Providing Hands on Service to Retail Banking Customers
Ozhan Orge
Transforming Financial Institutions Through AI & Digital Innovation | Digital Banking & Growth Strategist
Deloitte has published the “2023 Banking and Capital Markets Outlook” report recently. In the report there are interesting details and forecasts for all business areas in banking and it is very comprehensive.
The following is one of the paragraphs that attracted my attention in the Retail Banking section:
“Retail banking customers are expecting more from their banks. When asked what influences their satisfaction most, many banking customers say hands-on guidance during challenging times is their top priority—not speed, convenience, or efficiency.”
For me, proper “hands on guidance” that is mentioned in the paragraph can be achieved at least with 4 main components:
1.??????Well-trained personnel to understand the customer pain points and expectations.
2.?????Strong usage of data to understand customer behaviour and needs and provide the next best offer for the customers at the right time.
3.?????Robust and supportive digital channels and processes where the customers can do their banking transactions and get the products easily
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4.?????Solid ecosystem to support the customers with other financial and non-financial services and bring ease of mind not only in banking needs but also other needs of the customers via seamless integration.
?I believe the real winners in Retail Banking in the upcoming years will be the ones which will deliver good solutions in all areas. Being strong in one or two areas will not be enough.
Retail Banks should act fast in all these areas since the competition from the disruptor banks and Fintechs is coming really strong and they already proved that they understand the customers’ pain points and needs and can quickly provide high quality and flexible products.
The advantages of Retail Banks is the scale and large customer base and they can use these for their advantage if they make the necessary IT investments in digitization, automation and big data management.???
How do you see the current status in Retail Banking and how do you think the Retail Banks will be successful in providing the hands on service to their customers?
Senior Expert
2 年That is interesting. It looks like unstable and volatile markets since the pandemic, which is going forward now with other new type of market failures have stressed the clients out enough. I interpret "hands on guidance" request to mean that clients are already too exhausted trying to find their way under such conditions. They are tired of seeking advice from their circles or twitter "gurus". This is because personal "customized" advice have removed from retail to "affluent" segment. Lets admit that virtual assistants or chatbots are still far to take care of this need.