Tech is great, human is better

AI-driven chatbots, machine learning, and other responsive technologies have surfaced as key ways to scale a hyperpersonalized customer experience. Yet, despite the convenience (and human-like demeanor) offered by these tech-fueled tools, customers say they are still hungry for live, human connections. In fact, 47 percent of people say they prefer a person to a bot, and brands that prioritize this are winning. Customers want to be wooed, understood, heard: in short, they want a relationship. And that requires a real-time human touch.

Few industries have felt the disruption of the tech transformation more keenly than retail banking. Just this year, 1,700 bank branches in the U.S. have closed their doors, as more and more customers opt to manage their money digitally. Customer-service-obsessed Umpqua Bank quickly recognized a growing gap between the efficiency its digital apps delivered and the human relationships that had long set the brand apart. The bank devised a “Digital+Human” customer delivery strategy that includes a BFF (Best Financial Friend) app that delivers personal bankers (actual humans) to a customer’s phone via voice, video, or chat. After an initial pilot, the app was renamed to Umpqua To-Go.

Is it important to interact with a real person when dealing in financial services? Yes!* 31% say it's most important when getting investment advice and 25% when settling disputed credit card charges

While other banks are either trying to drive more traffic into branches or more users into their digital platform, Umpqua combined the best of both worlds. Customer-driven details abound in the app’s service design: it allows customers to choose their banker (and keep that banker indefinitely) and it sets no qualifying criteria or interaction limits. It’s the kind of real-life, real-time service that customers are looking for.

* Source: 2018 Edelman Trust Barometer Financial Services Report. 33,000 people surveyed.