Prepared for nigel s. | Delivered October 22, 2019
Digital Banking Relationships
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To determine what steps banks can take to maintain a personal relationship with customers while still offering the digital banking components their customers demand. The focus for this research should be on the North American region.
Provide Personalized Experiences
Survey data has shown that
% of consumers are "
to do business with a company that offers personalized experiences."
However, many consumers are
of their personal information and therefore banks should be careful in the methods they
to personalize experiences for consumers. In fact,
% of consumers "see getting personalized offers as
% feel that giving away their privacy is not worth personalized experiences.
In providing personalized experiences, it seems that banks would do well to make it clear to their customers how their personal information is used and how the company protects their private information, as
% of consumers feel that "companies
don't do enough
to protect their private information."
Get to Know the Customer's Current Financial Situation
of organizations think its very important to know their customers.
believe that their bank doesn't know important aspects of their personal financial situation.
Logically, understanding more about a customer's unique financial situation can allow baking firms to provide more real-time, customized guidance. While providing real-time guidance is an advantage that digital banks have,
% of banks overall recognize this as being very important. However, currently, only
% of banks surveyed have the ability to actually provide this personalized level of guidance digitally. The
only provide some basic types of
Provide a Face-to-Face Experience in the Digital Realm
Insights from Harvard Business Review have found that face-to-face interactions are
significantly more successful
than non-face-to-face interactions.
While providing live phone support is one way to mimic face-to-face interaction, real-time video is seen as a
way to re-introducing this human touch within a digital environment.
BluCurrent Credit Union in Missouri is one such bank that has implemented real-time video to "ensure members can
with a subject matter experts". This effort has increased the credit unions cross sales rate by