Be aspirational
Imagine a more human future and make it a reality
42% of consumers say their bank cares for them as a person, not simply a customer. These “connected consumers” are 22% more likely to buy services from their bank without price comparison.5
5. The Banking Human Experience| Accenture, 2019
“When I had my wallet stolen…I went to the branch and they were very polite and took good care of me to make sure that I got it the next day and that my account would be frozen… that is when I felt that they actually cared.”
– Bank customer (USA), Temenos Survey 2021 respondent.
Make human impact a measurable priority
Making emotional connections requires understanding customer experiences at a deeper level. Quantitative measurement of emotional connectivity can be difficult, but traditional tools such as user satisfaction surveys and NPS scores can be adapted to measure sentiment. Even better, you can use AI to analyze the emotional content of conversations with and about your bank. Pair these with feedback from real customers and employees to get a better picture of the emotional connectivity from both sides.
Make it central to your mission
Increasingly, customers want to interact with companies that have a positive impact on the world. Identify what matters to your customer base and compare it to your organization's mission, vision, and offerings to find areas of overlap. If shared values are present, be sure to surface them with customers. If there aren’t shared values present, it might be time to invest in refining your purpose and aligning it to something greater than banking.
Traditionally, banks have developed mission statements that are centered on their organizational values, goals, and strengths. Purpose statements however, buck the passive voice of a mission statement. They build trust and create value for people by noting concrete actions and eliciting emotional responses that customers can get behind.
Aspiration in context: Varo
Varo, the first consumer fintech granted a national bank charter in the US, was founded to create an easier, more affordable way for customers to manage their money and achieve their financial goals. To deliver the foundation for its business model, Varo selected Temenos Transact – Retail Banking, Payments, Infinity (Loan Origination) solutions and Temenos Financial Crime Mitigation with the U.S. Country Model Bank. Deployed in the Temenos SaaS (NAM), this fully integrated, cloud-enabled solution streamlines Varo’s operations, supports its strategy to expand its product and services, and provides a seamless, real-time customer experience across product lines and delivery channels. The Temenos solution will also accelerate speed-to-market for new products and services as Varo rolls expands its retail banking products over time.
“We weren’t just looking for a vendor and a system, we wanted a provider that would truly partner with us in order to achieve our vision.”
Colin Walsh, CEO & Co-Founder, Varo