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Retail Banking: How Intelligent Tech Empowers Employees And Creates Growth

Dec 19, 2023 - forbes.com
The article discusses the importance of customer-centric employees in midsize retail banks, with 41% of growth-focused firms in the financial service industry considering them as a key competitive differentiator. The author argues that the banking experience is closely tied to the presence of experienced, customer-centric employees, especially in a sector where data intelligence and digital tools shape customer interactions. However, retaining such employees can be challenging due to increased competition.

The article suggests that banks can improve the employee experience by digitalizing learning and development, providing employees with relevant training content, and fostering a culture of continuous learning. This, in turn, can lead to superior customer experiences, as a workforce that feels supported and valued will naturally contribute more. The author concludes by stating that midsize banks can achieve ongoing growth by creating a virtuous cycle of engaged employees driving superior customer interactions.

Key takeaways:

  • 41% of growth-focused firms within the financial service industry believe “customer-centric employees” are their key competitive differentiator.
  • Advancements in intelligent technology such as AI, automation, and machine learning have fundamentally changed how employees engage with customers, allowing for more personalized interactions.
  • Improving the employee experience must go beyond providing better tools and data, it also involves digitalizing learning and development to continuously support skill improvement.
  • Midsize banks can create a virtuous cycle of growth by facilitating career growth, providing digital tools, fostering a culture of continuous learning, and nurturing a culture of transformational conversations between employees and their managers.
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