John O’Brien is the Head of Digital & Direct Banking at PTSB, Leading the Bank’s Contact Centre Transformation Strategy, With extensive experience in banking and technology, he focuses on enhancing customer experiences through innovative digital solutions, driving growth, and ensuring seamless, secure, and efficient banking services
To improve accessibility to essential financial services and products, reduce economic inequalities and foster long-term economic resilience and sustainable growth, financial inclusion must be prioritised. In most countries today, individuals lack access to basic banking services, rely heavily on other means to fill their financial gap or have difficulties accessing suitable products or services that meet their financial or transactional needs. These predefined gaps represent customers classified into three groups 1) Unbanked, 2) Underbanked, or 3) Underserved.
The root causes of why this happens can stem from economic barriers that reflect low income, lack of financial literacy or in certain locations which carry poor internet connectivity or a cost that customers are unable to afford. The added and continuous reduction in branch banking services on offer adds to the geographical challenges customers face where physical support is required.
This digital (online) physical (branch) divide has marginalised those who don’t have the skills, ability, or access to make the big move to the digital channel. Some customers rely heavily on the support of others to manage their daily finances, even before considering the additional barriers to financial inclusion that at-risk customers face today.
While financial institutions have doubled down on their efforts to build trust and ensure everyone, regardless of their circumstances, can participate fully in an economy, there are growing challenges to this. The speed and accelerated rate of change in banking, the future role of artificial intelligence and how organisations retain an always on and refocussed view of financial inclusion must be at the forefront in addressing these challenges, through an interconnected approach that delivers value for all.
To align with the true definition of inclusive banking, channel accessibility and the importance of financial literacy, banks must adopt a multi-purposed method that defines atrisk customers in banking. Exploring, defining, assessing, and evaluating channel accessibility is fundamental to remodelling viewpoints and translating financial literacy initiatives into meaningful and impactful financial inclusion strategies. To realise this, banks must take a step back and embrace curiosity by asking the following questions:
• How do we define and understand customer’s accessibility needs?
• What vulnerability & accessibility risks need to be captured by the channel?
• How do we elevate the enhanced capture of customer data to improve inclusivity by channel?
• What additional measures and actions now need to be considered to protect customers from new and existing risks?
• How do we design accessible interfaces that project a consistent experience in each channel?
• How do we exceed expectations in delivering above the required web content accessibility guidelines standards?
• How do we deliver an effective digital literacy rollout?
• Is there any opportunity to increase customer trust by collaborating with community organisations that would increase reach to underserved populations?
• Are we utilising existing technology or considering new technology to solve and support different customer cohorts' accessibility?
By taking this approach, you can start to determine the appropriate guardrails that will improve the support afforded to customers. If we are to avoid marginalising further customer groups, the next wave of digital evolution must be more inclusive than ever. Financial institutions must create a more equitable financial ecosystem by continuing to think differently about financial inclusion for all customers, which will drive customer satisfaction and trust further than it is today.
Advancing customer support in the next phase of digital transformation will be crucial as we focus on the following areas for continuous development and improvement:
As we elevate to a higher standard of inclusive banking, financial institutions must continue to deliver greater support and accessibility that protects customers' finances. There are value-added benefits for financial institutions that deliver on this as it supports the banks’ goals to grow communities and start to improve the divide between different customer segments. To start addressing financial inclusion, this must be prioritised, and only then will we start to shape the future we need to see for all people.
