Pub. 8 2018-2019 Issue 3

16 O V E R A C E N T U R Y : B U I L D I N G B E T T E R B A N K S - H E L P I N G C O L O R A D A N S R E A L I Z E D R E A M S T he most effective way to attract and retain customers is to un- derstand them. But what are banking customers’ ex- pectations, and how can financial institutions utilize their input to form relevant banking strategies? To find out, CSI com- missioned an online survey, conducted by global market research firm, The Harris Poll, on more than 2,000 U.S. adults age 18 and above. Through the survey, consum- ers gave us valuable feedback on their digital and in-branch banking experiences. Here’s what they had to say. I Am Satisfied with My Bank’s Digital Offerings … for Now According to the survey, 86%of all Americans say they are happy with the current digital banking offerings available through their bank. This number varied only slightly when broken down into age and socioeconomic groups, with respondents ages 65+ at the highest satis- faction rate of 89%. “To see such widespread similarity is noteworthy here,” says BobMeara, senior analyst withCelent’s banking practice. “It’s not just themil- lennial who has expectations of a really whizz-bang digital experience.” Tr u e , t h e y o u n g e r crowd—those ages 18-34— came in slightly lower, at 82%. For millennials, digital access to banking services Consumers Have Spoken and Bankers Should Listen BY STEVE DUPERRIEU has resulted in their constant use, and digital interactions are where these potentially life- long customers are won or lost. And, there remains that 10% of Americans who say they’re not satisfied with their digital banking experiences. A small number, to be sure, but it is pause for reflection. Eric Cook, digital strategist with WSI, agrees: “Those who were not satisfied with their financial institution’s digital capabilities already left for another (likely larger) bank that could support them.” If that’s the case, banks shouldn’t rest on their laurels, but continue to ensure that their digital banking solutions rise above the rest, allowing flawless connectivity no matter the channel or device. WhenIVisit aBranch,ASingleEmployee Should Have All the Answers According to CSI’s consumer survey, 85%of Americans want all their branch needs met by a single banker, at the initial point of contact. This number jumped still higher for certain demographics, with 92% of women aged 65+ expecting this to be a reality. “This experience needs to be delivered via educated banking professionals—enter the ‘universal banker’—who have been crossed- trained in all areas of the bank to provide a seamless, holistic experience for the customer,” says Cook. “This banker needs to be empow- ered by the right tools on the back end, such as AI and predictive technologies, to help prepare them for the right conversations with the right customers at the right time.” We’re talking far beyond the routine here—toward a key factor in branch optimiza- tion—the staff. “It’s not a new idea, but there’s still debate around howdowe really do it well,” saysMeara. “Universal bankers cost more to acquire, train and compensate, so if our staff branches that way and they’re still processing lots of teller transactions, then that’s a waste of money. The human capital considerations are where banks wrestle with implementing universal bankers.” Clearly, based on the survey results, banks should be heading toward branch optimization with staff and technology. Anticipate My Needs, and Offer Me a Solution CSI’s consumer poll found that 83% of Americans want advice from their institution toward reaching their financial goals. This proportion reached slightly higher, at 87%, for those whose household income is $100K or higher. This should come as welcome news to fi- nancial institutions, and serve as a call to arms in the race for profitability.