September 29, 2017
Digital banking has not only gone mainstream but in many cases, it has become the only point of contact between banks and their customers. According to a May 2016 report on the tablet’s shifting role in mobile banking, half of the US adult population now banks using smartphones and tablets (an increase of 29 million people from the year before). While financial services delivered through digital channels have brought the convenience of anywhere, anytime banking to consumers, what is the cost? And, are banks living up to the expectations of their customers?
One of the main challenges the financial industry faces is the risk of diminished customer relationships as we make the shift to digital. Let’s face it, online banking sites can be pretty impersonal. For many years, face-to-face interactions were the norm as customers would develop a relationship with a bank associate who knew about their financial situation and would help them reach their financial goals. The traditional bank branch is now used by just