Why Financial Firms Must Forge Connections in a Virtual World

Can financial services companies build connections in a world of increasingly virtual relationships? They need to if they want to keep and gain customers, writes Tony Smith in Quirk's.

Why Financial Firms Must Forge Connections in a Virtual World

The author(s)

  • Tony Smith Ipsos Loyalty, UK
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Anyone who’s used a dating app will tell you that virtual dating isn’t the same thing as meeting someone in person. Sure, you can build an emotional bond of some sort but if that online connection doesn’t translate into the real world, the relationship is over before it begins. Anyone who’s used a dating app will also tell you that apps have forever altered the experience of dating.

In the same way, the world of banking and financial services has changed dramatically in recent years. There was a time, not long ago, when interactions with a bank were largely face-to-face. The first disruption was call centers that gave us a convenient alternative, allowing us to do many things outside of branch hours. We could verify account balances, transfer money, pay bills or even discuss available home-financing options while still interacting with humans. We didn’t even need to venture outside of the house. The next disruptions came in the form of online banking, price-comparison sites, mobile apps to manage our accounts, digital wallets, robo-advice and live chat – all services that offer convenience for consumers.

Read the full article on Quirks.com

The author(s)

  • Tony Smith Ipsos Loyalty, UK

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