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Is Digital Self-Service The Future of Banking?

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In recent years, evidence points to a new rise in self-service trends that range from food ordering to Customer support and financial operations. These trends don't show any sign of slowing down and there is no use in fighting change. So, what can we do? The answer may just be in integrated Customer support platforms.

Self-service everywhere

Today, 35% of 18-34 year olds prefer using mobile devices to place delivery orders, coupled with 40% who would also rather make mobile payments for these orders. This trend is clear, as marked by the example of the food chain giant Taco Bell, whose digital app orders averaged 20% more in revenue than orders made at the store.

To top it off, popularity for Amazon’s new project, Amazon Go, seems to show that people prefer to have as little contact as possible when making purchases, embracing the idea of a store with sensors that charge purchases directly to one’s Amazon account.

Within banking, a survey by Novantas Research detected that reliance on branches dropped by 14% and According to the U.S. Federal Reserve, digital banking users have increased from 26% to 51% between 2012 and 2017.

Banking is affected too

One of the biggest industries affected by recent changes is the banking sector. This does not come as a shock, considering that 69% of adults have a digital account at a bank or mobile banking solution provider by 2018, meaning this sector alone is responsible for providing one of the most widely used services in the world. The key when dealing with this? Don’t fight it.

As a result, financial services are slowly edging towards being more virtual and less personal, with advances in new technology pushing the industry away from brick and mortar branch banking and more towards a digital self-service experience.

While this paradigm shift may be beneficial, if not embraced properly by the company it could lead to the fading of strong connections between Consumers and their banks. However, the companies that can successfully adapt to the new tendencies have a lot to gain in terms of reduced costs, higher efficiency and benefits to Consumer loyalty.

An integral solution

As with all change, traversing these obstacles may seem daunting, however, there is much to be gained by taking the proper steps towards adapting, as fast as possible.

One of the most notable changes in recent years is our approach as Customers and Consumers. Almost 70% of the world population owns a mobile device in 2019. With the capabilities that these have in providing concrete information by keeping us connected through platforms like Social Media, it’s no secret that we have morphed into Social Consumers.

We use constant connectivity to inform ourselves of products and services before purchasing them. Considering this trend, it stands to reason that institutions like banks who desire to increase Customer engagement and ensure a positive image, should embrace change and begin providing vanguard solutions, like the Video Remote Assistance offered by Vivocha.

Also beneficial, Video Chat can strengthen the perception Customers have of your company, especially because these processes are designed to show Consumers they can trust your institution. It’s no news that face-to-face contact increases trust, then it's necessary to provide that contact also remotely.

According to a recent report from The Financial Branch, 93% of banking providers say they think Customer satisfaction would improve if a high-quality video banking service for mobile devices were to be implemented. 

Banks that already implemented new solutions can see benefits and manage to keep up with the needs of Customers, even new generations.

So, are you doing everything you can to ensure the success and continuity of your company in the face of these new technological and social advancements? When will you start?

Do you want to know more?

REMOTE ADVICE IN BANKING

 

Topics: customer service, mobile banking, traffic analysis, next generation customer interaction, self-service, digital banking, new trends

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