Understanding Empathy at Scale and Impact on the Future of Retail Banking Customers

Understanding Empathy at Scale and Impact on the Future of Retail Banking Customers

  • April 2021 •
  • 11 pages •
  • Report ID: 6066984 •
  • Format: PDF
This IDC Perspective discusses the future of the retail banking customer. In this document, we highlight a model of interactions between customers and banks through the prism of technology and prepared a framework for a deeper look at the ways in which customers, technologies, and financial institutions continue to define this dynamic relationship with the end goal of being empathetic at scale."The concept of being empathetic as an organization is nothing new; however, when looking at a customer and assisting them with their financial journey, being empathetic might seem to be an impossible task as more and more transactions move away from in person to a more digital and technology-filled experience," said Marc DeCastro, research director, IDC Financial Insights. "Fortunately, there are numerous technologies available today and in development to help drive those experiences using contextualized data, AI, and mobile solutions to create personalized digital and in-person experiences promoting loyalty and creating long-term profitable relationships."