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A recent Cisco report has demonstrated how banks must drive their own disruption. This isn’t just a matter of the way transactions are processed, it’s a matter of putting a human face on banking services.
Ironically, digital technology has accomplished the exact opposite of what was predicted at the dawn of the computer age, in the middle of the last century. Back then, it was predicted that digital technology would dehumanize the world. In fact, it is in the process of doing the opposite. Digital tech has facilitated communication to the degree that no government, no business and certainly no financial institution can ignore.
The financial services industry has already moved ahead of many other industries when it comes to digital technology. The key challenge today is to turn digital capability into profitability by using fintech in ways that are advantageous both to the customer and the financial institution. This includes developing multiple channels of communication with customers by driving connectivity across multiple devices.
The quality of that communication is also important. Banks will need to connect customers with experts, either in person or over the phone, to offer advice, answer questions and provide counseling regarding banking products.
In short, the foundation of future profitability will be built on personal service with a personal touch. Digital technology has spread the ability to communicate to such a degree that no financial institution can rely simply on its reputation for expertise and knowledgeability. It must now demonstrate that expertise and communicate that knowledge on a person to person basis.
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