A century ago, banks managed their business with customers on a one- to-one basis. A designated banker would attend to each customer’s specific needs in a truly personalized manner. In stark contrast to the face-to-face relationships that defined banking, today’s millennial customers are unlikely to have set foot inside a bank after their maiden visit to open an account.
In fact, several banks have already eliminated the need to visit a branch to open an account. Instead, they have enabled KYC (know your customer) documentation through mobile applications and other online formats. Armed with smartphones and easy data connectivity, technology-savvy customers now have a different set of expectations from their bankers.
Banking, as we know it, has entered the era of the connected customer. How well do you know these connected customers?
- Banking for Millennials and Gen Z
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- Long-term Impact of Pandemic on Banking
- 20+ Ready to Implement Omni channel Customer Engagement Templates Personalization and AI in Banking via the paper from Moengage.