Banks have long played an important role in every business and consumer’s financial universe. But as banking goes digital, the way banks build and maintain relationships with their customers is changing fast. Face time with customers in the local branch is no longer a given. Today, banks are increasingly interacting with customers through mobile and online banking experiences. So how exactly are new technologies transforming the way banks build relationships and interact with their customers?
To better understand the impact of technology on customer relationships in the banking industry, Bill.com – the leading business payments company – partnered with SourceMedia and American Banker to uncover how the industry’s top decision-makers are rethinking customer engagement for the digital era. Their survey – which involved more than 200 banking leaders and was conducted in August – found that banking beyond the branch, digital payments, and small business customers represent the top priorities for the banking industry over the next 24 months. By the numbers:
- Everyone surveyed agrees that technology is a disruptor. Nearly all (91%) banking leaders surveyed agree that new technologies are dramatically changing the way they engage with customers.
- Banking beyond the branch is the top priority. Looking ahead, banks plan to invest more in tech solutions that enable banking beyond the branch. Specifically, 86% report that mobile, digital payments, online/web are the top overall technology investment priorities.
- Small business payments are a key focus. When it comes to digital payments, small business customers are twice as important to banks as large businesses. Over the next 24 months, banks expect to place nearly as much focus on small business payments as they do consumer payments.
- The future of small and medium-sized business (SMB) banking is clearly digital. With regards to small business customers, 76% of bank leaders report that digital and mobile represent the highest-priority channels for growing SMB engagement over the next 24 months.
Read the full report at: http://cashflow.bill.com/rs/657-XMM-212/images/bdc-banking-on-relationships.pdf
