February 27, 2019

Bringing Humanity Back to Banking

All banks recognize that winning customer relationships in the future means winning in mobile banking. While the “extinction of the branch” hysteria is over-hyped, customers are undoubtedly doing more banking on their phones than ever. Eight out of ten Americans now use mobile banking nine days per month, a trend that is echoed across the world and shows no signs of reversing. Practically every consultant, industry article, and banking conference has been screaming about channel migration for over a decade, and financial institutions have listened. In the rush to digitization, though, banks have abandoned a traditional strength: trusting, personal relationships with their customers. And that’s a problem. An existential one at that. The hidden cost of digitization Banks have primarily pursued digital transformation from three angles: increasing convenience, cutting costs, and optimizing marketing. The ubiquity of mobile phones has presented a massive opportunity for banks along each of these dimensions,…

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