Edited by Sergio Silvestri

The results of the research conducted by Nomisma They confirm my fears, namely, an increasingly rapid shift of customers away from the physical locations of banks, branches, and local agencies. The positive aspect of these data is the digital evolution of Italians, but there's a downside that isn't yet apparent, yet is very present. The relationship between bank and customer has always been based on the latter's unquestioning trust in the former, a trust built over time thanks to the "DIALOGUE" that banks have built over the years, precisely because of their "physical" proximity to their customers and their local communities. Right now, all banks, from large to small, are rushing toward the digitalization/dematerialization of their branches, increasingly diminishing the relationship with customers. With fewer opportunities for contact between customers and banks, the latter's ability to retain their customers as it once did is diminished.

I remember that Customer Satisfaction is the perception that is created in the Customer thanks to the opportunities for contact between him and the company, opportunities that generate the so-called "moment of truth" that is to say the impression that the Customer receives from contact  with  any individual of the company providing the product/service. It is a concept transformational that if managed with great caution ensures the construction of winning cultures and therefore of lasting successes. Consequently, without multiple opportunities for contact, there is little opportunity to generate and activate this process that fosters a customer's trust in a company, encouraging them to remain loyal and make repeat purchases of the company's products/services.

Opportunities to foster customer satisfaction and, consequently, brand trust are increasingly being seized upon by companies selling products online, with customer service always available to their customers. These companies already offer payment services that bypass banks and are soon aiming to attract customers' attention to new financial services. This means that banks must rethink their strategies and focus more on customer satisfaction and engagement with their clients. The goal today is not to find new customers, but to retain existing ones, tying them to their brand by meeting their needs every day and exceeding their expectations.

Look at Amazon. It has a brand with a smile because it's made this its winning strategy. If banks want to win the challenge, they need to... smile more.

NOMISMA Study on Digital Transformation in the Banking Sector

       https://www.nomisma.it/nomisma-data-hub-digital-banking-in-italia/

       https://www.agi.it/economia/news/2022-01-27/banche-rapporto-home-mobile-banking-nomisma-15369651/