The financial industry’s accelerating digital transformation has culminated in the adoption of new technologies and processes by financial services firms to remain competitive and meet clients’ evolving expectations. Yet, when it comes to building client relationships, there is a real risk of overreliance on digitalization, which can — and often does — result in adverse effects. Human, personalized, face-to-face interactions are still needed to create a healthy and strong bond with clients. Even in the face of a rapidly evolving industry landscape, including digital transformation, financial services firms should not lose sight of the bigger picture and refocus on forging deep and meaningful client relationships. Owing to external developments, such as the COVID-19 pandemic, geopolitical instability and increasing regulatory and compliance obligations, financial services firms’ sales and marketing teams have, in recent years, been compelled to spend more time on tactical and non-revenue-generating activities, such as technological upgrades. This has stifled their focus on building deep and meaningful ties with clients, key to new and incremental revenue generation. Nonetheless, financial services firms can refocus by emphasizing more personal interactions in three areas: client meetings, marketing communications and customer service.
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