Prioritizing familial relationships in banking services becomes the future of customer interactions

In the rapidly evolving world of banking, a new approach known as "Family-First Banking" is gaining traction. This strategy aims to cater to the unique needs of families, offering services tailored to their specific circumstances.

Banks are increasingly offering age-specific educational content, unique user dashboards, parental alerts, and triggers for major milestone events to provide more curated recommendations. For instance, timely suggestions for investing in a child's 529 college fund could be based on the child's birthdate and past contributions.

However, specific information about which banks are adopting this strategy, including Amdocs as a customer, remains unclear. Amdocs, a leading software and services provider in the IT and network solutions for telecommunications and finance industries, works with many large corporations, but there is no publicly available information about which banks are its clients and what specific strategies they are pursuing.

To gather more details, it would be beneficial to reach out directly to Amdocs or the relevant banks. Reports or press releases from Amdocs or the banks themselves could also provide further insights into their customer relationships and strategic initiatives.

The shift towards Family-First Banking could encompass services or products designed to meet family needs, such as family account management, child-oriented financial products, or age-appropriate financial advice. Such strategies aim to address the financial needs of families and are common in the finance industry, although they are not always explicitly labelled as "family-first."

Customers are now expecting banks to offer curated banking experiences, financial literacy resources, and financial planning assistance that align with their lifestyle. Banks are seeing a growing demand for a more personalized banking experience, one that is tailored to customers' family life stages and needs.

This personalized approach could improve financial knowledge and potentially lead to customers remaining with their bank and reusing their services during challenging economic times. According to a survey by J.D. Power, 63% of bank customers would stay with their bank, and 78% would reuse their bank if they felt supported during such times.

Moreover, 77% of consumers are willing to share more personal information with their bank in exchange for improved offerings, including financial consulting. Banks can compete with personal banking fintechs by implementing a family-first banking system, focusing on solutions and finding the right tools and partners.

The Family-First Banking mindset involves banks using technology to break down data silos and create pin-point insights into each customer's household makeup. This allows customers to personalize their family permissions for different generations, enabling them to manage their finances more effectively.

Zur Yahalom, SVP and Head of Financial Services at Amdocs, will be present at Money 20/20 USA, October 22-25, Booth 10001. For more information, it is recommended to consult the official websites of Amdocs and the banks or to reach out directly to the companies for specific details.

Prioritizing familial relationships in banking services becomes the future of customer interactions