Powerful forces, from rising rates to breakthrough technology, are converging to create an opportunity for banks to transform their relationships with customers. The revenue boost from higher interest rates may induce complacency, but forward-thinking banks can use it to ignite product innovation. Beneath the hype, advanced tech like generative AI might have enormous potential to revolutionize the customer experience. 

Banks can harness these forces to explore the art of the possible and increase their relevance to set a new performance frontier. This golden moment is an opportunity for banks to redefine consumer banking in the 2020s; to play a more meaningful role in customers’ lives by understanding the forces that affect their individual lives and helping them achieve their aspirations.

Consumers’ relationships with their banks are becoming increasingly impersonal. The survey shows that most consumers use their bank’s digital channels for quick functional tasks only. This suggests that digital channels are functionally correct but emotionally devoid. They don’t help a bank turn a transactional relationship with a customer into a genuine human connection.