Face to Face Engagement in Banking

Goals

To understand, (based on the likely hypothesis that banking habits and choices are going to be changing over the next five years which will result in less human interaction), what value face to face engagement can bring to the banking world as it gradually becomes more digital and AI led. Specifically to receive research that shows customer expectations and trends that highlight what the consumer opinion is of the value of human interaction in the banking sector.

Early Findings

  • TD Bank is a major Canadian bank making news by strategically prioritizing its branches again.
  • The bank wants to "Make It Personal" again, proactively offering advice and helping customers ensure the bank is meeting their needs.
  • TD Bank's consumer research found that many Canadians still want to visit a branch for more complex transactions and to receive face-to-face advice.
  • They expect their bank to take a deep dive into their financials and offer complex advice beyond just an account or credit card recommendation (which is what an app or website would do).
  • TD is integrating this with enhanced employee training, using its advanced customer service metrics called the "Legendary Experience Index".
  • The training is also redefining employee roles, helping them become more differentiated and specialized, which allows for better service delivery for customers.
  • TD found that even though 80% of transactions with the bank were performed digitally, 70% of TD customers have visited a branch in the last 3 months.
  • TD Bank was recently named number one in customer satisfaction in the JD Power 2019 Canada Retail Banking Satisfaction Study.

Proposed next steps:

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