When improving their digital offerings, banks must be mindful to maintain a human element, the results of a recent global survey of more than 4,700 banking customers by banking software company Temenos suggest.
A total of 43 per cent want easier ways of paying bills and sending money online, while more than half want services that will positively impact their lives over the long term, such as intelligent solutions to help them reach their life goals (29% per cent) and accurate recommendations for budgeting and saving (22 per cent).
At the same time 19 per cent of customers also want an easier time to reach actual humans when they want, while 17 per cent want an easier time of completing banking tasks themselves. The findings suggest digital delivery, complemented by human interaction at the point of need, is the preferred model of choice.
Two out of three (65 per cent) prefer banking via mobile apps, while 51 per cent also like web banking. Only 42 per cent like in-person bank visits and phone banking, while 37 percent like contacting their bank via email. Even fewer, 19 per cent like doing it on social media.
Sixty per cent said their last visit to a branch was because they needed to rather than because they wanted to, reflecting the trend for branch closures, Temenos said. According to recent research from The Economist Intelligence Unit released by Temenos, 65 per cent of bankers believe that the branch-based model will be “dead” within five years, up from 35 per cent four years ago.
“Banking products are out,” Joaquin De Valenzuela Muley, SVP and business line director for Temenos Infinity, said. “Advice and support that allow customers to meet their goals are in. Banks’ primary focus must be on their customers and finding ways to anticipate and meet their individual needs and goals, such as buying a car or saving for their children’s education. This involves a different approach, reinventing processes and unifying the bank around the customer. Modern digital banking platforms like Temenos Infinity make this possible, enabling banks to make every interaction smart and contextual. Also, to integrate relationship with transactional capabilities to provide the best possible service in an omnichannel and consistent way. This is the future of digital banking.”