People-First Banking Experiences at a Glance:
Banking success hinges on balancing technological efficiency with genuine human connection. While generative AI can boost operational efficiency by 5-8%, customers crave authentic relationships and personalized experiences that make them feel truly understood. Banks that master this balance create lasting differentiation in an increasingly commoditized market, turning routine transactions into meaningful interactions that drive loyalty and revenue.
- Leverage AI to amplify human expertise, not replace it: Use automation to handle routine tasks so branch staff can focus on complex problem-solving and relationship building that creates genuine value
- Deploy context-aware personalization at scale: Implement tailored alerts, customized product recommendations, and situation-specific offers that demonstrate an understanding of each customer’s unique financial journey
- Measure what matters: Track engagement metrics, relationship depth, and customer satisfaction alongside traditional financial KPIs to ensure personalization efforts drive meaningful connections
Financial institutions are prioritizing deeper engagement and growing banking relationships
Building better banking relationships isn’t just good for consumers; banks get big benefits, too. Data from McKinsey’s State of Retail Banking report finds that for institutions to continue their year-over-year growth trajectory, they must focus on fundamentals – getting and growing relationships. “In recent years, banks benefited from the freedom to grow their balance sheet in an almost unconstrained way,” according to McKinsey. “This approach needs to be recalibrated. Banks must now focus on nurturing primary customer relationships through deeper, more meaningful engagement in order to lower their cost of funds and improve their liquidity profile.”
Deeper engagement means developing and delivering on two core fronts – personalization and people-first experiences. Gone are the days of offering generic products and services in banking. Today’s consumers expect personalization delivered at the point of need. “Fortunately for banks, the tools and services available to meet these expectations and deepen relationships through highly personalized customer engagement are keeping pace with demand,” according to McKinsey. Since banks have more customer data at their disposal than many other industry sectors, institutions must prioritize converting this “explosion of data” into actionable strategies.
For many banks and credit unions, developing data strategies is not just about personalization; it has become key to institutional efficiency. “Financial institutions experimenting with and adopting generative AI (genAI) solutions have improved their operational efficiency by 5-8 percent,” says Capgemini’s deputy CEO Kartik Ramakrishnan in an interview with American Banker. According to EMARKETER’S update on AI: “Rather than a way to save money, FIs must view genAI as an added enhancement… Customers value and crave human interaction when banking, and [successful] banks use the technology to free up their experts and let them provide more interaction.”
The bank branch is primed for this type of people-first interaction. “The branch is really all about people – a space where people come together,” says Gina Bleedorn, Adrenaline’s President & CEO, in evolving retail experience. “The branch endures because people want a place for humans to connect.” As transactions naturally migrate to convenience channels, the branch takes on a renewed purpose. In a panel at Bank Spaces, Stephen Griffin, SVP of Branch and ATM Distribution at Regions Bank, says, “You better be ready to be that place where people come in for advice and guidance, be hiring the right people, and putting them in place to do what the customer wants.”
If you’re a banking leader looking to serve more and serve better, get in touch with the banking experts at Adrenaline.
Believe in Banking is Adrenaline’s insights-led resource, created to inform, educate, and inspire leaders in financial services. Delivering credible content rooted in research, the platform highlights the forces shaping the future of banking. From perspectives on emerging trends to podcast interviews with industry trailblazers, this purpose-driven channel helps banking leaders learn, lead, grow, and thrive.
