BANKS HAVE UNDERGONE massive changes moving into the 21st century.
Digitisation of services – and money itself – has seen the need for customers to actually physically enter banking premises decrease dramatically.
Person-to-person interaction is largely limited to only the most important of banking services such as discussions involving mortgages and loans and business cash deposit transactions.
Alongside digitisation in the banking sector, competition has also undergone massive change.
Traditionally, the big banks had a monopoly on lending services and money deposits.
First came credit unions, building societies and mutuals.
Now customers have unprecedented choice in how they move money to buy, sell and borrow.
Tech ‘go-between’ companies such as PayPal have interjected themselves into the online space between customer, seller, and the big banks to eke out a thriving business model.
Buy now pay later services such as Afterpay have followed suit, again carving out a new positions in these in-between digital spaces.
Open banking aggregation services such as Revolut and Monzo have also entered the fray, further threatening banking models.
And at the edge of all this, Big Tech companies including Apple, Amazon, Facebook, Google are evolving their own digital economies, for the most part leaving out the banks in their own closed transaction systems.
More than ever, banks need to look after their own interests by looking after their own customers.
Companies that operate in digital spaces have a key advantage over basic brick and mortar physical spaces, including banks.
That is, they build upon creating highly detailed customer profiles over time, where knowledge is power.
Whenever a person goes online, behavioural data is gleaned and utilized to deliver a better customer experience – and increase the likelihood of return visitations and commitment to purchase goods and services.
Whenever a person actually goes into a bank, they face queuing, excessive wait times and protracted discussion on what they are there for and who they actually need to speak to.
When a person goes online – be it for banking or anything in general – they are typically only a few minutes and a few clicks away from their intended destination and desired outcome.
In an age of increasing competition, banks simply must deliver the best possible experience for their customers in the real-world, often the site of their largest, most important transactions.
If only the key metrics afforded in online spaces could be translated into bricks and mortar spaces…
Now they can, with Foresense Technologies.