Digital Transformation and Customers Services: the Banking Revolution

Abstract

Current innovation in information and communication technologies are changing consumers’ behavior. Internet usage, in particular the use of smartphones, turns to be more apparent the lack of necessity to visit a physical branch whatever the good and service being present. Many of the available digital offerings turn our world a hyper-connected one. Such digital age forced the banks need to adapt their services to these new emerging needs. New ways of communicating with customers have appeared in the last few decades such as automation of services or customer service online. Brett King declares in 2013 “Banking is no longer a place you go, but something you do”. To compete with physical banks, banks online, then Neobanks appeared. These digital banks, sometimes 100% mobile, offer smooth customer experience, and free basic products. The development of technologies related to services aims to enhance the customer experience. One the one hand, we can wonder if these new competitors can offer as many services as those of traditional banks only with digital tools. On the other hand, digital transformation is a new challenge for customer service and customer experiences, even for traditional banks. How do physical banks react and adapt to this digital era? This provides a trilogy: Neobanks; generational changes; and mobile technologies – the future of banks goes through digital transformation.