The head of digital banking at Royal Bank of Scotland has said online services such as smartphone apps can play a key part in the bank regaining the trust of customers but that branches will remain important.
Chris Popple said new technologies offer banks opportunities to build ongoing relationships with customers following a period when they only seemed to be interested in selling them products.
“I think banks started to get it more and more wrong and it all culminated in 2008 for me,” said Mr Popple, referring to the year RBS was left requiring a £45 billion taxpayer bailout after Fred Goodwin led it to the brink of collapse.
He added: “We’re trying to put things right and to adopt a new attitude. There are some specific things we have done to keep customers front and centre in mind … we’ve been trying to make it clear that we are no longer in the promotional game, teaser rates, things that attract customers in the short term but probably don’t help in the long term.”
Mr Popple said there has been a big cultural change at RBS group in the past four years, which culminated recently with the bank ending incentives and bonuses for front line staff.
It is investing heavily in technology with the aim of making the banking process easier for customers and to allow it to play a bigger and more supportive role in their lives.
Under the first heading, the group recently introduced a touch screen fingerprint technology that allows people to access online banking services quickly and securely using their mobile phones.
As part of its efforts to build deeper relationships with customers, the group has developed three NatWest-branded mobile “Living” apps that Mr Popple said help people figure out the impact of life on money at really important times.
Called ManageMoney, Spendorama and HouseMove, the apps are intended to provide tools that will help people set goals, such as saving more.
Regarding the HouseMove app, the American technology specialist noted: “Rather than simply giving you what you can afford on a mortgage it will help you actually buy a house, in the middle of which is the mortgage.”
He added: “We are hoping slowly that customers see we can be helpful.”
The apps are at the pilot stage but Mr Popple has been pleased with the responses received to date. He says branch staff have really enjoyed using the apps with customers.
“Having branch staff sit down with customers working on an app that customers can use if at home is hugely popular,” said Mr Popple. He believes such technologies can help redefine the role of the bank branch, as a place where people go to get help working through financial issues.
“The new digital banks, mobile only banks are going to struggle to recreate that world. Banking isn’t just about a current account. It’s about lending; long term, short term deposits; these are things that require quite a bit of thought and coaching,” said Mr Popple.
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