The importance of a bank just as with any business is in attracting and retaining customers. Banks will continue to have value, especially with greater digital enablement. The need to create a seamless Omni channel experience to improve customer experience has been around for some time. With the available technologies, retail banks are expected to make significant progress in operating in a fluid, post-channel world.
According to a recent Deloitte survey the likelihood to increase branch use at the bank is if the following features are added.
•Extended service hours through virtual remote services with a representative.
•Digital screen self-service, with representative help if needed.
•Ability to schedule a personal appointment for a virtual video meeting with a representative.
•Branch that resembles a café where you can plug in, hang out, and work.
Further proving just how banks will have to play in the digital space in order to survive. Deloitte’s global digital banking survey across 17 countries showed that banking consumers have a stronger emotional connection to technology brands such as Apple, Amazon, and Google than to their banks. Some of these companies’ ability to blend experiences from the physical and digital worlds is considered a good model for banks.
In response, banks are deploying a mix of strategies to stay ahead in the game, including higher technology spending on channel improvement, branches, ATMs, call centres, and digital banking.
Examples include JPMorgan Chase (JPMC) which has adopted a mobile first, digital everything. While Santander has four investments in the online lending space alone. The banking industry remains a big revenue source for many technology companies.