Bridging the gap: harmonizing digital and traditional banking by Jean-Pierre Lacroix

During the ebankIT Summit, Jean-Pierre Lacroix provided valuable insights into the digital banking experience. He emphasized the significance of financial institutions’ substantial investments in digital transformation, highlighting the need to prioritize enhancing user experience across various digital platforms.

In his engaging presentation, he emphasized the seamless integration of cutting-edge technology into the traditional banking landscape. He highlighted that this fusion is vital, as it guarantees a unified and enriched experience for customers at every interaction point. But how can one find the perfect harmony between digital innovations and traditional banking?

Integrating technology with a human touch

Based on his findings, Lacroix highlights that mobile banking has become the primary channel for half of the market, offering convenience in managing daily financial tasks. Nevertheless, he notes that customers who solely rely on mobile banking tend to show lower loyalty, with a 10% more potential for switching banks easily. Lacroix emphasizes the continued importance of branches in retaining and expanding customer base, amidst the risk of customers gravitating towards online-only or non-traditional banking options.

As digital banking becomes increasingly prevalent, particularly through mobile and online channels, there is a noticeable gap in how these digital transformations align with the traditional branch experience. Bridging this gap is imperative to provide customers with a unified and seamless banking journey. 

It is crucial for banks to prioritize an omnichannel experience in order to seamlessly bridge the growth gap. This strategy ensures that customers have the flexibility to do their banking from anywhere while still having access to support staff, ultimately enhancing their overall banking journey. The current weak links between branches and mobile banking underscore the need for a comprehensive all-channel service that includes human interaction to meet customer demands effectively.

Financial institutions should focus on extending beyond just mobile and online banking and integrate digital innovation with the human touchpoints in branches. By empowering universal bankers with the right knowledge and tools, we enable them to engage effectively with customers, providing personalized financial advice and fostering loyalty.

Unlocking Personalized Banking: ebankIT's Approach to Humanizing Digital Experiences

Lacroix emphasizes that there is a missed opportunity for banks not to prioritize personalized advice to enrich their vision and cultivate brand loyalty. Currently, financial institutions tend to focus on transactions rather than building relationships, prompting Lacroix to advocate for a shift in perspective. It is essential for these institutions to cater to emotional needs through tailored solutions, moving away from mere product promotion. Their messaging should exude empathy, active listening, and a reduced emphasis on sales tactics to truly connect with customers on a deeper level.

Personalization has become a prominent focus in the banking industry, with AI-driven technologies promising to revolutionize the customer experience. While platforms already have the capability to personalize information, the true potential lies in infusing these interactions with a human touch. Utilizing technology to craft meaningful and compelling experiences for customers is paramount.

Jean-Pierre Lacroix’s research emphasizes the significance of human interaction in banking, underscoring customers’ preference to connect with a real person, irrespective of the communication channel employed. Through innovative solutions such as chat, video, and emerging technologies, banks and other financial institutions can meet the evolving needs of their account holders and drive meaningful engagement in the digital banking sphere.

ebankIT’s role in accelerating digital integration

Delacroix highlights how digital banking providers such as ebankIT play a crucial role in expediting financial institutions’ digital transformation. With its seamless implementation and advanced API gateway, ebankIT enables rapid adoption of new technologies, leveraging the power of Open Banking to drive innovation and growth.