Prepared for nigel | Delivered October 23, 2019
Value of Human Interaction in Banking
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To examine and explore what value face to face consumer engagement can bring to the banking world as it gradually becomes more digital and AI led.
North American banking consumers still want to
in the bank.
As per a 2016 survey,
of respondents said that they still wanted to use branch banking at least 2 years from that time.
This is because
respondents think that talking to a person makes them more confident,
believed they receive more value through human interaction, and
simply said that they enjoyed the overall experience.
That said, mobile apps are also something that consumers
look forward to
Consumers are using "
unpredictable combinations of channels
(a mixture of human and digital) to get what they need from discovery and search to product transactions and customer service."
of consumers said they prefer dealing with human beings over digital channels to solve customer service issues."
“Our main priority is to focus on people and the
. With all the technology we’re working on, the most important thing is to fulfill a need and concentrate our efforts on the impact we will have on our clients and employees,” says Julien Crowe, Artificial Intelligence and Information Technology Leader at National Bank."
"The majority (
91 per cent
) of Canadians believe that banking has become a lot more convenient because of new technologies.
More than three-quarters (
76 per cent
) of Canadians are using digital channels, both online and mobile, to conduct most of their banking transactions.
About nine in 10 (
88 per cent
) Canadians reported using online banking in the last year, and more than half (
53 per cent
) say it is their most common banking method, making online banking the most common digital banking channel.
Mobile and app-based banking continues its ascent, led by Millennial uptake. More than one-third (
36 per cent
) of Millennials are mainly using banking apps, as opposed to
23 per cent
for all demographics groups.
88 per cent
of Canadians trust their bank to offer secure digital banking services, and
85 per cent
feel confident about modern banking technologies.
In-branch banking, while declining in popularity,
remains a valued method
of conducting a wide variety of banking transactions."