Journey thinking has led banks to create experiences that they perceived customers wanted without understanding their underlying motivation. This needs to change, according to a recent global study from Accenture. Banks need to understand customers’ intent, including their life aspirations and reasons why they desire certain products.
Consumers’ interactions with their banks are becoming increasingly impersonal. The survey showed that most consumers use their bank’s digital channels for quick functional tasks only. This suggests that digital channels are functionally correct but emotionally devoid. They don’t help a bank turn a transactional relationship with a customer into a genuine human connection.
From basic personalisation to personal conversation Banks have focused on digital servicing, resulting in channels being functionally correct but emotionally devoid. Genuine conversations come from providing advice that is relevant to customers’ lives.
68% of Australians surveyed in the report prefer to use the branch to solve specific and complex problems, while 63% prefer to see branches in their neighbourhoods. Pain points are set to become more acute as the economic impact of the rising cost of living sets in. As consumers navigate those challenges, they will want to have genuine conversations with their banks. Most digital channels today don’t offer that.