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How To Balance Digital And Traditional Banking?

Published on Nov 04, 2020 at 4:23 pm in Customer Service

People expect banks and other financial institutions to provide digital service while at the same time keep giving the excellence in customer service at the branch, if necessary.

No doubt that banking services are a big part of people’s lives worldwide. The statistics below are clear evidence that on the one hand banking users are fans of digital technology, but on the other hand, branches still play a very important part in building trust, credibility, convenience, and simplification of the digital channels. Therefore, what people expect is that banks provide digital service while at the same time are available for branch visits is necessary.

digital and traditional banking statistics

Undoubtedly banks need to fulfill the needs of these customers, and for that they must evolve and change their approach to customer service.

 

Traditional banks are best positioned to meet customer needs

First, they already have an established network of branches and a pretty good client portfolio. Even though banks are closing digital branches everywhere, the truth is that they need to gear their attention towards providing their customers with the options they’re demanding.

Customers have a relationship with an institution, not a specific branch and they won’t leave just because it has been closed. On the contrary, banks must strive to build a direct relationship between their customers and bank advisors or service representatives that engage in any channel, not only the physical branch.

It’s this human side of banking that allows traditional banks to protect their market share against the digital newcomers!

 

The contact center is replacing bank branches

Closing physical branches does not mean that banks should leave their customers unattended. Quite the opposite! The contact center should be used as the digital bank branch where customers can go in at any time and always find the most excellent customer experience.

Moreover, if customers cannot get the answers they’re looking for on their own, they can always get physical branch like service in the comfort of their home. How? A video call is just a click away.

It really doesn’t get much more personal with anything else than with a video chat. It enables customers to feel connected to the bank because they feel that their problems are being solved and that they are in good hands and taken care of. Just like if they were at the physical branch, only better because they didn’t have to commute and wait in line for their turn.

 

Customer care advisors are replacing contact center agents

Digital branches require that everyone at the bank interacts with customers on any channel at any moment. Therefore the role of contact center agent does not apply, instead, banks must have knowledgeable people that can make the communication and solve the more complex problems that customers could not on their own, hence the reason why they are seeking assistance.  In addition to knowledge of banking these advisors have to be tech savvy and interact with customers regardless of issue or channel.

 

Adding digital banking is the key for traditional banks to succeed in business, stay competitive, and overthrow competition. They have a strong customer base, built on trust and loyalty; however, commodities such as an online portal allow customers to perform tasks such as checking account balance, opening accounts, or transferring money 24×7 are part of modern routines and customers expect them to be available at their fingertips.

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Celia Cerdeira

Celia Cerdeira

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