Wonderful research came up which indicated Banks clients are dissatisfied with their financial encounters and want for a more personal relationship. Experience services provider Foolproof, a Zensar subsidiary, briefed about the same.
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A Zensar firm called Foolproof has a long history of defining digital products for some of the biggest institutions in the world. These results are part of a larger effort to learn more about how consumers now engage with digital goods and services in the market. Anup Rege, Chief Business Officer, Integrated Studios at Foolproof, said the following while speaking about the study:
As the research indicates, clients have a legitimate expectation of change in their interaction with their bank. The emphasis on lowering cost to service and significant expenditures in providing a better digital experience make it unrealistic to anticipate a return to physical branches or an expansion of contact centres, but it is acceptable for consumers to expect a stronger connection with their bank. especially during this uncertain time for the economy.
Findings indicate that customers are dissatisfied with these services because they are not useful, especially in the current environment where many customers are more financially vulnerable as a result of rising costs. This is because banks are closing branches and moving towards more faceless solutions (such as telephone banking, automation, and chatbots), which are more unsatisfactory to customers.
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Making banks or financial products that are as dynamic as people’s lives should be the ultimate objective of this study. Financial solutions enabled by Open Banking that address more particular demands via more specialized design and service may soon come to the fore. Banks must act quickly to address this issue.
Highlights of the study :
- Nearly half (46%) of banking consumers want human connection.
- 29 % of respondents said they want additional high street branches.
- This percentage increases to 45% for those over 55, a group often thought to have less access to or proficiency with digital technology.
- 47% of users claim that chatbots fail to respond to their queries.
- Across all age categories, 23% of people think their banking experience has become worse in the previous year.
- Among those over 55, just 19% believe that their banking experience has improved. But 31.5% of those under 35 believe things have improved.
- Banking, in the opinion of 74% of people, is not personal enough.
Conclusion:
Customers lacking the personal connection: For convenience and to enable a “always on” service, banks have developed to a considerable proportion of their client contacts becoming faceless. To prevent upsetting consumers at a time when they may really need to communicate with their bank more because of growing prices, many digital systems still need improvement. If banks are unable to alleviate consumer annoyances fast, they should think about what short-term solutions may be used to provide help, whether online or in person, while efforts are made to align and create digital experiences that are suitable for present clients. A short-term investment might provide significant value, reduce possible risk, and improve brand recognition and consumer value.
Banks should be cautious not to push out generative AI solutions to clients without first performing the research to understand what customers want from AI-powered experiences. AI experiences require a next-generation look and feel. Many of the existing fixes are worse than they are helpful. However, next-generation technologies might close this gap by better fulfilling customer demands with the proper degree of design to support effective implementation, advancing the resolution of customer requests, and doing away with the necessity for human involvement.
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Customers want service that combines human and technology interactions: When it comes to something as delicate as financial concerns, Foolproof’s experience interviewing banking clients has proven that if digital experiences aren’t satisfying their demands, they seek the ideal combination of digital ease and opportunity for human engagement. especially now, when many people’s financial concerns may be amplified. Digital teams should be considering how to use next-generation technology and design to enhance digital experiences in a manner that brings human interactions to life in a more sophisticated way given that banking firms are striving for cost-savings and better efficiency.
Because banks see an opportunity for innovation and the potential to improve customer experiences and self-service at a lower cost, without sacrificing service, they are advancing technology to advance chatbots and other automated process functions. Additionally, with the growth of LLMs, it would be highly relevant and beneficial to develop chat and automated services that address client issues on a deeper level. Instead of just optimizing current tools, systems, or even digital goods themselves, a step shift is now necessary, and that calls for the release of this next-generation automation and the experiences that contain them.
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In particular, at a time when people’s connections with all financial goods and services, notably mortgages, loans, and other credit products, are under heightened pressure, it is critical for banks to comprehend the suffering clients are facing. To satisfy the need of the moment, this entails creating and fundamentally altering assistance, support, chat, and other digital interactions to provide more of a human aspect to banking. This might also entail scrutinizing high-touch touchpoints, which could improve call center or online advisor support systems, boost productivity, reduce costs, and still provide a more human connection if they were better designed with an emphasis on both customer and employee needs.
Not some huge outpouring of emotion from banks in marketing or digital design, but rather engaging with and understanding customers better, would satisfy this yearning for a more personal connection. The content and form of this work should aid in learning and comprehension while also being essentially practical and useable. While there may be a short-term cost associated with this, banks will have a higher chance of keeping customers and presenting a strong brand when clients need someone they can rely on.
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