opinion
The value of human interaction
The second major assumption is that
millennials never go to branch locations
to complete transactions. Some reports
have even been published claiming
millennials prefer to visit the dentist
overpaying a visit to their bank’s branch.
This statement is countered by another
Accenture report on bank branches that
found of all customers, 87% of them felt
they would continue to use branches
and of millennial customers, 86% of
them felt the same. They contribute their
continuous use to trust and sense that
they receive more value from human
interactions when handling their finances.
Even digital banks, like Iam Bank, who
focus their business model on meeting
millennials’ needs, have come to realise
the importance of human customer
interactions.
Overall, despite the financial industry’s
expectations that there’s an impending
death of the branch, recent surveys and
supported views by digital banks like
Iam Bank show consumers, especially
millennial customers, will continue to
demand a human touch in banking.
At the end of the day, even though
many trends indicate that digital
solutions are the path retailers and
financial intuitions need to take to
resonate with millennials, this path isn’t
so direct. Millennials certainly use digital
platforms daily, but they’ve not entirely
moved away from traditional lifestyle
choices like using cash; they’ve had to
become smart about their spending and
how they utilise their cash and credit
cards. Retailers and financial institutions
need to find a median where they
continue to develop digital platforms, but
also meet the traditional needs of this
generation. These actions will hopefully
resonate with millennials and build
brand loyalty. n
KIOSK solutions 41