Bringing Humanity Back to Banking

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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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