Millennials Say Banks Should Invest in Digital Technologies While Saving Physical Branches

Tweet about this on TwitterShare on FacebookShare on LinkedInShare on Google+Email this to someone

Recent researches report that younger generations prefer to rely on banks’ physical branches rather than on online-only bank accounts. Data stresses therefore the importance of investing in the overall customer experience rather than merely shutting down physical branches to leverage profit. Caligoo technologies address this issue by revolutionizing people’s physical and digital experience thanks to its cutting-edge open software.

 

Banks are shutting down an increasing number of physical branches all over the world. According to a Deloitte research, the number of brick and mortar offices in the United States has sunken by 3,000 locations. The reason is twofold: the chance to save on operating costs on an overly-competitive market and the adoption of new technologies that grant online access to all traditional face-to-face services.

 

It is common knowledge that new consumer generations such as Millennials and GenZ have a tendency to prefer interaction with a screen rather than through an in-person conversation. This idea also plays a role in banks’ decision to increase the number of online services and cut down on their offline presence.

 

However, a recent Adobe Analytics survey revealed a surprising fact. The vast majority (72%) of GenZ customers visits physical banks at least monthly and 60% of Millennials do exactly the same. Moreover, the research found that among American consumers less than half of GenZ (42%) and Millennials (49%) would consider opening an online-only bank account with no hesitation.

 

If younger generations are not ready to fully embrace digital transformation in this field, what direction should banks take? The most promising way to address this issue is to invest in new technologies and radically renovate customer service. Investments of this kind pays off rapidly, especially with younger customers. In fact, even if they are hesitant with online-only bank services, they do find themselves at ease with mobile-based technologies that enhance traditional ones.

 

Successful examples include AI chat-bots and voice skills app, which were greatly appreciated by 53% of the Millennials and GenZ interviewed. Caligoo is offering banks the opportunity to widen the range of digital services and enhance the overall customer experience. We developed a cutting-edge software that reacts in real-time to customers profiles and their specific demands.

 

Caligoo allows banks to:

  • provide intelligent management services of the spaces and of the people who interact with them (such as detection of arrival of a single user inside the building and real time engagement with mobile notifications);
  • improve optimization of the environments and of energy;
  • simplify all identification procedures and access management activities (such as indoor user localization and navigation).

 

To find out more about our technology and applications, read further on our website.

Tweet about this on TwitterShare on FacebookShare on LinkedInShare on Google+Email this to someone