• Anup Rege, Chief Business Officer at Zensar Technologies


• 21.11.2023 12:30 pm
#banking #digitalidentity

There are clear advantages associated with the growth in digital banking services and features. Consumers can open accounts and apply for loans and mortgages within minutes, transfer money at the click of a button, and make use of many tools to track spending and make savings. 

Crucially, this all operates on a 24-7 basis, meaning customers do not have to wait until their branch opens or make a mad dash out of work at lunchtime to access services. Indeed, inquiries can now be directed through a multitude of remotely accessible channels, including phone, automated chatbots, social media, and email. 

Adopting a balance that benefits everyone 

With that said, despite the undoubted benefits provided by these advances in technology, has the balance been tilted too far?

Research commissioned by Foolproof and Zensar shows that nearly half of banking customers are still craving the human connection. Meanwhile, almost three in ten (29%) stated that they want to see more high street branches, a view that goes against the prevailing wind as many of the largest banks continue to make closures. This is still true among the over 55 demographic, despite increased digital adoption, with 53% saying they would like to speak with a human and 45% calling for more branches to open. However, could this be down to those we surveyed as part of this generation having more capital, or more products, which need more intimate management, speaking to a weakness in dealing with complexity online? 

There are also sizable chunks of younger generations that feel the same way about human contact, with more than a third (34%) of 25 to 34-year-olds telling us that they would like to speak to a human.

Tellingly, 74% of all respondents said that their banking experience is not personal enough. While apps and communications can be personalized through smart, automated technologies that leverage customer data, it appears that they, at least in their current form, are not offering the kind of personal service that customers are seeking. 

What these statistics tell us is that banks need to complement their digital suite of tools and features with a human side to their customer service – this means being accessible at the end of a phone, in branch, or even through video call appointments to offer advice. Or, thinking very hard about how to bring this to life through digital design advertising and communications. Of course, compliance and regulation limit what’s permissible but working with these bounds and innovating within constraint is crucial. 

Building understanding

More human customer service could entail pointing customers toward educational resources to help them improve their understanding of financial products in a way that adds value and is digestible without feeling like more incomprehensible information. 

This is a key part of customer service that our survey highlighted significant demand for – specifically, this could entail learning-led initiatives and the provision of informative, easy-to-digest resources to improve the financial literacy of every customer segment. 

There is demand for this across all generations, with around half (44%) of all customers believing that their banks need to go further in helping them to make more informed financial decisions. Interestingly, 46% of over 35s said they viewed the Money Saving Expert website set up by Martin Lewis as their first port of call for financial information and advice. 

It is therefore clear that an appetite for feeling more greatly informed exists. Banks can start by making their products simpler to digest. Our survey found that one in four banking customers find it difficult to understand the terms and conditions of the products they use, highlighting a need for more accessible language to improve transparency and understanding at a fundamental level. 

When assessing comprehension about existing digital channels, banks can also easily analyze where customers are dropping off or navigating in similar patterns – based on this insight, digital teams can then optimize how and where information is presented by using techniques like progressive disclosure. Offering this progressive disclosure could also be augmented per customer based on browsing behavior. 

AI and product data can also be utilized to make proactive customer inquiries or to modulate their experience – if customers are suspected to need support, banks can reach out proactively as opposed to waiting for questions to be asked.

Moreover, with the advent of generative AI, more variants of standard journeys can potentially be created and maintained with greater ease than before, meaning more avenues for exploration and discovery without necessarily incurring high design and technical overheads making for a truly personal vs personalized digital customer service through the medium of design. Of course, to make this happen, we need teams to be oriented around the customer, for AI-led applications to design and engineering to be fed by insight. 

Don’t neglect the here and now

While optimizing digital tools and nurturing a better balance between human-led and automated services will be an ongoing process that may take some time to implement, banks must react to the immediate-term needs of customers. 

Banks must make shorter-term user experience improvements to provide a more timely service. This includes providing access to relevant support and educational resources, especially to the most vulnerable groups. Interestingly, more than two-thirds of respondents (67%) said they were unsure or believed that banks do not do a satisfactory job of serving vulnerable, elderly, disabled, or financially illiterate customers.

The current economic climate is tough for businesses and consumers alike. Rather than think too far ahead, banks need to show they understand their customers’ needs and are there in the moment with them. This will help to reverse a feeling of apathy towards the sector, while at the same time providing customers with crucial avenues of more relevant services and support.