According to Foolproof, customers claim digital services are falling short of being useful. Around 46% of respondents say human interaction in banking is what they want, while 29% stated they want more high street branches.
As far as digital services are concerned, 47% of banking customers say chatbots are not answering their questions, while 23% believe their banking experience has gotten worse in the last 12 months. Only 19% of over 55s think their banking experience has improved.
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Foolproof is a Zensar company with a long history of helping banks develop their digital offerings. Anup Rege, chief business officer of Integrated Studios at Foolproof, commented on the findings: “As the data shows, customers are rightfully expecting some kind of change in their relationship with their bank.
“While it’s not realistic to expect a return to bricks and mortar branches or to see an expansion of call centres given a focus on reducing cost to serve and large investments in offering a better digital experience, it is reasonable for customers to expect a better relationship with their bank”, Rege added. “Especially during this time of economic precarity.”
Foolproof: AI experiences in banking
According to Foolproof’s research, banks should avoid rolling out generative AI solutions to customers without trying to understand what they want from AI-powered experiences. Advancements in AI technology are currently putting pressure on banks and financial institutions to update their tech stacks in order to improve customer experience and create a seamless experience across their digital platforms.
“Many of the current solutions are causing more pain than good. However, next-generation technologies could bridge this gap, going deeper into solving customer requests and eliminating the need for human interaction by better meeting customer needs with the right level of design to aid successful implementation”, the company said in a press release statement.
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By GlobalDataIn an interview published by RBI in May, Clinton Abbott from SunTec Business Solutions said AI can play an important role in delivering customised content to clients, “as it can potentially create personalised and unique content on a large scale.”
Abbott warned, however, that AI should not replace human interaction and customer engagement in banking.
Commenting on the importance of in-person interactions in banking, Rege from Foolproof noted: “Solving this desire for a more human connection is not about some great outpouring of emotion from banks in marketing or digital design but rather connecting with and understanding customers better.
“This work should facilitate understanding and comprehension through content and design as well as being fundamentally usable and useful”, he continued. “While this may mean a short-term incursion of cost, it will give banks a better chance of maintaining customers and projecting a strong brand when customers need someone to trust.”
