With the advent of technology over the years, consumer behavior has changed drastically. Much like any other industry, retail banking has embraced this change and witnessed a massive transformation.

As consumers interact with varied digital financial institutions, such as cryptocurrency and online banking, banks have started integrating tech-powered customer support solutions to elevate the consumer experience. Therefore, with the growing relevance of technology in the banking sector, there is a need to balance going digital with personalization to ensure there is a human touch that people greatly value.

Movement Towards Digital Banking

With the digitization of banking solutions, consumers have access to services at the click of a button. This eliminates the need for people to visit banking establishments for support and assistance. However, this poses the risk of turning the banking experience into an impersonal affair.

While digital banking services help systematize financial operations, they minimize personal interaction. Adopting certain solutions can help bridge the gap between convenience and personalization. With that said, here are some tactics for banking that can help retain a touch of human interaction while offering ease of access to banking solutions.

Artificial Intelligence for Tapping into Consumer Needs

One of the most prevalent technological innovations used in every industry in modern times is artificial intelligence. AI is capable of identifying consumer needs by analyzing their behavior and preferences. This knowledge equips banks with the insight to ensure their products and services cater to very specific consumer needs. One of the examples of this approach is analyzing the spending habits of an individual and recommending tips for budgeting based on this.

Yet another area where artificial intelligence can be a game-changer is in addressing customer inquiries with the help of an AI-powered chatbot. Banks can easily analyze and identify numerous frequently asked questions and offer virtual assistance around the clock with answers provided by AI chatbots.

Since AI is a technology with the capability to enhance itself through regular interactions, it can be extremely useful in not only helping banking establishments have that technological edge but also offering personalized solutions and enhancing customer experience through that.

Video Banking to Fill the Gaps AI Creates

While the importance and usefulness of artificial intelligence cannot be undermined, it inevitably has its limitations. Therefore, leveraging the power of AI while also making use of features like video banking can help banks offer superlative services to their consumers. Video banking allows customers to connect and interact with banking service providers virtually. This offers customers the convenience of interacting with professionals while eliminating the need to visit banks.

Customers may have several complicated queries that need actual human input. With video banking, customers can go beyond the limitations of chats and have complex transactions handled with ease. Banks can add this useful feature to their mobile app and make it easy for customers to offer digital convenience and complete personalization.

Targeted Messaging Using Data Analytics

While data analytics is most widely used in marketing, it can be an extremely powerful tool to enhance customer experience. This would involve analyzing customers’ data and sending targeted messages based on this analysis. This tool can be used for sending important messages such as low balances, reminders for payment of bills and EMIs, and much more, which can help customers stay on top of their payments and make their banking experience better.

Financial Wellness Programs

Data analytics can also be used to create categories of customers based on several criteria. This data can be helpful in tailoring customized financial wellness programs that can educate customers. These educational resources can be anything — tips on saving, investing, retirement plans, and reducing debt — as long as they specifically cater to a customer category and provide useful insights. This can help banks establish a better relationship with their customers.

While these are some of the ways to ensure customers receive personalized services to retain the human touch in banking solutions, there are limitless strategies that banks can adopt. With banks transitioning from traditional ways of providing services to digital and tech-powered solutions, there will always be this challenge of identifying how much technology is too much technology.

Gaining a realistic understanding of this and working towards offering personalized services to customers is crucial to ensuring banking establishments have a strong and long-lasting relationship with their customers. This makes it crucial to tap into unique ways of connecting with customers and making their banking experience better and more convenient. While digitization is the need of the hour, personalization is an inherent part of any service.