Whitepaper - The Digital Banking Challenge: From Transactions to Relationships

Digital Banking needs to become more human

Download the full Whitepaper “Human Engagement in Digital Banking”

With the rise of digital banking channels, more customers are shifting away from physical banking towards digital banking. In fact, PwC’s Digital Banking Survey found that in 2017, 46% of banking consumers used only digital channels, a substantial increase from the 27% doing so in 2012.

The consequence is that now, with face-to-face interactions no longer a given, banks have to rethink how to build and maintain relationships with their omni-digital customers.

The digital banking challenge isn’t just creating and deploying new technology to facilitate simple transactions, which many banks are already doing (e.g. transferring money or checking balances); it’s providing value to the consumer through insightful, tailored guidance throughout different life stages. This is what banks have been running on for centuries and even as banking is digital, it remains a surefire way to build and maintain loyal customers.

The real challenge is bringing back some of the personal connection that has been lost in the digital space.

But the truth is that most banks still do not offer decent digital experiences that help them compete in this arena and drive customer acquisition.

The AI revolution in banking is just getting started

Customers expect high-quality, frictionless digital interactions and as AI technologies continue to mature, banks, now more than ever, have the opportunity to make digital experiences even more individualized, human-like and human-friendly.

And it’s not that banks are oblivious to these opportunities.

Some of the largest banks in the U.S. such as Bank of America, Citigroup, and JPMorgan have introduced digital, self-service banking options such as “automated financial assistants” (chatbots) that can perform simple, everyday tasks to track budgets or make payments.

But only by offering solutions that provide guidance and advisory on a mass scale and help customers make smart decisions across a range of financial services, will banks be able to create deeper human levels of engagement with their customers, differentiate and capitalize on the rise of digital banking.

As the AI revolution in banking is getting started, digital assistants become crucial. They provide the framework for banks to deliver the Guidance, Learning, Augmentation, and Training, necessary for fostering a human connection that empowers customers to understand financial products and bundles in the context of their own needs in real time.

Digital Assistants serve as a framework in which banks can leverage Guidance, Learning, Augmentation, and Training. On digital channels, the technology brings a deep human level of engagement which can be augmented to support in branch staff.

The banks that invest in better digital engagement will develop and profitable relationship with customers. At the end of the day, customers will continue to self-select the bank that provides the least amount of friction and the most relevant support and guidance.

Find out how AI digital assistants are redefining the banking experience and provide customers with solutions that will satisfy their needs and expectations.

Download the full Whitepaper
“Human Engagement in Digital Banking“