Since the pandemic, the rising trend of moving away from in-person banking has continued, as consumers have grown more comfortable with banking through non-physical channels.
Financial institutions (FIs) and their physical branches are either closing altogether or being forced to become specialised. With the remaining locations often provide services for customers who simply prefer to engage with a real person. A digital-first banking experience does not necessarily mean it's a less personal experience. Smart Automation can actually improve non-physical customer experiences than was previously possible.
Artificial intelligence (AI), machine learning (ML) and other forms of smart automation paired with integrated communications systems enabled by application programming interfaces (APIs) are allowing FIs to serve their customers more efficiently and in a more personal manner.
Smart automation can help FIs by preventing legitimate transactions from being flagged as fraud. It can also speed up waiting times for speaking to customer service. Overall smart automation can save FIs time and resources while also offering customers an improved experience.
Consumers are turning more and more to digital channels for all their banking needs. In the UK, less than half of HSBC’s customers actively engage with physical bank branches. The FI plans to close 69 branches across the UK this year, after closing 82 branch locations in 2021. Many of the branch closures are located in larger cities. Furthermore, some physical branches have been replaced with ATMs and pop-up banks so customers in those communities still have some physical touchpoints.
If you are interested in learning more about automation and how it could have customer experience, then we have a range of articles for you to browse through just here.
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