Banking, in the modern sense of the word, can be traced back to medieval Europe and early Renaissance Italy. Of course, the 1400s was very different to today; but up until a few years ago very little changed in terms of the customer relationship. Traditionally banks have always been in control, dictating opening times and how their customers engage with them.

However modern day banking has resulted in some interesting shifts in the dynamics of relationships between banks and their customers.

The whole market has been flipped upside down by the emergence, and popularity, of self-service technologies. Whether it’s an ATM, online banking or social media, digitally-savvy consumers are now dictating how and when they interact with their bank and expect to be treated consistently and as an individual. They want to carry out transactions whenever – and wherever – they want, and through their channel of choice forcing banks to adopt a more omnichannel approach. Figures from Gallup highlight this trend: 79 per cent of mobile banking users have also visited a physical branch in the last six months, and 84 per cent have gone to the ATM. 

As I take up my new post of General Manager for the banking division of Wincor Nixdorf UK and Ireland, my focus is to help our customers navigate this digital change. Delivering a consistent service across all channels is not as simple as it sounds because our banks’ IT systems are built on a kaleidoscopic mix of old and new, and they have – for good reason – been reluctant to make wholesale changes to their core IT platforms. However, introducing a new customer experience doesn’t have to feel like having open heart surgery.

Demand for change from banking customers shows no signs of slowing down (as with the emergence of new forms of competition) so keeping ahead of the curve whilst maintaining ownership of the whole customer journey is key. 

My challenge is to help banks along this journey, finding efficiencies in the way they manage their business and changing customer experiences to better reflect today’s society. Whether it’s handling cash more efficiently in branches, or embracing the omnichannel challenge to enhance customer service, banks need the confidence to manage this change.