Page 48 - Banking Finance March 2022

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tools like depositing checks and transferring funds. That's How does that look in financial services? Many regional
because the core desire for mobile users is a more banks and credit unions do more than facilitate
convenient way to handle the same tasks they would at a transactions-they build lasting relationships with customers
local branch-just with no driving, no parking, and no waiting as a trusted source of financial information and guidance.
in line. There are many ways for these financial institutions to do
so. For example, in addition to providing customer centric
But a website and mobile app with core banking tools are services, regional rural banks promote and raise awareness
now the bare minimum. To compete with industry giants, about the Government's many financial inclusion programs
regional banks and credit unions need to shape their virtual along with the added safety and benefits of carrying out
offerings around more complex customer needs. transactions online. Additionally, leveraging that trust can
help you migrate traditional customers into a digital
One-on-one assistance ecosystem.

A major part of what's lost in a digital environment is the
face-to-face, one-on-one interactions that help customers Trust and security
know and trust their financial institutions. But we're in a new One of the main factors keeping customers invested in the
era-one where checking in with your doctor or attending a traditional banking experience is fear that digital services
party virtually is starting to seem like an everyday norm, not are less secure. Though cybersecurity threats are a genuine
a novelty.
concern, you can help overcome those fears by putting the
right account security measures in place.
A custom video conferencing solution built to meet your
businesses' needs can supplement and enhance in-person
One of the simplest and most effective security features you
interactions. Not only does video give more customers the can offer is two-factor authentication. By requiring a user
opportunity to build relationships and trust without having
to step foot in a branch, it also gives your staff the flexibility to confirm their identity with a verified device or phone
to serve customers from home when needed. number, two-and-multi-factor authentication systems
provide greater assurance that account information is
secure.
Intuitive engagement
One of the best things about working with a regional bank Access and education
or credit union is knowing that they will never be far when
you need them. Whether you need to make a quick deposit Not every customer who enters their local bank may be
or ask a question about your finances, the staff at your local digitally literate, have a mobile device, or be able to access
branch are always ready to greet you with a smile. the internet at home-but each of those can be key to
successfully understanding and managing your finances
With the right tools, you can bring that same convenience today.
and ease to your customers' digital experience. Automated
engagement tools like IVR and chatbots make essential The best way to overcome this is by using the tools you
information accessible to your customers anytime, already have in place. A physical branch where customers
anywhere-letting you provide personalised engagement feel comfortable and welcome can serve as a starting point
experiences at scale without increasing the workload of for digital connection: employees can offer one-to-one
employees. instruction on navigating your mobile app, introduce users
to your digital engagement channels, and more.
Helping customers embrace digital
In the wake of the pandemic, more and more industries have This humanises your digital services and empowers users to
had to reckon with the digital divide-from the necessity of take charge of their finances-especially when they know any
bringing seniors and underserved groups into the fold to of their questions or concerns can be answered with self-
refocusing on the importance of building meaningful, human serve communication tools or easy-to-use messaging services
connections. even when they can't make it to see your staff in person. T

48 | 2022 | MARCH | BANKING FINANCE