During the pandemic, the ways we accessed and managed our money transformed. To be sure, in-person banking was dropping in popularity even before the start of the pandemic, while digital platforms were seeing a slow and steady rise: About 4 million users joined the digital banking world each year between 2017 and 2019, according to Statista.

Though their popularity was beginning to wane, brick-and-mortar branches were undoubtedly still very much a part of many consumers’ financial routines. When the pandemic hit, the balance of digital to traditional banking began a rapid shift. In 2020, 52% of bank customers went to branches to manage their money (or were branch-dependent), according to a J.D. Power survey. Only two years later, in 2022, more than 65% of U.S. bank customers were using digital banking services, per Bankrate.

The Challenges Digital Banking Poses to Consumers

With this evolution in omnichannel banking come unique obstacles and opportunities — especially for older adults. While more people in this age demographic are now using digital technology than ever before, a study by the Pew Research Center indicates that 25% of adults aged 65 or older don’t use the internet, 36% don’t have home broadband, and 39% don’t own smartphones. Moreover, MX’s 2022 report on digital and mobile banking trends states that only 39% of Baby Boomers use a mobile app to manage their financial accounts.

When this is considered, along with the 30% of American adults who struggle with technology and the economic barriers that prevent tech adoption, it becomes obvious that the digitization of banking presents challenges to many people.

Adoption & Implementation

All change requires some sort of effort and adjustment, no matter how big the benefits might be on the other side. The widespread adoption and promotion of digital banking is no exception, but it doesn’t affect everyone in the same way.

Older adults, for example, often have to overcome ageism in digital tech. Because new digital devices and services generally aren’t designed with their needs in mind, they may find digital banking to be counterintuitive, overcomplicated, or physically difficult to use.

More universally, there’s also the challenge of pleasing customers. Though consumers are using digital financial tools more than ever, their level of satisfaction with those services might have dropped, according to the J.D.

Power survey mentioned above, digital-only customers were logging lower satisfaction scores than those who visited their local branches or used a combination of digital and in-person banking. It seems that even the convenience of digital transactions can’t always match the benefits of an attentive and helpful human associate.

Building Trust

Without the human element, trust can be a major issue. Less than one-third of people surveyed by Accenture in 2020 said they trusted banks “a lot” to look after their financial well-being. That’s compared to 43% who said the same only two years ago, not to mention the growing distrust resulting from the recent failure of the Silicon Valley Bank on Friday, March 10.

However, the tide might be starting to turn for digital financial services. With the benefits of lower fees and increasingly lower barriers to access, it’s perhaps not surprising that 61% of traditional bank users reported being somewhat or highly likely to switch to an online-only bank soon, according to the same Bankrate research mentioned above.

How Can Banks Offer Excellent Experiences to All Customers Post-Pandemic?

The tangible experience of walking into a banking branch and interacting with a human being might seem a world away, but it remains the norm for many people. Members of older generations, particularly, might rely on that physical experience of attention and appreciation as they navigate their financial lives.

Here are a few effective ways to integrate human touches into excellent customer experience for consumers of all age groups:

1. Remember the benefits of human interaction.

People haven’t lost the basic need for in-person, face-to-face interaction. Building human interaction into your digital experiences helps customers adapt, learn, and trust. Whether that trust comes from a highly advanced, intuitive chatbot connecting customers to personalized messaging on your website or features that direct digital users toward real people who can help them solve their problems.

It is essential that all businesses today understand that attentive customer service is more important than ever.

2. Don’t let up on security.

Security challenges and risks litter digital banking’s future with obstacles. Increased use of mobile platforms and digital payments has upped the risk level regarding cybersecurity. Many customers now turning to digital banking are from older generations: less tech-savvy people who feel compelled to join younger generations online for fear of being left behind.

For these people, ramping up cybersecurity is even more critical. Anti-phishing methods and education (and the adoption of mandatory two-factor authentication) could help protect even more vulnerable users.

3. Prioritize accessibility.

Make your digital banking service as accessible as possible so that everyone can use it, no matter their digital knowledge. To that end, the University of Wisconsin-Madison recommends that websites provide captions, large font sizes, screen readers, screen magnification, and fast-loading web pages. You could also offer in-person instruction to customers who need additional help.

Sometimes it can feel as though finance’s digital transformation has happened too rapidly for customers’ expectations to catch up. Fortunately, that catch-up work is happening now. As customers from all generations come to grips with mobile and online banking and what they can offer, banking companies can ease the learning burden by delivering secure and excellent personalized banking experiences. Don’t wait to get started.

Featured Image Credit: Provided by the Author; Photo by rupixen; Unsplash; Thank you!

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Video games have long been a popular escape from reality. All ages and demographics find value in connecting with friends, challenging themselves to beat new levels, and developing new skills.

But people engage with video games in an entirely different way than they did 30 years ago. People aren’t just playing — they’re escaping from their physical lives into alternate universes where they can make virtual friends, build virtual businesses, and live virtual experiences.

The “escaping from a physical life” type behavior and thirst for that escape only increased during the pandemic.

Nielsen found that 82% of global consumers played video games and watched gaming-related content during the height of COVID-19 lockdowns, with global gaming revenue topping $174.9 billion in 2020. If you can properly leverage the space for your brand, you might be able to strike gold.

The Rise of Interactive Gaming Experiences

Gaming has traditionally been viewed as a niche category, but that’s no longer the case. According to The NPD Group’s 2020 Gamer Segmentation Report, 244 million Americans play video games. That’s about 3 in 4 people, an increase of 32 million since 2018. And gamers are playing more than ever: Nearly one-third of them play more than 15 hours a week.

Gaming spans many demographics

With gaming spanning so many demographics, the space is ripe for your brand to move in. Creating integrated brand awareness content that’s organic and non-intrusive is every marketer’s dream.

Brand integration

Remember the brand integration opportunities offered by “Animal Crossing: New Horizons” in 2020? Within the game, players could create custom outfits from brands like Supreme and Gucci and decorate their homes with custom artwork (sponsored by the Metropolitan Museum of Art).

In 2021, Burger King Spain used the editing tools in “NBA 2K21” to create a custom basketball court called The Menu Court. The downloadable court featured photos of popular menu items, with Burger King challenging players to complete trick shots from those marks. If players posted a video on Twitter, tagged Burger King and NBA 2K, and used the hashtag #BKMenuCourt, they received free menu items.

Modern gaming engines: charge your business battery

As developers create more brand integration opportunities, it will be critical to move into the gaming space and capitalize on its success. Musicians, politicians, bands, and other groups have already jumped on the video game marketing bandwagon, so you’d be remiss to ignore this phenomenon.

Run Sprints: your brand in the gaming industry

1. Kick-off an esports campaign.

According to Newzoo’s Global Esports and Live Streaming Market Report, more than 75% of the esports industry’s revenue will come from media rights and sponsorships in 2021. You don’t have to dominate the space to get involved — you just have to play to your strengths.

Consider fashion powerhouse Louis Vuitton, which collaborated with Riot Games on the League of Legends World Championship. Not only did the brand create a custom travel trophy case for the champions, but it also released branded skins and other digital assets for players.

2. Partner with gaming influencers.

Many gaming influencers on Twitch and YouTube have cultivated large, highly engaged followings over time. You can strategically partner with these creators to get in front of the right audience.

For instance, Andrew Telfer (aka Nasher) accumulated his following by playing the NHL video game series on his channels. He became so popular in the hockey niche that he earned sponsorships from Bauer, Gatorade, Adidas, SeatGeek, and the NHL itself.

3. Get in the advertising game.

While traditional advertising might be seen as disruptive in the middle of a gaming session, some brands have found success by offering unique experiences within games. KFC Philippines, for example, created a branded gaming experience and tied it to the physical world.

The brand saw an opportunity when “Animal Crossing: New Horizons” soared in popularity during 2020. KFC Philippines quickly launched its own virtual location within the game with a dining area, menus, and Colonel Sanders himself. Those who found the colonel within the game were treated to a code for a free bucket of chicken at any KFC location in the Philippines.

4. Think outside the box by making this space your own.

The best thing about the gaming industry is that it gives your brand the freedom to create your own experiences. But you don’t have to tap into the gaming industry to connect with gamers — you just need to find a way to tie gaming into your brand.

For instance, to appeal to Generation Z, F’real (a blend-it-yourself frozen beverage brand) created a branded mobile game that could be activated via QR codes on in-store purchases. The brand also partnered with popular TikTok creators to draw attention to the campaign and drive consumers to stores.

Keep Your Head in the Game

What’s next for your brand? Once you’ve educated yourself on what opportunities are available, work with your marketing team to determine your budget, strategy, and creative execution.

Who knows: You could make headlines like Burger King or Gucci! You just need to get into the game.

You want to get into the game — and get into the zone.

Image Credit: alexey savchenko; unsplash; thank you!

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