Finance •
At your service Driven by the pandemic, banks are having to rapidly adapt their services in line with changing customer expectations
ΠBy Dave Deruytter
W
e’ve all had to adapt in large and small ways since March last year, embracing new technologies in our daily lives. And when it comes to banking, customers have rapidly come to expect certain digital services and products as standard. Customers can already do a lot with their banking app, but there is more to come as banks work on diversifying what they offer. Viewing an account balance and transactions at a glance, at any time, is the very least that clients expect, alongside making instant transfers and paying via contactless or a QR code. Banks are beginning to provide personalised resources through their apps too: services such as assistance with budgeting and financial planning, discounts from partner companies, or more sophisticated services like managing subscriptions. Secure voice or video calls with customer services and financial advisors are becoming more common, while online advice
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incorporating artificial intelligence is another growth area. Given this leap in both technology and customer expectations, why do we still need bank branches, or even cash? In practice, both have become of much less use. But as long as not everyone uses a smartphone or online banking, there will be a demand for cash. And for the big projects in life, like buying a home or organising your pension and investments, trust is important, and inperson meetings are hard to beat when establishing that relationship. When it comes to the way we work, more and more companies, particularly in the service industry, are allowing their staff to work from home, many of them full-time. Even after a year of hybrid working, it remains to be seen whether this can be a positive long-term move for businesses, customers and employees. In banking, too, teleworking has changed the way we interact with our customers. As we explored in our last edition, the housing market has also been affected by the pandemic and the resultant
effect on work patterns. The type of property people are looking for has evolved, with worries about commuting distances less important than the desire for outdoor space and room for a home office. Increased remote working means, in theory, an increase in flexibility and the option to work from anywhere. Financial advisers need to be
