Kiosk Solutions Issue 18 - Page 41

opinion The value of human interaction The second major assumption is that millennials never go to branch locations to complete transactions. Some reports have even been published claiming millennials prefer to visit the dentist overpaying a visit to their bank’s branch. This statement is countered by another Accenture report on bank branches that found of all customers, 87% of them felt they would continue to use branches and of millennial customers, 86% of them felt the same. They contribute their continuous use to trust and sense that they receive more value from human interactions when handling their finances. Even digital banks, like Iam Bank, who focus their business model on meeting millennials’ needs, have come to realise the importance of human customer interactions. Overall, despite the financial industry’s expectations that there’s an impending death of the branch, recent surveys and supported views by digital banks like Iam Bank show consumers, especially millennial customers, will continue to demand a human touch in banking. At the end of the day, even though many trends indicate that digital solutions are the path retailers and financial intuitions need to take to resonate with millennials, this path isn’t so direct. Millennials certainly use digital platforms daily, but they’ve not entirely moved away from traditional lifestyle choices like using cash; they’ve had to become smart about their spending and how they utilise their cash and credit cards. Retailers and financial institutions need to find a median where they continue to develop digital platforms, but also meet the traditional needs of this generation. These actions will hopefully resonate with millennials and build brand loyalty. n KIOSK solutions 41