Both have expectations shaped by the consumerization of technology, including the ability to use any device — or even multiple devices — to perform their tasks. As the pace of technological innovation and connectivity has accelerated, so too have consumer expectations for rapid response to their demands. Leading-edge online retailers and services have capitalized on these trends, delivering seamless experiences that are driven by data.
Employees have not seen the same improvements in experience. Even though their workplaces are increasingly digital, many are using multiple unconnected solutions and/or legacy tools that are slow, complex, and a drag on productivity. Only 30% of employees say that their experience with their company’s technology exceeds their expectations. Most workplaces aren’t tailored to drive employee engagement as well as productivity.
“The employee experience has a dramatic impact on the customer experience,” says Dennis Perpetua, global CTO of the Digital Workplace Services Practice and distinguished engineer at Kyndryl. “Especially in banking, employees must be responsive and fast — they need data at their fingertips — to facilitate their work and please customers.”
Consider, for example, the frustration levels for both a bank employee and a customer as the employee navigates through multiple applications in order to locate relevant or requested information.
“You can probably envision the client’s foot tapping the floor with impatience,” says Dana Isaacs, CTO, U.S. Financial Services Sector at Kyndryl. “And as a result, the teller’s anxiety increases. Neither individual wants that type of experience.”
Furthermore, no one wins in such a scenario. The frustrated bank employee may quit, and the customer may move to another financial institution. The organization stands to lose hard-to-replace staff amid a talent shortage that is already affecting all aspects of banking — from investment managers to IT staff with digital skills. And if the bank loses the customer, revenue will suffer.Customers as well as employees want seamless, personalized experiences.
The COVID-19 pandemic has changed how banking business can get done, providing an opportunity for financial institutions to capitalize on both the hybrid workforce and customer expectations.
For example, the need for on-site facilities is changing. There is less foot traffic in bank branches. Some employees don’t want or need to return to an office, yet others are frontline workers whose physical presence is necessary.
Most employees simply want an equitable, seamless experience regardless of where they work or their job title. Bank salespeople want the same digital work space and tools on the road as when they’re in the office.
Meanwhile, customers want banking on their own terms. Some prefer in-person transactions at a branch or an office. Others like the convenience of anywhere/anytime digital banking yet have a limit on how much self-service functionality they’re willing to accept. Only 32% of Canadian banking consumers, for instance, said they would be comfortable talking to a chatbot or a virtual agent for product advice.2
There’s a balance to be struck. Banks need to incorporate automated tools and self-service functionality with the right blend of human touch. That equilibrium requires control and proactive management as well as the right DEM tools.
2 IDC Financial Insights, “Canada Consumer Channel Preference Survey,” September 2021
