Digital vs. Human – Finding the perfect balance
The rise of digitalisation has seen many traditional retail banks shift their focus from regulatory issues to this prominent feature. As the integration and advancement of technology continues, the conventional operating systems have become outdated and less efficient. Major improvements can be witnessed as technology and digitalisation dominate traditional human processes in many retail banks by saving costs, improving analytics and enhancing efficiency.
Digitalisation has provided information at consumer’s fingertips and hyper-personalisation through automation. With such benefits, it is clear that digitalisation has become a desirable component for many retail banks. However, the drawbacks which shadows could be problematic as retail banks have acknowledged, such as inability to up/cross sell, poor customer service and more.
Automation has been a favourable feature of digitalisation, although automation offers great benefits, consumers are often frustrated with continuous promotional messages and automated telephone switchboards, which leads to the perception of spam and poor customer service. This could have a direct impact on sales and the consequences can go beyond the missed sale; through word of mouth, potential sales could also be lost.
For retail banks, it is important to integrate the human touch with digital innovation to capitalise on the benefits which can be gained from the two. Thus we will be hosting an interactive debate to discuss how you can balance digitalisation and innovation with the human touch, to truly understand the limits of technology. This will be hosted by Sandeep Deobjakta, Division Head – Retail Banking Division, VP Bank.
In this session, we will be:
· Presenting the lengths digital can go in creating a seamless, customer friendly experience
· Highlighting benefits of human interaction and uncovering the frustrations of negative ‘digital experiences’ such as legacy phone banking
· Navigating how to incorporate the human experience into digital through utilisation of latest technology developments
· Showcasing success stories in effective integration of the human experience to digital while considering less effective cases
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