The arrival of the digital age has disrupted the retail banking industry and altered the relationship between banks and their customers. Where banking once meant interacting with customers in brick-and-mortar branches, new digital banking channels like websites and mobile apps have opened up an entirely new way to reach customers and do business. Online and mobile banking have allowed banks to reach customers more easily and frequently and have given customers unprecedented access to their financial information.
However, while these advances have made banking more convenient, they come at the cost of eroding the traditional banking relationship. Current digital banking channels permit almost exclusively one-way interactions with banking customers; the onus is on the customer to reach out to their bank (either by phone, text, mobile app, or website) to get the information they want. Banks are missing out on the opportunity to respond to and initiate conversations with customers.
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