Recently, I was attending a cocktail reception at an Industry event. I walked over to greet an old acquaintance whom I hadn’t seen in a while. And as happens in these circumstances, I got drawn into the discussion that was going on in his group. There was a gentleman, in a blue suit, who spoke eloquently about the amazonification of consumer banking. He was making some great points on how FinTechs were transforming retail banking, and how it was the banks, which chose the right partners to create end-to-end services for their customers, that would win the race. Someone else chimed in that most of the banks which tried to become “supermarkets” either no longer exist, or got out of that business very quickly.

“I am not talking about resellers,” the blue suit said firmly. “Partnerships. The FinTechs need the banks, and the banks equally need these new players. They have to work together. Customers want solutions, not products. So the digital organizations from banks need to partner with FinTechs to deliver the solutions their customers really want.”

“Partnerships,” I agreed, “both internal and with FinTechs is what is required.”

“What do you mean by ‘internal’?”

“Branches, call centers, etc.”

“Those channels will only be for legacy customers, who deserve nothing better. Why bring them into this discussion?”

As much as I agreed to the things that blue suit had said initially, I couldn’t disagree more with his last statement. But this is not the first time I have heard similar views. When we think digital, we usually immediately zone in on the unmanned channels. But the manned and hybrid channels are equally important. And unless these are transformed and kept in pace with the new digital and social media channels, the experience that current customers expect and demand will never be achieved.

Customers in the digital world want their bank to become part of their ecosystem. For this to happen, they not only want an OmniChannel experience, but also the ability to use the right channels for the right transactions. And if for some reason their mobile banking is not working, they expect whomever they contact to have the ability to give text and chat support, and also be able to replicate their problem. What should make the decision even easier, is the fact that many of the technologies that Banks and FinTechs are using to enhance the digital channel experience, can also help in transforming the manned and hybrid channels. Here are a few examples.

1. Banks are already using Intelligent virtual agents (IVAs) to automate and streamline “chat”. The next logical step is to start using it for training and being a ready reckoner for internal staff.
2. Skill-based routing was something that was successfully replicated from the branches to the call centers. Now we have the tools to also add emotion as one of the parameters for routing, again, something the branches have been doing for decades.

Near field communication (NFC) can help in expanding the branch-brand recognition to other retailers. Instead of inundating customers with offers, the right offers can be targeted based on who the customer is, and which retailer he or she is approaching. Or even better, upon walking into a suit shop, what if customers were greeted ‘Welcome to … store, and thank you for being a premium customer of ZXY bank. Did you know that we are giving a 10% discount to all ZXY bank’s premium customer?”

When it’s all said and done, first, we have to agree, that notwithstanding the blue suit’s views, both manned and hybrid channels are not disappearing, at least not in the near future. So while planning a “platformified” bank of the future, we have to make sure that we have considered all the channels, and our customers have an optimal and OmniChannel experience, that will not only seamlessly fit into their ecosystem, but also create an “we are here for you” intimacy. From then on, technology will always be an enabler, and not a deterrent to realize this vision.