Solving the Personalization Dilemma: Converging Technology and Personal Service

As we approach a new year, community banks are at a crossroads in deepening customer relationships while maintaining the personal touch that defines their service. There is concern that advancements in digital technology might diminish face-to-face interactions. However, when utilized effectively, the best digital tools, combined with human capabilities, can elevate customer satisfaction and attract the newer generation of financial users in the new year.

Automation, including cross-sell features integrated into account opening, not only helps banks provide tailored solutions for the appropriate user, but it also frees up staff to engage in more consultative, meaningful conversations with customers. By using technology to handle routine onboarding tasks, bank employees can focus more on expanding relationships and offering personalized advice. The cost of not providing these personalized services is steep, with more than half of banking customers stating they would switch their primary financial institution if financial services were not personalized.

Turning Automation Into Meaningful Conversations
Banks have a unique opportunity to combine the convenience of technology with the personal touch that customers value. Account opening solutions with automation and cross-selling capabilities can help staff make informed product recommendations based on a customer’s needs and lifestyle. For instance, if a customer opening a savings account frequently travels, the system could suggest a credit card with travel rewards. When the customer visits a branch, staff members can easily access these insights and offer further guidance on products tailored to the customer’s specific requirements. This ignites deeper, more consultative relationships between the banker and customer, building loyalty and deepening engagement throughout the entire banking journey.

An Omnichannel Approach
The account opening process can often be fragmented across online, call center and branch channels. A seamless omnichannel solution can eliminate these silos and provide continuity across all channels. This approach ensures that bankers can easily access relevant information to provide updates and support if a customer needs assistance with their application, eliminating redundancies.

Implementing a data-driven financial needs analysis can also help banks further tailor recommendations and optimize future interactions. By proactively notifying bankers of any issues during account opening, they can resolve issues on the spot and keep the application process moving smoothly.

The Synergy Between Digital and Personal Service
Adapting to new technological advancements gives community banks a significant opportunity to maintain their customer-centric approach in today’s digital landscape. The key lies in striking the right balance between technology and personal service to create the desired banking experience customers now expect.

To achieve this, institutions can look towards transformative solutions to eliminate silos and provide a seamless experience across all channels. By integrating such technologies, financial institutions can enhance their digital-first experiences while preserving the personal touch that defines their service culture, further strengthening customer relationships.