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Temenos reports the importance of human presence in digital banking

By Joy Dumasia

July 27, 2021

  • Europe
  • Temenos
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Temenos, the banking software company, published a global survey stating banks must remember the human touch as they develop their digital banking services.

Based on the views of over 4,700 banking customers worldwide, the data reveals that consumers want banks to help them manage their financial lives. Four in 10 (43%) want easier ways of paying bills or sending money on time, while over half of respondents wish to services that will positively impact their lives in the long term. For example, intelligent solutions to help them reach their life goals (29%) and accurate recommendations for budgeting and saving (22%).

The findings suggest that digital delivery, complemented by human interaction at the point of need, is the preferred choice model. Banks preferred banking via mobile apps, favouring 65% of respondents, followed by website (51%); and in-person visits to a branch (42%). Forty-two per cent of customers like interacting with their bank on the phone, 37% by email, and one in five (19%) on social media.

However, three in five customers said their last visit to a branch was because they needed to rather than because they wanted to, reflecting the trend for branch closures. According to recent research from The Economist Intelligence Unit released by Temenos, 65% of bankers believe that the branch-based model will be “dead” within five years, up from 35% four years ago.

Joaquin De Valenzuela Muley, Senior Vice President and Business Line Director for Temenos Infinity, said: “Banking products are out. Advice and support that allow customers to meet their goals are in. Banks’ primary focus must be on their customers and finding ways to anticipate and meet their individual needs and goals, such as buying a car or saving for their children’s education. This involves a different approach, reinventing processes and unifying the bank around the customer.”

Recently, IBS Intelligence reported that a report published by Temenos, the banking software company, finds that 65% of global banking executives believe branch-based banking will be “dead” within five years. The Economist Intelligence Unit wrote the report (EIU) based on a recent 305 senior global banking executives survey.

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