The impact of the pandemic on face-to-face communication together with the wave of bank branches that have been closing down recently, have forced the banking sector to speed up the digitalization of their customer attention processes and foster a new hybrid relationship model between clients and virtual assistants.

New generations such as Gen Z have been an important catalyst for the new relationship model. Their easy access to technology from a very young age has made centennial clients more tech-savvy and informed than any other generation. However, they still expect to have a personalized interaction with a human representative whenever it’s necessary. 

Virtual assistants are the future of how banks and clients interact. Actually, it is expected that within the next two to five years, 30% of the interactions will be managed by virtual assistants.  However, they still haven’t reached their full potential because of a series of challenges, in part due to the lack of a fine balance between rationality and emotionality. Therefore, a correct interpretation of the client’s needs is what will ultimately become an empathetic, fluid and effective relationship between clients and virtual assistants in online banking.

Given the sensitive nature of banking transactions and services, an important technological challenge is related to security and compliance. Technological developments in cybersecurity and online fraud need to help build new solidified levels of security within banking transactions by adopting authentication and fraud detection features, voice biometrics, risk management tools and data protection.

From an organizational point of view, shifting to a more inclusive customer experience also requires considering human agents as a crucial part of the service. This determines banks to put the effort in having dedicated teams, incorporating agile work, and on dedicating proper training to changing strategies as fast as it is demanded.

To learn more about the advances this new hybrid model can bring to the industry check out our paper “Let’s Chat. Conversational banking: The 7 trends transforming the sector