Customers, now more than ever, need Banks: are the Banks really up for it?

In these very tough times - where most activities and business are, hopefully just temporarily, slowing down or even closing - it is inevitable that Bank’s customers need support and temporary relief from the financial system to face this new and extremely difficult situation.

While everybody will need to play their part (i.e. the government too), Banks probably have the last chance to claim (and regain) the privileged they long have had, and probably abused, with customers.

Banks have the chance to leverage many years of information (aka data) and relationships to proof that they can be (and want to be) a trusted partner for their customers.

To do that though, banks really need to embrace the digitization and full automation of their processes.

Customers don’t really care if banks have legacy systems, organizational issues, inefficient processes, lack of visibility etc … there is a long list of new banking players who, even though they know very little about us, offer a far better experience and are more willing to engage.

It is sad that a global health crisis had to give the final push, but the last bell has rung, and banks must catch-up quickly if they want to keep banking their customers. As Bill Gates mentioned a while ago: banking will always be necessary but bank not.

Customers, even those who have been loyal for years, will not wait days to have an answer or irrelevant product offering.

Instead, what customers expect are partners that care and make their life easier – especially as they have provided their banks with some of the most valuable assets the have: their saving and information.

The flourishing of neo banks and non-banking challengers (i.e. Alibaba, Amazon, Apple to name a few …) is the clear proof that customers will not wait for ever.

Do not get me wrong - Banks still have a competitive advantage. But every year, and now every quarter, it is getting thinner and thinner. Customer expectations are increasing. Patience is reducing.

The time to step up is now … and quickly!