Editorial & Advertiser Disclosure Global Banking And Finance Review is an independent publisher which offers News, information, Analysis, Opinion, Press Releases, Reviews, Research reports covering various economies, industries, products, services and companies. The content available on globalbankingandfinance.com is sourced by a mixture of different methods which is not limited to content produced and supplied by various staff writers, journalists, freelancers, individuals, organizations, companies, PR agencies Sponsored Posts etc. The information available on this website is purely for educational and informational purposes only. We cannot guarantee the accuracy or applicability of any of the information provided at globalbankingandfinance.com with respect to your individual or personal circumstances. Please seek professional advice from a qualified professional before making any financial decisions. Globalbankingandfinance.com also links to various third party websites and we cannot guarantee the accuracy or applicability of the information provided by third party websites. Links from various articles on our site to third party websites are a mixture of non-sponsored links and sponsored links. Only a very small fraction of the links which point to external websites are affiliate links. Some of the links which you may click on our website may link to various products and services from our partners who may compensate us if you buy a service or product or fill a form or install an app. This will not incur additional cost to you. A very few articles on our website are sponsored posts or paid advertorials. These are marked as sponsored posts at the bottom of each post. For avoidance of any doubts and to make it easier for you to differentiate sponsored or non-sponsored articles or links, you may consider all articles on our site or all links to external websites as sponsored . Please note that some of the services or products which we talk about carry a high level of risk and may not be suitable for everyone. These may be complex services or products and we request the readers to consider this purely from an educational standpoint. The information provided on this website is general in nature. Global Banking & Finance Review expressly disclaims any liability without any limitation which may arise directly or indirectly from the use of such information.


Jason Hemingway, Chief Marketing Officer at Thunderhead

There’s a revolution in the air. Fintech is changing the way consumers think about banking, in turn exaggerating demands and expectations. For more traditional banks, this is a problem. Since the global financial crisis, trust is at a low [link to report] and emerging banks are disrupting the market, hoovering up those willing to take the leap.

Only 39% of customers trust their bank, and just 14% feel extremely confident in the banking industry. Thanks to comparison sites, forums, review sites and social media, it’s never been easier for customers to benchmark their current bank, switch to an alternative or to share their pleasure, or more commonly displeasure.

What’s more, 79% of consumers see their traditional banking relationship as purely transactional, and they’re turning to other sources for advice. There’s a snowball effect thanks to empowered consumers, no longer choosing a bank for life. While there’s nothing wrong with this, it’s something many in the industry have to address.

Fighting back

A recent YouGov survey found that only a third of “British consumers trust banks to work in their customers’ best interests, while more than half (55%) don’t”. What’s more, when asked on the 2016 Banking Consumer Survey if they felt their bank understood them, only 15.3% of consumers claimed they did.

This is how banks can build a competitive edge. To build trust, they need to have a meaningful relationship with customers that make them feel at ease – and like the bank is working for them.

So, what should the perfect banking experience look like? As individual interactions both online and offline have an impact on customer expectations, banks are looking at how they understand the customer and their journey, and using everything they know about them to improve experiences – continuously.

What improves the experience for one customer may not be the same for another. It’s about understanding an individual’s needs by listening to what they’re telling you through their behaviour, and responding with the most appropriate action.

Physical presence

Online-only banks are offering more service-led experiences that meet customer expectations and make banking seem easy, convenient and transparent – with everything in one place.

There’s no longer an excuse for relying on a transactional relationship that doesn’t add value to each and every customer interaction, and traditional banks have the advantage of a physical presence, which is still hugely important to many consumers.

In fact, 41% of UK customers visit their branches once a month. What’s more, over 70% say they would visit their branches specifically to speak with personnel for investments and money management advice.

As Michelle Moore, the head of digital banking at Bank of America emphasises in the 2017 report Improving the Customer Experience in Banking, real world interactions can be a significant asset. “In a time when technology can sometimes seem like a depersonalising force, integrating it with the face-to-face human element of financial services will allow us to work even more closely with the people and the communities we serve.”

Turning account numbers into valued customers

When asked what the primary reason is for recommending their bank, consumers overwhelmingly refer to the relationship being ‘easy’. Now, we know it’s not going to be easy but looking at the journey from the outside-in, joining online and offline interactions and focusing on providing your customers value, seamlessly, every time they touch your bank, will build trust and stronger relationships that last.

Technology has evolved so much that it’s now possible to understand customers as they travel across your business on their journey, and make a decision in real-time as to what the most valuable and appropriate conversation for that customer should be.

Traditional banks can personalise interactions, ensuring they’re contextually-aware, making customers feel as though they’re understood.

It resembles the ‘good old days’ when you were assigned a bank manager who knows and understands you. After all, it’s the human touch that we all crave, and if done well, it makes us feel valued.

Remember, they’re customers, not account numbers. While fintech may be disrupting the industry, it’s traditional banks that can offer a friendly face.