Making Banking about People: Serving Consumers in a Disruptive Industry

Making Banking about People: Serving Consumers in a Disruptive Industry

How the transformation of financial institutions and their branches affect the way the industry serves consumers.

Recently, I had the honor of speaking at RBR Branch Transformation in London, England. My keynote address focused on how branch transformation gives financial institutions (FIs) the opportunity to create more nuanced experiences for their consumers, and build stronger, more long-lasting relationships. Banking – whether it’s through a physical or digital channel – is always and will always be about people.

Today, consumers have more power than ever before. We are all becoming more tech-compliant in our daily lives. And banking is no different.

I think if technology is integrated properly, if you fit the technology with the branch, fit the technology with the people, both your own employees and your consumers can have better experiences.

Here, I dive deeper into these experiences:

To really focus on consumers, you must also make sure you’re not looking at your organization’s various channels as separate entities, but rather as a single funnel for all of your touch points. This “consumer channel” is essentially shifting the mindset into a more “channel-less” approach.

In other words, think of having the right technologies to meet a consumer’s unique need, but also be cognizant of whether they need advice or one-to-one interaction with a real person. It is our responsibility as an industry to have the right tools, for the right situation at the right time.

What I revealed to the audience expands upon that shift of mindset:

This all leads to creating Fully Integrated and Transformative (FIT)banking™ experiences. FITbanking is Diebold’s philosophy that consumers deserve a personal, individualized, customized FIT – and so do you.

Our FITbanking approach focuses on solutions that are nimble enough to FIT your vision and experiences flexible enough to FIT consumers’ aspirations.

My thoughts on FITbanking during the keynote:

However, if we are looking at transforming the industry, we must also acknowledge how many of the branch roles we’re used to seeing will change in this continuously evolving ecosystem.

I spoke of five specific roles you may no longer see in branches in the very near future:

Finally, the industry must be aware of where currency FITs into all of this. Whether we’re talking about branch transformation or finding new ways to engage with consumers, cash is still very much a part of the equation. Therefore, when we transform and create these FITbanking experiences, all forms of currency have to interrelate.

It’s up to us to connect the physical and digital worlds of currency to create banking interactions that flow seamlessly.

In my final video, I give more detail about the current and future states of currency:

At Diebold, we envision a future in which technology isn’t an end in itself or a constraint to be managed, but rather an invisible but indispensable engine for creating and nurturing greater, stronger, more durable and more lasting connections with consumers. Channels become intimately intertwined, creating a powerful relationship between you and your consumers.

Together, let’s make banking about the people.

Considering a branch transformation? At Diebold, our Professional & Advisory Services teams work closely with you to find a balance between people, process and technology so you can successfully execute your strategy and, ultimately, create a better consumer banking experience.

If you’re interested in any of our innovations or services, please connect with us virtually.