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Technology may alienate banks&#39 customers

Banks are in danger of alienating their customers as they embrace new technology, according to a report from KPMG Consulting.


The report &#39Customer Centric Management – Understanding the challenge in retail financial services&#39 suggests technology brings no guarantee of customer satisfaction.


KPMG found many banks have introduced technology driven initiatives such as telephone and on-line banking.


But customers perceive these developments as further depersonalising their dealings with the organisation.


It says telephone services weaken traditional branch-based relationships, and that customers prefer the personal touch.


In order for banks to resolve these problems and become truly customer-focused KPMG believes they must look to companies in other sectors for examples of best practice.


KPMG Consulting head of European banking strategy Phil Middleton says: &#34The technological solutions that have been implemented recently may have distracted banks from less sophisticated measures that could have a greater impact on consumers.&#34

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