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The Human Element in Digital Banking

23 days ago by Luigi Muscat Filletti
Banking Jobs Malta

Technology is greatly shaping our personal and professional lives, and with the number of smartphone users ever-growing, it becomes more of a necessity for banks to shift their attention to digitalisation. Capturing the attention of the user continues to pose a challenge in a world driven by data, and therefore it becomes a priority for banks to be mobile-first in their approach.

'Banks should maintain a balance between digital and human interactions when structuring a successful user experience for their customers.'

Jobs in Malta in Tech continue to rise, increasing opportunity in the sectors of Banking and Finance in Malta which continue to make use of the latest technologies to better form their level of service. It is therefore important for organisations in these sectors to note that technology should be implemented cleverly to ensure that the level of user experience remains of high quality. Technology continues to advance in areas related to Blockchain, AI and Big Data, providing greater value to users. However, banks and financial institutions alike must remember that efforts should be made to empower users and offer an improved customer experience, and this does not necessarily mean solely through digital attempts. That said, banks should maintain a balance between digital and human interactions when structuring a successful user experience for their customers. Fundamentally, users want to feel empowered by the opportunities presented to them by their bank in terms of services. Thus, professionals in Tech should be recruited to ensure such services are made easy to access. Full time jobs in Malta are currently on the rise within the sphere of Tech, meaning that as new technology is being implemented, recruitment opportunities in areas of software development in particular, will steadily incline.

The introduction of AI in Banking has brought about the inclusion of chat-bots as an enhancement for customer service. This additional unit of support is powered by machine learning technology to engage with users intelligently through proactive suggestions and solutions. This is being made use of by individuals fulfilling roles in customer support jobs in Malta, particularly in relation to careers in iGaming.

'Companies should not allow technology to get in the way of them offering great user experiences which are achieved through positive, human interaction.'

Such a technology has been labelled by some as a threat to several roles within the customer support departments of companies across all sectors, however, technology is actually generating more jobs in Malta than it is taking away. Technology is, in reality, aiding professionals in making more precise decisions by providing them with real-time information and analytics to be able to make better-informed decisions and plan strategies more effectively. Moreover, AI is also being implemented in the banking and finance sectors as a way to understand customers’ spending patterns, thus organising customer segments based on financial status and behaviours to present customers with services tailor-made for   them. In a way, AI technology can be seen as the ultimate assistant to professionals in their field, who can make use of such digital innovation for bettering the products and services of the company through real-time, accurate insight.

'The ability for a company to maintain its human element in a time when technology is taking over so many aspects of our lives shows resilience and determination in maintaining their values.'

That being said, companies should not allow technology to get in the way of them offering great user experiences which are achieved through positive, human interaction. Essentially, people remember people more than they remember a user interface, which most of the time is simply taken for granted. This does not mean that companies should not invest in talented UX and UI Designers to assure an excellent and professional experience for customers when seeing to their financial tasks. Rather, this should be encouraged. What should be taken into consideration is, however, the fact that human interaction in a world heavily dominated by data should be prioritised as much as any other digital effort. With relation to banking, it is true that chat-bots have the ability to provide customers with solutions in a simple, uncomplicated manner. This does not mean, however, that companies should focus only on digital excellence. The ability for a company to maintain its human element in a time when technology is taking over so many aspects of our lives shows resilience and determination in maintaining their values. The involvement of the human element should be experienced at various stages for customers to be able to feel a sense of authenticity.

'Human interaction in a world heavily dominated by data should be prioritised as much as any other digital effort.'

Customers should feel connected and at one with the services they experience, and part of developing a customer-centric approach is ensuring human interaction. This is especially true for major tasks such as applying for large loans, buying a home or starting a business, where customers highly value person-to-person conversations for increased clarity and understanding. Talking things through with a company service representative is almost always the preferred option for customers, as technology should not replace the importance of emotion and empathy brought forward by people in the workforce.