22nd January 2021

Teleperformance comments on UK bank branch closures and digitisation

HSBC is to close 82 branches in the UK between April and September this year, it was revealed this week.

The face of banking has transformed beyond recognition in the past year, with nearly three quarters(73%) of UK consumers now using digital banking channels weekly, causing bank branches to close at an alarming rate of 55 every month.

COVID-19 has triggered banking institutions to reimagine their digital strategies with the aim of futureproofing themselves in a challenging pandemic environment. Those who struggle to digitize will be left behind, as only 28% of consumers admit they expect to return to branches post-crisis.

Phil Jones, Senior Vice President of Banking at Teleperformance(CAC $17bn), believes the next challenge for banks, competing in the digital race, will be to sustain a human connection with their customers virtually.
He comments “In this hyper-digital age, being human still plays an intricate role in the banking industry. It raises the question of how can financial institutions leverage technology without losing the human element. The need to find a solution is more prevalent than ever. The most strategic move banks can make right now–to differentiate themselves against disruptors–is to implement a High-Tech, High-Touch to customer service. They need to master a balance between tech-smart support and the human touch to ensure even the most sensitive financial matter is dealt with appropriately, on the channel customers prefer, maintaining a dedicated level of empathy where necessary. Only then, can banks create a fully-rounded digital experience, fit for meeting the expectations of tomorrow’s customer.”
Teleperformance Group is the global leader in outsourced customer experiences, working with 10 of the top 20 banks in the world to minimise the impact of COVID-19 and provide elevated customer experiences.

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