bankingciooutlook

The Future of Retail Banking

By: Banking CIO Outlook | Tuesday, January 19, 2021

In the post-pandemic world, the continued shift from transactional to experiential banking will still have the same transformational power for banks as experiential retail for high street stores.

Fremont, CA: Covid-19 has a dramatic impact on the experience of retail banking. Yes, many banks have temporarily reduced their branch footprint during the lockdown. The pandemic has dramatically accelerated fintech and other trends in digital adoption. Customer behavioural change has been so profound that banks need to rethink their branch models in order to enrich CX. But don't underestimate the power of the branch as banks begin to recalibrate their future.

In the post-pandemic world, the continued shift from transactional to experiential banking will still have the same transformational power for banks as experiential retail for high street stores. Legacy brands that invest heavily in their digital capabilities will have a head start over their competitors. However, banks that continue to invest in reshaping their branch network will retain their biggest competitive advantage over digital challengers – human interaction.

Customers Are Lookingfor a Safe Financial Harbor

Gray economic skies mean that customers are seeking financial security and security from their most trusted provider. Banks with a branch network have the opportunity to build trust by providing assurance and showing sympathy. When clients make financial decisions that are complex, they are steeped in emotion.Typically, their purchaser journey can start digitally as they do their research and seek advice and advice. The customer will then turn to the most trusted channel to talk to a real person. If their most trusted channel is their branch, banks need to cater for that empathetic need for individual care.

Weekly Brief

Read Also