Product details

Modern day customers were embracing digital transformation much quicker than banks could keep pace with. As a result, it was becoming important for banks to speed up with the change. San Francisco based First Republic Bank (FRB), which prided itself for delivering white glove services for 30 years, faced a similar predicament. The bank offered private banking, private business banking, and private wealth management, including investment, trust and brokerage services. Knowing that interacting with clients through digital channels was important for success, FRB realised that it would minimise the element of human contact. The bank was struggling to keep up with the digital change and adopted several strategies to strike a balance between both, human and digital touch. As consumers began migrating to mobile devices for banking, the bank faced a dilemma. Would FRB’s initiatives to accept and adopt the digital transformation in its services help it to strike a balance between going digital and maintaining its traditional human touch with its clients / customers.