New Contours for Bank Branches as Customers Get Digitally Savvy

The global banking industry has seen significant changes in its competitive and regulatory environments in recent times. The most significant of these is the change in mindset of their customers. The emerging class of customers, including small and medium size enterprises, is digitally savvy.  Wipro, in association with Knowledge@Wharton, surveyed 766 respondents across the world to understand banking customer trends. The survey revealed that the customer service models of bank branches will undergo significant changes to cater to digitally savvy customers.

While the physical bank branch has not been replaced completely, newer modes of customer interaction like mobile and internet banking have evolved. While these new trends are popular for routine banking activities, customers still prefer personal interaction when it comes to purchasing financial products. Banks now need to take a 360 degree view of the customer’s needs. There is also a call for greater investment in change and value additions like Wi-Fi and interactive kiosks in branches. Smart phones and social media are leading to the success of mobile banking, yet mobile banking initiatives are very low. The primary cause for this is security concerns. The survey, ultimately, reflects the need for greater innovation, up gradation and analytics.