What are consumers looking for in their banks today? For many, the answer is technology. The right tools – whether that includes digital banking, mobile applications, smarter ATMs or any other feature – can make all the difference for a branch looking to gain an edge in a crowded marketplace.
For example, a Deloitte report on the current retail banking outlook highlighted the importance of cybersecurity, new technology and digital risk management. Retail banking has shifted to include more consumer-facing technology, and the in-house methods for protecting that data are more important than ever.
“Banking is about balancing technology with the human element.”
Even so, the bank that has a firm grasp on technology and security is poised to attract more customers. Banks should remain on the lookout for tools that streamline operations and improve security.
“Agility, innovation and collaboration will be important for banks to capitalize on new opportunities for growth for the remainder of the year, especially given currency swings and other economic developments,” noted Kenny Smith, vice chairman and leader of Deloitte LLP’s U.S. Banking & Securities practice.
Consumers want a simpler banking experience
All in all, consumers are on the lookout for banks that make their lives simpler. In an article for the Financial Brand, Bill Sarris, founder of digital banking firm Linqto, explained how digital tools and technology can achieve that goal.
He pointed out how there is a difference between providing customers the resources to do something themselves – like a smart ATM or online banking – and instead balancing those tools with the personal knowledge of bankers and tellers. In some cases, too much automation can actually be confusing for consumers – they are required to perform tasks they may not have the expertise for.
Simple banking and automated banking are not synonymous. Instead, your branch should focus on balancing technology with the human touch. For example, use tech to make your employees’ lives easier, so they can devote more time to helping customers. Teller cash recyclers, for example, can speed up the cash handling process and improve security.
If you can skillfully complement technology with well-trained employees, your bank will be in position to maintain strong consumer loyalty while providing a streamlined, efficient banking experience. Overall, this is a key trait of a tech-savvy bank – sometimes too much technology is as detrimental as too little.