KeyBank is embracing a human-digital strategy. The Cleveland-based bank, which has $156 billion in assets, is using banker-led consulting sessions, complemented by proprietary algorithms, to connect customers with relevant solutions.

“Think of the old banking world where the customer is on one side of the desk and a banker is typing into a mystery computer that you can’t see,” said Jamie Warder, executive vice president and head of digital banking at KeyBank. “It almost feels like you’re being interrogated. We’re trying to completely change that and make it an interactive, side-by-side immersive experience.”

The sessions, which KeyBank calls “Financial Wellness Reviews,” have been available across the bank’s physical footprint since launching last summer. The goal is to bring traditional, branch-based relationship banking into the digital era by mixing banker expertise and technology.

Both retail and business customers can engage with the bank through Financial Wellness Review. Whether over the phone or in a physical branch, bankers and customers share a screen to review customers’ information and determine solutions for better financial health. If a customer owns a doctor’s office, for example, the banker and the algorithm might determine the customer needs help with invoicing and accounts receivable. A retail customer, meanwhile, might need help with retirement planning.

Warder said the human-digital approach was partially inspired by technology advances in auto sales. Many dealers now offer the ability to purchase completely online, visit a branch or do some combination of the two, and the ease of use was appealing to KeyBank.

Complementing human employees with technology, rather than replacing the human touch outright, is becoming a popular model in financial services. Umpqua Bank’s Go-To platform, for example, allows consumers to choose a banker based on their bio, expertise, location, picture and interests, and consumers can text bankers through the app. Technology provider Jack Henry, meanwhile, predicted human-digital would be a major trend in banking this year. 

“In 2020, we expect to see the adoption of modern personal engagement,” Stacey Zengel, vice president of Jack Henry & Associates and president of Jack Henry Banking, previously said in a report detailing Jack Henry’s 2020 predictions. “Virtual assistants and chatbots can be complemented by human support to be available at all times while providing deeper, personal assistance at the customer’s moment of need. Meanwhile, role-based assistants can help bank employees automate mundane tasks so they can humanize the meaningful services they offer their customers.”

See also: KeyBank partners with Itron for ‘smart cities’ financing   

Other recent digital initiatives at KeyBank include upgrades to EasyUp, the bank’s automated savings tool. EasyUp now allows customers to automatically put the savings toward paying off debt. During the COVID-19 pandemic, the bank has increased the limit for mobile check deposit. Warder said KeyBank has processed about $8.5 billion in Paycheck Protection Program loans. Looking forward, he said the bank is working on accounts payable and receivable solutions for business clients.

“We are rolling out new capabilities to help them better understand who owes them money and who they owe money to,” Warder said.

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