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The Banking Self-service Era

Published on Oct 26, 2020 at 12:19 pm in Contact Center

Banking self-service technology available in the banking system nowadays makes me think of the times when I was a little girl and we had personal banking!

How can you even compare today’s banking practices with those of 30 years ago, you ask?

Well, let me tell you that it’s not that different! Traditional banks are bringing back old practices to face the fierce competition from digital banks and meet the demands of their modern customers. They do that by offering banking self-service that matches the branch experience, but with the self-service commodities.


Trust in banking self-service

30 years ago, I remember the “banking clerk” coming to my parents’ house, and others in the village, and do a little of everything, from taking their savings back to the physical branch to giving financial advice on the best way to apply those savings. Instead of people going to the bank, the bank came to the people through face to face advisory services!

The success of banks depends on the trust that people have in the institution and the customer service that they provide, is one of the most important aspects of building that trust.

Positive customer experiences influence 75% of customer decisions in banking. That’s how traditional banks meeting the challenges and finding their differentiator to the new kids on the block: digital banks. Obviously, they don’t have people going from house to house, but rather, they cash in on experience and trust to get into people’s houses through banking self-service technology.


Meeting customer needs

Modern customers are all about personalization, customization, and digital channels; but that is very hard to achieve because every customer is different, has different needs and different perceptions of trust. For example, millennials, who make up the 35% of the world workforce in 2021, have habits and preferences that are quite different from those traditional banks offer.

Hence the reason why it is so important for traditional banks to adapt to new needs and new customers. Banking self-service is an important approach to start wowing customers. Give them the personalization they’re craving by letting them bank anytime, anywhere.

Banks may have some difficulties in transitioning all customers to digital and self-service channels, but I’m sure that once the reticent ones experience the convenience of self-banking they will be even more loyal to the institution because after all, they will be able to do anything from a computer or a mobile phone, at their own pace and time, no restrictions.

Moreover, this notion of self-service has been slowly occurring and being successfully accepted. I mean, does anyone still receive bank extracts by physical mail? Additionally, in the current environment of social distancing and touchless everything, many people willingly try new things, such as cashless payments or avoid branch visits, to keep safe.


Humanize banking self-service

However, the world hasn´t stopped and a lot of people still have issues that they cannot solve on their own! That is the strength of traditional banks. Be there, offer customers the closeness and assurance of human touch.

Mixing digital with traditional and retail banking means that banks will be on the right track to stay competitive with challenger banks while continuing to provide the services and resources they’re known for. And for the little girl side of me it’s the proximity and personalization I witnessed when I was a kid.

Want to empower your traditional bank with the benefits of self-service?

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Celia Cerdeira

Celia Cerdeira

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