Value of Human Interaction in Banking

Goals

To examine and explore what value face to face consumer engagement can bring to the banking world as it gradually becomes more digital and AI led.

Early Findings

  • North American banking consumers still want to see humans in the bank.
  • As per a 2016 survey, 86.7% of respondents said that they still wanted to use branch banking at least 2 years from that time.
  • This is because 49% respondents think that talking to a person makes them more confident, 47% believed they receive more value through human interaction, and 40% simply said that they enjoyed the overall experience.
  • That said, mobile apps are also something that consumers look forward to.
  • Consumers are using "unpredictable combinations of channels (a mixture of human and digital) to get what they need from discovery and search to product transactions and customer service."
  • "83% of consumers said they prefer dealing with human beings over digital channels to solve customer service issues."
  • “Our main priority is to focus on people and the customer experience. With all the technology we’re working on, the most important thing is to fulfill a need and concentrate our efforts on the impact we will have on our clients and employees,” says Julien Crowe, Artificial Intelligence and Information Technology Leader at National Bank."
  • "The majority (91 per cent) of Canadians believe that banking has become a lot more convenient because of new technologies.
  • More than three-quarters (76 per cent) of Canadians are using digital channels, both online and mobile, to conduct most of their banking transactions.
  • About nine in 10 (88 per cent) Canadians reported using online banking in the last year, and more than half (53 per cent) say it is their most common banking method, making online banking the most common digital banking channel.
  • Mobile and app-based banking continues its ascent, led by Millennial uptake. More than one-third (36 per cent) of Millennials are mainly using banking apps, as opposed to 23 per cent for all demographics groups.
  • 88 per cent of Canadians trust their bank to offer secure digital banking services, and 85 per cent feel confident about modern banking technologies.
  • In-branch banking, while declining in popularity, remains a valued method of conducting a wide variety of banking transactions."

Proposed next steps:

You need to be the project owner to select a next step.
We recommend continued research to further explore how Canadians prefer to bank and what the future holds.
Alternatively, we can research how the future of banking will change with digital and AI.