privacy.
Adapting and evolving as customer preferences and behaviors change requires a culture of continuous innovation and improvement. By being a forerunner and anticipating customer needs, banks can position themselves as leaders in the industry and continue to drive growth and profitability.
The banking industry is undergoing a significant transformation, but by striking the right balance between automation and human connectivity, investing in training and innovative technologies, prioritizing cybersecurity, and fostering a culture of continuous innovation, banks can thrive in the digital age and deliver outstanding customer service.