I wrote an article for BankNXT a couple of years ago about the benefits of having more human touchpoints in banking. It’s nice to see more experts in banking and financial technology talk about this much underrated subject, too.
My friend Duena Blomstrom writes passionately about the emotional side of banking, and how true human-centric banking can only really be achieved through good leadership. But it’s a complex beast, not simply reduced to a few buzzwords and catchphrases. The core of human-centric business does indeed come from leadership, but it’s only part of a larger picture.
In Duena’s latest post (and many other great posts she’s written over the past few years), she discusses the work being done from an emotional/branding point of view. Alas, it’s not enough, and many banks and other financial institutions are finding it hard to see the value in focusing on emotions.
The bottom line is the bottom line, which sometimes tests FIs’ listening skills. Modern banking is a complicated proposition, and technology has presented great challenges, but they’re surmountable. Fintech companies aren’t the only ones delivering interesting innovation that propels the industry further – many traditional banks are doing it too. At the heart of much of this innovation is great use of technology and empathy with the customer.
However, to look at business progress from an isolated position of profit, shareholders and ROI is to miss opportunities to really, truly innovate. I believe those financial institutions that pay more than mere lip service to the zeitgeist that is fintech innovation will prosper in the long run. In so doing, they will be part of the wave of customer-centric leadership that may change the face of banking forever.
(Main image by Honza Hruby, Shutterstock.com)