Feature BLOG: Bank of the Future

“The Bank of the Future”

The speed of change will touch all aspects of our business—especially the customer experience.

 

Living in the Internet era, change is happening so quickly that we often don’t realize what change is taking place, or that our expectations are even changing. This speed of change will touch all aspects of our business: people, process, products, website, mobile app, social media, branches—every change geared toward improving the customer experience. Doesn’t this mean that the “Bank of the Future” is now?

Banking has moved beyond the “digital” tipping point, driven by the pace of technology available, and organizations (banks, corporates, consumers, fintech) thinking differently about how to improve processes based on the customer need.

Technology does play a key role in the bank of the future and will continue to be leveraged across all banking channels. Technology improvements will include enhanced mobile capabilities, augmented reality (AR) and virtual reality (VR), artificial intelligence (AI) and automation technologies, blockchain, faster payment capabilities, etc.

 

“The Bank of the Future”

needs to address

customer expectations now."

 

When customers think of their banking experience they won’t think of a branch, ATM or device. Instead they will feel a sense of wow, accomplishment, confidence, trust, or negative feelings if the experience isn’t meeting their needs. The combination of technology with human touch is the “experience” that must be delivered across every channel to address the customer expectation. And the most important channel of the future is the mobile device. This will no longer be a tool for looking at balances, paying bills, paying a person, or depositing a check. Rather, it will become a greater extension of the bank itself, allowing customers the self-service, convenience, and personalization that matters most to them.

Branches will continue to play an important role, becoming service centers, where customers meet with bankers to strategize over high-value products and long-term financial goals, or drop-in for any technology support that may be necessary. Appointments will be made ahead of time utilizing text or mobile app capabilities with various bank employee experts. The human touch of bank employees remains a key touchpoint in the banking lifecycle that technology cannot replace.

“The Bank of the Future” needs to address customer expectations now. This means we must have a deep understanding of customer needs and behaviors, and utilize that data to provide services and experiences that customers expect. The banks that do change will be rewarded with customers—loyal customers.

To continue delivering on customer expectations tomorrow, next month, and next year, we must understand the needs of our customers—we must ask you. We look forward to connecting with you!

 


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Kathy Strasser
EVP, Chief Operating Officer
River Valley Bank
327 N. 17th Avenue
Wausau, WI 54401
Banking has moved beyond the “digital” tipping point, driven by the pace of technology.