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Whether a retail bank, wealth management firm, credit union, or insurance company with a banking segment, the financial industry is facing dramatic changes on how best to accommodate customers, and what is the appropriate mix between brick-and-mortar bank branches, remote work, self-service ATMs, and digital platforms.
For example, switching checking accounts to one with a better interest rate involves resetting direct deposits and recurring bill-paying, printing new checks, and obtaining a new ATM card.
The bank has been going strong with its digitalstrategy for years, even closing branches and reducing overhead to drive adoption. Bank of America recently added features like touch ID, debit card toggling, two-way fraud alerts, and more to its app, and has been outspoken about the desire to personalize the digitalexperience.
The irreversible exchange of digital and physical channels, together with the use of advanced technologies and a massive increase in remote operations, is increasing the number of devices used to connect with the bank (ATMs, assisted self-service terminals, PCs, mobiles, etc). The way forward.
Events in the last year have pushed the conversation about digital transformation to a new level of focus for senior executives at financial institutions. Reality According to CustomerExperience Executives. CFOs must recognize and accept that a digital journey that is judged by the customerexperience it creates is messy.
For example, switching checking accounts to one with a better interest rate involves resetting direct deposits and recurring bill-paying, printing new checks, and obtaining a new ATM card.
It is also looking at integrating banking solutions into wearables and how the internet of things (IoT) could improve the customerexperience. Notable projects: Card Free Access is a program developed out of the lab that allows Wells Fargo Banking customers to access ATMs through a variety of methods without their cards.
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