Make digital banking human
The imperative to form emotional connections
“All banking journeys will start with us as individuals.”
Devie Mohan, Fintech Industry Researcher via
In both retail and business banking, the shift from branch to digital has been happening for many years, but the COVID-19 pandemic has forced banks to accelerate their digital strategies. For some, the move to digital is simply an opportunity to move existing services to digital channels. For others, it’s a chance to create deeper personal connections with their customers by offering enhanced products and services built around their unique needs and in turn, the potential to create new value for the bank.
A global study conducted by BCG showed that customers are moving to digital faster than they were prior to pandemic. Online banking has risen by 23% and mobile banking up by 30%, with BCG predicting that these changes will be permanent, accelerating the migration to digital channels by three to four years over pre-pandemic trends.
Our emotions can be huge drivers in the decisions we make every day — big and small, they are what make each person unique. These emotional connections translate into loyalty, trust, and ultimately revenue for brands. Yet most banks haven’t tapped into the full emotional potential of their customers. Beginning the journey toward more human banking starts with knowing the key ingredients to cultivate deeper connections and understand customers’ lives more holistically, empowering them to bank in ways that suit their needs, values, and aspirations.
When banking, I want to feel…
“Hopefulness — I want to feel confident that they can empathize and help me reach my financial goals.”
– Bank customer (USA), Temenos Survey 2021 (4,700 banking consumers)
"Rather than wanting to get straight to the business nitty gritty, the bank was interested in my brand, which for me, is really important — that personal relationship with my business bank. I want them to really love my business and get me and where I’m going.”
– Founder, design industry, Temenos SME Think Space Innovator Series, 2020
"Making digital banking human is really showing our members that we know exactly who they are and where they are in their lifecycle, and having the products and the services for their needs when they’re ready. Our vision is that we like to make all financial dreams come true, so when that dream is there—or that vision is there—it’s important that we are there as well.”
– Chris Parker, Co-CEO, Partners Credit Union1
1. Digital Banking Made Human, Chris Parker, Co-CEO of Partners Federal Credit Union| Temenos Community Forum 2021
