Consumers Embrace Digital Banking, With a Human Touch
Eight out of 10 Americans surveyed by US Bank said they prefer working with a professional banker instead of a virtual one to resolve issues.While there has been a major shift to mobile banking, almost 63 percent of Americans believe they will never make all their financial transactions digitally, according to a US Bank survey of more than 1,000 Americans aged 18 and older. Nearly 80 percent of consumers fear bad customer service from banks that go completely digital, which could explain why 86 percent plan to bank in physical branches over the next five years. Further emphasizing the desire for personal interaction, 8 out of 10 Americans prefer working with a professional banker instead of a virtual one to resolve issues. "Our data proves that banking technology adoption isn't as predictable as we may have thought," Dominic Venturo, executive vice president and chief innovation officer at US Bank, told eWEEK. "We know that enhanced technology and digital capability will continue to be important for Millennials, but we can't assume the next generation will survive on apps alone. While we are watching some traditional banking methods become obsolete such as writing checks, they are still relying on relationships."
Venturo said that essentially, moving forward, the industry needs to be prepared that there is no app that can replace the human element of a banking relationship.