If last year was any indication of what financial markets will look like in 2019, we are in for a very bumpy ride. Last December alone, the Dow Jones Industrial Average fell and rose more than 8 percent as finance experts struggled to make heads or tails of a bizarre political climate, unsteady interest rates and global tariffs.
Millennial and Gen X bank customers seem to be relatively independent, adept at employing online and mobile apps to complete their financial transactions. However, research shows that these digitally confident customers still value personalised advice, especially regarding investment decisions—and retail banks are in the best position to meet that need through immediate, tailored solutions developed using available customer data.
A decade ago, if someone told you that when they emptied their fridge, the fridge automatically sent a shopping list to the supermarket, would you believe them? Over the last few years, technology innovations have allowed businesses and brands to change how we shop and interact with them.
Consumers of banking products and services today are virtually overwhelmed by choices, but omnichannel retail delivery brings it all together for them. How can banks overcome the barriers to the now required adoption of omnichannel integration in their own operations and satisfy their customers’ evolving preferences and expectations?
Today’s retail bank customers are in love with automated banking that makes transactions faster and more convenient, but that doesn’t mean that they no longer want human interactions with branch staff. By maximizing transactional and relational interactions with their customers, banks can stay at the forefront of the banking revolution.