Humanizing Banking in the Digital Age

by Renato Oliveira, CEO & Founder of ebankIT

Although technology is the great enabler of reinvention and transformation, we must never forget one truth: our customers are human. Deploying the right technology is clearly a critical part of transformation. Delivering a humanized experience that is laser-focused on the needs of real people is just as important. When tech is humanized, it becomes an engine of growth, driving greater customer satisfaction, improving conversion rates, and boosting brand reputation. Customers want to be heard – which means banks have to listen.

The demand for human-centered banking is accelerating as Millennials and Generation Z demand a different approach to digital. Raised on smartphones and living their lives online, digital natives expect banks to deliver the same personalized, frictionless experiences as Uber, Netflix, or other big tech giants. They want to be treated as an individual by a bank that really knows them. Onboarding must be so straightforward that opening a bank account is as simple as starting a social media profile. Time-consuming, paper-based processes and legacy banking practices are becoming intolerable. Techsavvy customers are also no longer afraid to switch. If their bank does not give them the experience they are looking for, they will simply log off and sign up to a neobank, fintech, or any business that has what they need.

Meeting this growing demand for humanized digital banking requires a shift in thinking. For too long, branch banking and digital financial services have been considered to be polar opposites. This is no longer the case. Digital banking does not have to be cold and robotic. In fact, it can be warm, engaging, and friendly. Combining the most positive aspects of technology with humanized, customer-centric experiences, the benefits of both traditional face-face service and 24/7 digital banking can be unlocked simultaneously.

The first step for banks that want to compete in the market of today and tomorrow should be the establishment of simple, seamless, and intuitive digital self-service which also allows customers to quickly talk to a human whenever they need to. Be flexible and adopt an omnichannel approach that seamlessly integrates both digital and physical channels to give customers the flexibility they are looking for. Each journey should be carefully analyzed to eliminate points of friction and personalize each customer’s experience. Data should be your guide to all journeys, so be sure to collect and interpret information that can drive continuous improvement.

Enabling customer engagement through technology like ebankIT’s User Engagement Hub can help banks deliver humanized, personalized, and accessible experiences. We are here to help you place humanity at the heart of digital banking. You’ve heard of customer-centric banking. Welcome to human-centric financial services.