Banking Review

Never mind, I’ll do it myself…

OPINION

Connecting strong face-to-face service with online and mobile technology is one of the major challenges facing banks today, says Kiwibank chief Paul Brock (You can read the full issue in Retail Banking Review‘s March/April edition)).

Regardless of the channel customers choose, they’re looking for problems to be solved and assistance in reaching their goals, Brock says.

Looking at the recent multi-million dollar refreshes of branches by banks including Citi and the Commonwealth Bank, it’s clear some bankers think customers would often prefer to solve their own problems.

New-look branches are heavy on self-service technology. The difference is, while in the past self-service technology was offered in a bid to reduce costs, now it’s more likely to be offered because it’s what customers prefer.

At some point, it seems customers decided it was easier to do it themselves than deal with a human being.

So where does that leave branch staff?

Bankers often say new technology will allow branch staff to focus on the business that matters – more complicated issues such as loans and wealth management.

The problem is that consumers are now finding ways to do these things for themselves as well.

Self-managed superannuation funds are growing rapidly and online personal financial management will eventually be connected to wealth management offerings, putting the power back in the hands of customers for managing their financial futures.

It’s little surprise Brett King is concerned when bankers say branches are here to stay. They remain one of many channels, but it’s no coincidence branches are starting to resemble a room full of self-service technology.