Many view the act of “banking” as being pretty dry, mundane and a necessary evil. Let’s face it, gaining product information and advice, developing a financial plan and completing the transactional tasks required for one’s daily financial wellbeing won’t ever be as emotionally gratifying as other aspects of our daily lives. …or could it be?
For years our industry has focused on simplification, cost reduction and automation to transform traditionally resource-heavy financial services offerings – but along the way we have tended to forget the key actor in this play – the consumer.
Without a doubt the industry was (and still is) on a trajectory of reducing footprint, releasing capacity in terms of headcount, optimizing operational costs, etc. – and the pandemic over the last 2+ years has accelerated those mandates. But what remains central to building a loyal and profitable consumer base is certainly not centered around how much we can squeeze out of the system – but rather, how much we can make banking simpler while at the same time building and maintaining emotional connections with our consumers.
Technology can actually enable a better consumer experience; Alyson Clarke, Principal Analyst from Forrester and recent guest speaker at Diebold Nixdorf´s Intersect conference, explains that driving a feeling of being valued, respected and appreciated by the financial institution will impact consumer experience in a positive way. Yet traditionally we’ve focused on leveraging technology to reduce, simplify and optimize the operating model for the financial institution. In a conversation I had with Alyson and Anja Popp, Diebold Nixdorf’s Senior Consultant, we discussed some recent research and how emotions play a big role in a consumer’s banking experience. Watch now to hear more on this topic:
BANKEN
