The self-service opportunity for banks is huge. Bank of America’s 2014 financial reports revealed that in the fourth quarter, 12 percent of its deposits were made via mobile devices, as opposed to 10 percent in the previous quarter—indicating that self-service has transformative potential.
Shifting to self-service makes complex processes simpler, frees bank personnel from managing low-value activities and provides customers with greater control of their banking transactions.
Banks that deliver successful self-service solutions have a different approach. They create an experience that customers genuinely want, find valuable and are excited about. They then deliver that experience in a way that customers control. This mindset shift—from “self-service” to “digital do-it-yourself”—can make a huge difference in customer adoption rates.
To transition to self-service channels, banks will benefit from focusing on solutions their customers will notice and value. Three steps to drive migration to self-service include: