Industry training organisation Attensi recently reported how banks keep a resilient level of human connectivity despite the ongoing rise of automation. Consumer demands within retail banking are accelerating rapidly, with McKinsey stating that in the last year, nearly every bank witnessed a 50% increase in digital usage. Banks now have the opportunity to influence customer requirements, deliver a strengthened culture of innovation and opportunity, enhance customer loyalty and improve relationships.
Over 40% of consumers in the Attensi report stated that they wanted banks to offer more personalisation in their services and information. There is an increased expectation from banks to create deeper connections with customer behaviours, delivering more of an experience rather than just a financial transaction. Many people are looking for personal interactions with their bank, with 35% of respondents in the report stating they would like to visit branches. In contrast, then an increasing number of younger customers are choosing a more technology-focused alternative. The different generations are choosing different experiences, creating a challenge for the finance sector, which focuses on delivering high-quality customer service, whether in person or digital.
Balancing automation with the human touch
As customer demand continues to shift, financial executives are trying to determine how to create a balance between automation and human connectivity with the right mix of human and digital features.
Recent data reports from Deloitte indicate that while 47% of customers embrace the digital transition, these individuals still seek financial advice in person or via the phone. To support these demands, banks need training that enhances the digital experience and human relationships and supports the presentation of expert financial advice.
Adequate training enables banks to deliver a consistent and powerful customer service experience within digital and in-person environments. With a rising demand for personalised banking services, there is an opportunity for banks to use customer information to gain a better understanding of their audience and create the requested personalised features. The result of this process will generate higher customer loyalty and engagement. While progress in technology will save time and improve transactions, it can result in employees feeling less valued. To avoid employee concerns, businesses must ensure their learning and development plans are clear across the entire business and implemented at all levels.
