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Personal Banking: Easy Access is the Key

Sep 7, 2008
Whenever new technology makes a universal impact the business world soon finds a way of harnessing it to suit its own and also its customers' ends. That axiom is particularly true in banking which as an industry tends to be a keen 'early adopter' when it comes to significant technological advances.

Today, most UK banks deliver or aspire to deliver a wide variety of ways for their customers to do day-to-day banking with them, otherwise known as a multi-channel approach. For example, if a customer prefers to do their banking in person at a branch, over the telephone by voice or text, by using an ATM (automated teller machine) or even via the internet, the major banks will allow them to do so by successfully integrating all their systems.

Of course, it is not completely altruistic of banks to offer a multi-channel approach. Certain ways of interacting with customers cost banks less than others, and although bank accountants would prefer all their customers to interact via the cheapest channel, not all customers want to do their banking in that way. So, it is also in the bank's interest to ensure that customers can still do their personal banking according to their own individual preference, or a variety of methods if that is what the customer wants.

As more of the younger generation - who accept technology change more readily - open bank accounts, combined with the growing trust in internet and other technologies from a section of reluctant older users, more of the total number of transactions on the internet will inevitably grow. However, as yet it is still impossible to physically pay cash into an account without either using an ATM, bank branch or approved collector such as the post office so they will continue to operate into the foreseeable future.

Indeed, many people still prefer to do their personal banking face to face, so the major five UK banks all possess significant branch networks that allow for personal interaction. At bank branches customers can do all the usual financial transactions such as withdraw or deposit cash and cheques. In addition, administration queries can be handled by staff, such as setting up a standing order, change of address and various other changes to details. A number of major banks also offer free personal financial reviews in their branch networks, during which they will look at all your financial dealings to make sure you are getting the best deals available on the market.

The massive numbers of daily transactions that take place in the banking world mean that the quicker and simpler banks can make any process the better it is for both customer and bank. In an ever demanding world the banks that thrive will be those that can deliver instant service across a multitude of platforms.
About the Author
Adam Singleton writes for a digital marketing agency. This article has been commissioned by a client of said agency. This article is not designed to promote, but should be considered professional content.
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