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Draft:Deep Banking

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Traditionally, banking has been transactional, with customers interacting with their bank only at key moments - when they sign up for an account or when they encounter a problem. These interactions are typically limited to straightforward transactions like opening an account, making a withdrawal, or resolving an issue. While these are necessary, they do not foster long-term relationships or build a deeper connection between the bank and its customers. In fact, for many people, the bank is only present in their lives when they need something specific, often creating a one-sided relationship based on necessity rather than trust or value.

Deep banking shifts the focus from merely fulfilling transactions to creating an ongoing, personalised, and proactive relationship between the bank and the customer. It’s about building trust and providing value at every stage of the customer’s financial journey - long after the sign-up process and beyond the problem-solving phase.

Three Pillars of Deep Banking

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Deep banking is rooted in three core pillars: Personalisation, Proactivity, and Beyond Banking. These pillars serve as the foundation for banking that goes beyond traditional transactional models, aiming to build long-term relationships, foster trust, and enhance customer satisfaction.

Personalisation providers like Moneythor offer Deep Banking solutions.


References

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