Digital payments, mobile banking apps, and online banking experiences meet consumers‘ functional needs, yet the customer experience across most is broadly similiar and, often, emotionally void. The challenge leading banks are working on solving is how to create a differentiated experience, innovative propositions and a human connection when banking is in danger of becoming a faceless, price-sensitive commodity.
To set themselves apart, customer-facing banks need to be able to inject humanity at scale into their digital experiences. They need the capabilities to leverage internal and external data, and to engage digitally with clients in an empathetic way across multiple channels. An alternative approach is to become a utility that provides banking products and services that are embedded into other companies’ digital customer experiences.