The information from this article is based on an interview with Richard Downie on the #StraightofftheBATT live show. He is the President of the Bankers Association of T&T and is also the Managing Director of RBC Royal Bank (Trinidad & Tobago) Limited and the Chairman of RBC Merchant Bank (Caribbean) Limited.
According to Downie, Customer Experience in the banking sector essentially entails the creation of pleasant, efficient, and effective interactions with your customer. Regarding the digital element, over the years, the banking experience has found ways to become more efficient. In some cases, customers no longer have to do in-person transactions but can conduct their banking online without having to step inside a branch.
The movement of banking to a digital environment is a direct result of technology’s impact on the financial sector. Digital banking in Trinidad & Tobago empowers customers to conveniently and safely conduct banking transactions at home or even abroad. The biggest shift that digital banking has on the financial sector within T&T is the movement toward a cashless society which is what is currently happening in countries such as Denmark.
Ultimately, cash comes with a lot of costs and risks overall. A major benefit of using digital banking is that you’ll eliminate a lot of issues that exist within operating with cash – such as having to count it, reconcile it, and move it around. For example, for persons who like to store cash at home, they run the risk of loss via fire or other circumstances and business owners who use cash have a greater risk of fraud, theft and even incur additional costs to secure the cash, such as security services to oversee the transport of cash.
What are the advantages of digital banking to the customer?
- Individuals and entrepreneurs alike can transact online without the risks associated with physical cash.
- Digital banking encourages accountability so you can see where all of your money has been used and for what purposes; which are not limited to bill payments, loan payments, money transfers and online purchases.
- You have 24/7 access to your bank account/s and account information such as account balances, so it’s convenient and saves you from having to physically enter a branch to conduct transactions.
- Digital banking enables you to set up recurring payments and encourages paperless banking.
Want to learn more about how banks are transforming Digital Customer Experience in T&T? Check out our video below:
This article is based on a discussion with Richard Downie on the Straight off the BATT Live Series from the Bankers Association of Trinidad and Tobago. The show aims to help you understand financial literacy and education. Subscribe to our YouTube channel for more.