Modern banking has shifted to being almost entirely digital, but is this really what consumers want? A study of 2,000 banking customers found that 92% find it extremely important to be able to speak with a live person. This was particularly important when discussing sensitive information. 

Additionally, our independent research revealed that human interactions ranked as 3rd most important in building trust. This shows the need for banks and fintechs to ensure their customer journeys are not entirely digital. But provide access to human interactions when customers need them the most. 

Our research and client experience shows clearly that all age groups are increasingly comfortable with a digital first approach. Indeed only 2% of our respondents wanted branch interactions. Respondents favour mobile-first and like the convenience of being able to set spending limits, make payments and open new accounts at their fingertips. 

That being said, when customers have pressing questions, or encounter an issue, they want access to a human. Human contact needs to be easy to access and slot seamlessly into the customer journey.

The human touch in practice:

Monzo is an excellent example of a fintech who has struck a balance between digital and human interactions. Their slick and user-friendly app has minimal points of friction. This allows users to conduct all of their day to day banking and money management activities with ease. As a matter of fact, their digital first journey has a perfect blend of human interaction. Users can use the Monzo Chat feature for 24/7 access to an agent when things go wrong.

For a while now the big banks have seen the value in digital enablement. Many have pivoted their strategies to foster digital self-service. However, it is important that they do not completely lose the human touch. For instance, Barclays has implemented semi-permanent banking pods, in locations with high footfall. Including shopping centres and retail parks, so that those who do require in-person assistance, have the option. Other players, such as HSBC, offer omni-channel contact through phone lines.  Providing the option to ‘chat to a human’ via live chat because ultimately people trust people.

Our approach to integrating human touch into customer journeys:

This was aptly demonstrated by a client in the secured lending space who undertook a number of trials around the use of Bots and Live Chat on their acquisition journey. The learning was that the nature of highly tailored responses required within a short period of time meant that a Bot just couldn’t deliver the experience needed to reassure customers. However, with the application and practice and the use of experienced practitioners, it was possible to move customers through the funnel faster and without expensive outbound calls. This is just one example of how to seamlessly integrate a human touch into a customer journey. 

Manifesto recently hosted an event “Mind the gap: have financial services lost the human touch?” where we covered the fundamentals of customer trust and discussed what we believe to be the blueprint of success. To download the full report, click the link HERE.