Balancing technology & human interaction in banking
With the rise of online retail, the influence of social media, and the impact of inflation, the traditional banking experience has undergone a profound transformation. Customers expect nothing short of seamless, personalized experiences, drawing glaring parallels to other popular industries. The BAI Banking Outlook: 2024 Trends survey reveals that customers benchmark their bank’s digital services against their favorite online retailers. And it makes sense—if we can easily order groceries or retail items online and have them delivered to our doorsteps or opt for same-day curbside pickup, it’s only natural to expect the same level of convenience and service when handling something as significant as our finances.
Consequently, community banks find themselves at a crossroads—tasked with adapting their strategies to align with these evolving expectations while grappling with challenges such as deposit runoff, uncertain loan portfolio returns, and increasing operational costs.
Insights from a recent MeridianLink® survey indicate that 42% of our financial institution (FI) customers are prioritizing the development of seamless omnichannel experiences, while a substantial 64% anticipate a reduced role for in-person banking in their daily lives.
This should ignite a sense of urgency, encouraging banks to explore the symbiotic relationship between digital progression, sustainable growth, and the implementation of an omnichannel banking strategy.
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