Without any doubt one can say that the global pandemic COVID has made the matters worse; however, there are some positives to look at. The positives can be, the bank clients had to utilise the digitalized channel, 50% of bank customers communicate with their bank via their respective mobile apps as well as their website. The communication happens at least once in a week. The fast growth within the adoption of digital criteria it is viewed as a curse and also blessing to the banking sector, the Banking Consumer Study says “Making digital more human”. Although the digitalization has made lives easier, it has made the bank to be scared when it comes to retention of clients, emotional connection with them.
It’s quite obvious that the COVID-19 has changed the clients banking conducts and made the banks to worry about certain aspects but which will revert when the things get back to normal. To help all understand as to what is going on the Accenture’s Banking Client study made the 4 clusters of clients viz Rationalists, Fundamentalists, Forerunners and Doubters. Rationalists – Sceptic and believing; Fundamentalists- who values the social interactions; Forerunners- Tech- savvy peril takers; Doubters- who are disconnected with the service providers.
The unpredictable times have made the clients decrease in numbers but the banks will get all their clients back. The common aspect in these 4 client clusters is that their confidence in the bank is decreasing day by day even before from the pandemic but the pandemic ha just made it worse. Despite all the negatives the banking sector is one of the most trusted establishments. The client’s loyalty is seen in the migration to the digital transactions. The slow dominance of the digital transaction is not the worst thing, if dealt wisely it shapes confidence and results in profit.