How it all comes together
Addressing the hierarchy of values
Making digital banking human means understanding not just the features and functions people need to execute tasks but the drivers behind them—and then offering digital experiences that connect with individuals on an emotional level. When it comes to forming human connections, there is a hierarchy of values. But make no mistake, only focusing on one aspect will leave many of your customers vulnerable for other banks. By placing emphasis across all needs, you will become indispensable.
Human banking
must service a range of wants and needs. When customers were asked what would be most appealing in a banking provider, answers spanned from functional to higher social impact.
make it easier to pay bills or send money on time
intelligent solutions to help you reach your life goals
accurate recommendations for budgeting and saving
donate money to causes you care about
Temenos Customer Survey April 2021
Functional benefits
Example: Saving time
Satisfying customers' functional needs—making apps easier to use or removing process steps—provides convenience and simplicity so they can get on with the things that really matter to them. Technology can speed up onboarding, credit decision-making, and customer service interactions for retail and business customers—like prefilling form information from mobile carriers and adding type-ahead tools for fields like “occupation” to reduce errors. The best banking experience is usually the simplest and fastest one.
Emotional benefits
Example: Reducing anxiety
Many people approach banking with feelings of reluctance or unease. It’s something they have to do, not something they want to do. Then add to that the pressures of managing your own business. When you can guide them through business challenges with proactive and tailored advice or give them a boost with rewards or gamified experiences to encourage certain behaviors, customers will feel more actively engaged with their finances. Simultaneously, the bank generates trust and value, increasing customer loyalty and ultimately turns anxiety into excitement.
Life-changing benefits
Example: Providing a sense of belonging
Banks can help customers and employees improve their lives by building a sense of community through shared experiences and empowering them to make better decisions. The human touch can be brought to life with audio/video chat, screen sharing, and virtual branches. Banks are increasingly offering customers the choice to work with agents across the banking journey, establishing a long-term rapport.
World-focused benefits
Example: Improving the environment
As customers increasingly want companies to do good for the world, they want to see actions beyond the bottom line. Create a deeper connection by not only aligning to customers’ values but making business decisions based on those values. For example, challenger bank Flowe focuses on sustainability initiatives to speak to a younger demographic, including a debit card made of recycled wood and suggestions for reducing the impact of global warming based on transactional behavior.
Business benefits
Example: Innovate with the customer at the heart
Using AI to better understand your customers’ goals, problems, and lives gives you the opportunity to create new products and services to suit their unique needs. Incorporating design thinking will help ensure a human-led approach, keeping customers’ problems at the heart of your concepts. Make use of all your data, both quantitative and qualitative, to better understand where problems hide and keep your customers involved in the entire process, from conducting surveys to prototype testing.