Accenture's recent Global Banking Consumer Study has shed light on some critical findings that highlight the need for banks to rekindle the human touch. With data gathered from a comprehensive online survey of 49,000 consumers worldwide, this study offers invaluable insights into the shifting dynamics of the banking industry. Here are some key takeaways from the report.
Digital channels: Functional yet emotionally devoid
While the rise of digital banking channels has undoubtedly brought convenience and efficiency, it seems that something crucial has been left behind: the emotional connection. Only 34% of respondents rated their bank's mobile app as at least nine out of ten, and a mere 30% extended the same rating to their bank's customer service. Similarly, just 23% praised their bank for the range of products and services offered and the competency of tailored financial advice.
One glaring consequence of this digital revolution is the diminishing personal interaction between banks and their customers. An alarming 44% of consumers aged 18-44 reported difficulties in accessing human support when they needed it the most. The question arises: in our quest for digitization, have we inadvertently distanced ourselves from the human element that once defined banking?
Shifting from a customer-centric to a “life-centric” model
The study highlights a need for banks to shift from customer-centric models to what can be described as "life-centric" approaches. This entails gaining an in-depth understanding of customers, being extraordinarily relevant, playing a more significant role in their lives, and assisting them in achieving their life aspirations. This is achieved by offering products and services through preferred channels, at convenient times and places, and by simplifying daily interactions.
Understanding customer intent
Leading banks are poised to move beyond mapping customer journeys to truly understanding customer intent. This means transitioning from basic personalization to engaging in meaningful personal conversations. It's about breaking down the barriers of siloed propositions and offering a holistic banking experience that resonates with the unique aspirations of each customer.
Are they trying to own their dream home? Finance their children’s education? Travel the world? Knowing these intentions deepens the understanding of the customer, allowing banks to provide more tailored service offerings.
Bringing the branch experience to the digital realm
Consumers desire personal attention in the digital spaces they frequent. They yearn for the same level of personalization and engagement that they have come to expect from their local bank branch. As banking becomes increasingly digital, replicating the branch-like conversations in the digital sphere is essential to maintain the emotional connection that customers crave.
Glance's Guided CX is the bridge that transports the cherished branch experience into the digital realm. By allowing experts to seamlessly join customers within their app or website, Guided CX recreates the personal attention and support that customers have come to expect from their local bank branch. This technology empowers experts to deliver advisory services, answer questions in real-time, and provide step-by-step guidance through online transactions. The result? Real human connections are forged in the digital spaces, fostering increased satisfaction, a stronger portfolio, and heightened customer loyalty. With Guided CX, the personal touch of the branch experience is no longer confined to physical locations, ensuring that customers receive the same level of care and support regardless of where they engage with their financial institution.
The Accenture Global Banking Consumer Study serves as a wake-up call for the banking industry. While the digital revolution has undoubtedly brought progress, it's crucial not to lose sight of the human aspect that has defined banking for centuries. To thrive in this evolving landscape, banks must prioritize emotional connections, shift to a life-centric approach, delve into customer intent, and bridge the gap between digital and personal interactions. By doing so, they can forge stronger bonds with their customers and ensure that banking remains a trusted and cherished part of people's lives.