# UK Banks: Connect now to win Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2017-03-27 Category: BANKING Category URL: https://financedigest.com/category/banking Meta Title: The Changing Face of Banking: Embracing Digital Innovation Meta Description: Explore how traditional banks can adapt to the evolving fintech landscape by leveraging technology to boost trust and offer personalised services to customers. Tags: featured Tag URLs: featured (https://financedigest.com/tag/featured) URL: https://financedigest.com/uk-banks-connect-now-to-winhtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/four-businesspeople-standin-1-1736844040222-compressed.jpg) _By **Gavin Mee**, Head of_ [_Salesforce_](http://www.salesforce.com/uk/customers/stories/aylesbury-vale-district-council.jsp) _, UK_ The Bank of England is 323 years old this year. It stands solid and proud in its tradition of stability and financial, fiduciary controls. In fact, with its nickname of The Old Lady, it’s become a symbol of how we view our financial institutions: banks have traditionally been the bedrock of UK society. But tradition doesn’t always equal reliability; trust in these national [institutions has wavered somewhat in the last few years](https://www.financedigest.com/what-financial-institutions-will-be-like-in-10-years.html "What Financial Institutions Will Be Like In 10 Years"). According to Salesforce’s [2017 Connected Banking Customer Report](https://www.salesforce.com/assets/2017-connected-banking-customer-report/index.html), less than a third (29%) of all Brits strongly agreed they trust their banks with their financial information. Only 15% of customers strongly agreed that banks have their best interests at heart. This lack of trust is one of the [contributing factors](https://www.financedigest.com/factors-contributing-to-negligent-security-situations.html "Factors Contributing To Negligent Security Situations") which have allowed a disruptor model of banking to evolve. A wave of agile, mobile-first alternatives to [traditional](https://www.financedigest.com/the-role-of-fintech-in-disrupting-traditional-banking-services.html "The Role of Fintech in Disrupting Traditional Banking Services") banks such as Atom Bank are not just securing funding from investors; they’re securing more and more customers as they grow. And much of the success of these new banks rests on their customer centricity; they understand how customers want to interact with them and anticipate their [needs to offer a more personalised service](https://www.financedigest.com/financial-services-need-a-digital-transformation.html "Financial services need a digital transformation"). As the wider financial services sector confronts the greatest period of disruption in its history, banks in particular are facing a pivotal moment – particularly as customers are looking to other fintech challengers, as well as those focused on retail banking. Our [report showed that 83% of millennials have used fintech companies for basic payment activities](https://www.financedigest.com/increase-in-investments-in-building-refurbishment-and-new-construction-activities-to-propel-demand-of-construction-safety-net-market-fact-mr-report.html "Increase in Investments in Building Refurbishment and New Construction Activities to Propel Demand of Construction Safety Net Market: Fact.MR Report"). It’s clear that traditional [banks must embrace change in order to meet the evolving needs of their customers and defend](https://www.financedigest.com/how-can-banks-defend-the-latest-generation-of-scam-victims.html "How can banks defend the latest generation of scam victims?") against competition which is increasingly coming from different directions. Tapping into the [digital innovation](https://www.financedigest.com/the-digital-pathology-systems-market-to-get-digitally-innovative.html "The Digital Pathology Systems Market to get digitally innovative") that is happening across the industry is key to bridging the gap from the traditional banks of yesterday, to the nimble banks of tomorrow. Technology plays a great role in helping banks achieve a more [customer centric approach](https://www.salesforce.com/form/pdf/state-of-the-connected-customer.jsp?nc=7010M000002MI1I&d=701300000025Y0X), designed to boost trust, convenience and security. Integrating cloud, social and [mobile technologies](https://www.financedigest.com/the-cleanroom-technology-market-to-be-on-the-mobility-move.html "The Cleanroom Technology Market To Be On The Mobility Move") enables banks to engage customers at any time, from any device and in new, personalised ways. One of the key benefits that cloud computing offers is the ability to break down silos. The report shows that, regardless of age, customers of [today opt to bank](https://www.financedigest.com/stress-testing-why-did-my-bank-go-bust-today.html "STRESS-TESTING – WHY DID MY BANK GO BUST TODAY? ") via a range of channels. For example, banking websites are now the most popular way to carry out routine transactions, with nearly a third (30%) saying this is the main channel they use for this type of task. Use of mobile apps is also on the up – in fact, almost half (45%) of the younger, millennial generation interact with their banks via an app several times a week, or more. But despite our love of technology, we still value the in-branch experience. When you dive into the mechanics beyond simple transactions – and incorporate investment and [money management](https://www.financedigest.com/money-management-for-couples-navigating-finances-in-a-relationship.html "Money Management for Couples: Navigating Finances in a Relationship") – face to face interaction still wins at significant levels. What’s more, this holds true across the generations. Look at the figures: 70% of millennials, 75% of gen Xers and 73% of baby boomers still walk into a branch at least once every few months. In this, traditional banks with their high-street presence still have the upper hand. And this presence [offers a great opportunity](https://www.financedigest.com/c-arms-market-to-offer-ample-growth-opportunities-by-2027.html "C-arms Market to Offer Ample Growth Opportunities by 2027") to add real value, complementing the online experience. With customers using multiple channels to access services, [banks can use technology to understand data](https://www.financedigest.com/asia-shares-edge-higher-wary-of-us-bank-data.html "Asia shares edge higher, wary of US bank data") from each interaction, including the in-branch experience – when it occurred, what the customer required, and whether any follow up is required. Achieving this relies on a [single view of each and every customer](https://www.salesforce.com/uk/blog/2017/01/insights-into-the-changing-needs-of-todays-retail-banking-custom.html), blending the online _and_ the in-branch experience which is still valued by so many customers. By breaking down the silos between each channel, and understanding the resulting customer data, banks will ensure that [engagement is meaningful and personalised at each touch point](https://www.financedigest.com/three-points-to-consider-when-getting-engaged.html "Three Points To Consider When Getting Engaged"). For banks that have been slower to adapt, now really is the time to look to technology to create a more joined up, seamless experience. By listening to, and truly understanding, customer needs, retail banks can effectively blend the online and in-branch experience, and will [meet and exceed expectations for years](https://www.financedigest.com/putin-speech-sends-sterling-to-fresh-37-year-low-ahead-of-fed-boe-meetings.html "Putin speech sends sterling to fresh 37-year low ahead of Fed, BoE meetings") to come. --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---