There needs to be a rethink how banks interact with customers – the relationship is less about selling and more about being there for people. Banks and financial institutes need to continue to offer choice so customers have the flexibility to bank in a way that suits their needs, but they need to make sure that as they seek to offer customers a better experience via technology, they don’t create expectations that they can’t live up to.
Business needs to separate hype from reality and Invest to learn more about customer attitudes and how banks can scale up and meet them, controls around data quality need to be stronger and a firm must have a balanced portfolio of technology investments that is each one is backed by a proper business case.
It is critical that firms Invest in staff so that customers have access to expertise face to face, to become the most accessible bank, with the most digitally savvy workforce. There should also be a balanced investment, an innovative and sustainable future-proof suite of branches that exist alongside a choice of ways customers can contact the bank.