Today I was in a day long meeting and did not have a chance to follow the Fintech activities in Twitter. However, this shaped to be one of the interesting days where two Fintech friends who I respect decided to dish it out on the Future model of Banking.
My good friend Bradley Leimer did an excellent coverage on this issue with quotes and links from American Banker’s original article followed by Ron Shevlin’s commentary which was followed by a rebuttal from Jeanine Skowronksi.
I have to say I am very much in agreement with Leimer’s analysis. However, I still personally feel strong about some of the points Ron made and some which Jeanine did.
The way we see olden days of banking are changing. It is like getting into an airplane and expecting a three course meal. (Maybe in business class you still get it, but I fly coach). Its good when you get upgraded and get a taste of this excellent customer service. However, due to the nature of how banking is changing and evolving, the good old days of banking as some might reminisce may be a thing of the past.
Like every other person out there, I would like to be treated well by a customer service associate. Almost all banks provide decent customer service when you walk into a branch. Question here really is will this old fashioned human interaction be replaced with automated servicing tools.
Most folks are starting to agree that a service interaction which can be simplified like depositing a check can be easily fit into a self service channel which customers seem to adopt and like since it saves them time whereas they are more inclined to use the branch for complex financial transactions.
Not to beat this to pulp, I think the original bankthink article showed one view point of a specific customer journey of her banking expectation. Ron was correct to point that it is an outlier scenario which may not jibe well with general populace. At the same time, I also get Jeanine’s point that there are still a whole lot of customers who place so much value in human interaction and walking into a branch to get their financial needs serviced.
Is the glass half full or half empty ? Depends on how you see it 🙂