Keeping your money at the bank has for a long time been synonymous with participating in the economy. But increasing changes in technology mean that the services offered by banks can—and must—change. These are four things consumers want from their banks today.
They Want Their Banks to Help Them
There are a lot of things that may come to mind when you think of what consumers might want from banks. High-yield savings or checking accounts, useful apps and others are definitely things that might come up. But you might not immediately think of this: About 78 percent of consumers would like their banks to give them more informational resources.
This sort of advice-based help could include things like how to effectively create and stick to a budget. There could even be personalized advice based on people’s specific customer profiles. Whatever the service, people clearly want their banks to be giving them more insights into best practices for their money.
Preferences Will Continue Changing with Technology
If there’s one thing you can count on, it’s that evolving technologies will continue to have a major effect on what people want—and expect—from banks. As things become more digital, and advanced in terms of capabilities, new products will be able to serve customers in highly desirable ways.
Remote deposit for checks is one example of this. Before smartphones, who would have thought we’d one day be able to deposit checks without even having to go to the bank?
The next great banking technologies probably aren’t going to just announce themselves. While certain innovations might lay the groundwork, it’s tough to know exactly what will and won’t stick with customers. This is why financial analytics is crucial for banks and other institutions. It can provide an objective pulse as to what is and isn’t working for consumers based on behavioral data and feedback. Modern data analytics platforms like ThoughtSpot, which utilizes artificial intelligence to mine data for insights, can help financial organizations keep their fingers on the pulse of consumer expectations and industry trends.
They Don’t Want to Be Pigeonholed
Yes, there will likely be a need for physical banks for a time to come. But that doesn’t mean finance firms can underestimate the importance of digital channels and other ways of reaching consumers. The majority of people access their bank from more than one place. Whether it’s on the computer, through an app, at an ATM, or over the phone, everyone has different preferences and needs.
But it isn’t only about variety, it’s also about continuity. No one wants to deposit a check on their phone, then go to an ATM later only to find they can’t withdraw the money in cash. Streamlining the crossover between different channels is an essential element to giving customers what they want from their bank.
They Want Products and Services That Really Serve Them
No one wants to just have their money in the bank and get nothing for it other than safe keeping. People want their banks to offer them things they really want. For some people, this is going to be attractive deals on things like credit cards. If you shop at a certain place on a regular basis, getting a high percent of cash back from all of those transactions with a certain credit account is going to appeal to you and make you want to use that credit card versus another.
The bank should be your friend, not your enemy. If banks want to find success in meeting consumer demands, they need to tap into what they can do in order to support what people really need from them.
Banks are long-established institutions. Some of them have a less-than-savory view in the eyes of consumers in the wake of financial crises. Banks need to continue developing trust with consumers. Predicting and meeting their needs is a huge step in this process.