The article also highlights the role of technology in enabling more personalised banking experiences. It argues that new technologies like cloud platforms, artificial intelligence, and machine learning can help banks balance the need for standardisation with the need for personalisation. The author suggests that banks need to foster a culture of innovation, encouraging and rewarding ideas from all staff members, not just innovation teams. The article concludes by stating that banks need to update their go-to-market strategies with a focus on empathy and empowerment, embracing a modern banking experience.
Key takeaways:
- Empathy is a crucial factor in improving customer engagement and service levels in the banking sector.
- Personalisation and understanding of customer demographics are key to creating stronger bonds with customers, with technology playing a significant role in enabling this.
- Empathetic banks have been found to financially outperform those that lack empathy, highlighting the importance of this approach.
- Banks need to foster a culture of innovation and utilise digital tools to recognise demographic considerations and empower smarter financial choices.