The Credit Professional Winter 2018 Dec_2018_magazine | Page 25

Do Consumers Still Want A Human
Touch From Their Banks?
by Forbes
Our world is increasingly
networked. Since the
introduction of the iPhone in
2007, consumers everywhere
have come to rely on their
ability to conduct business
anytime, anywhere, from their
handheld devices. What they
expect from their financial
institutions has naturally
evolved as well. As the chief
business officer of a financial
technology company, I believe
people today are making a
particular preference clear:
they’re placing a lot of
importance on the quality
and customization of the
experiences they have with
their financial institutions.
Research indicates that U.S.
banking customers want
convenience when it comes
to financial matters. One
indicator of this is what
I believe to be an increasing
reliance on mobile to conduct
business. PwC’s 2018 Digital
Banking Consumer Survey
of about 4,000 consumers
revealed that the share of
mobile-dominant customers
is rising, with 15 percent
of customers now
mobile-dominant, an increase
from 10 percent just a year ago.
Banking customers
want less friction and
more help.
One reason for this rise in
mobile banking could be a
desire for less friction and
greater accessibility. Among
many possible factors, one
that stands out to me is the
millennial generation as a big
segment driving this shift.
so often find with traditional
banking (like filling out paper
forms or waiting in lines) seem
not only irritating but
surprising and unnecessary.
This new generation may
expect to bank anywhere on
their phones.
Besides becoming more
mobile-centric in their banking,
I’ve seen that many young
people want personalized
insights and actionable
It’s not hard to understand
why. People who have grown up financial advice from their
financial institutions in real
using the internet and social
time. Millennial consumers
media are used to companies
likely think: If my bank has all
like Facebook, Instagram and
Google. These companies have this data about me, they
likely devoted years of research should be giving me something
and billions of dollars to create of value in exchange and
consumer experiences that are helping me solve my problems.”
PwC found a rise in mobile
intuitive and frictionless.
banking, not just for those who
It seems many consumers feel
primarily banked online, but in Today, young people may take this way. PwC claimed that
other categories as well.
most consumers are
this for granted, which makes
for the kind of frustrations you “goal-oriented” and focused on
long-term savings goals.
Continued on page 25
The Credit Professional
24
December 2018