In recent years, the way we consume products and services were fundamentally changed, and perhaps more importantly, they changed our expectations of what good service should feel like.
The Corona crisis accelerated two major trends in our consumption patterns. On the one hand, there was a clear move toward local and smaller-scale commerce. Some of this shift emerged out of necessity: transport became more difficult, larger crowded places created uncertainty, and local alternatives simply became more practical. But increasingly it also became a conscious choice. People wanted to support local businesses and preserve the social fabric of their communities. Shopping locally was not only about purchasing products; it became a way of staying connected. Buying bread from the local bakery, visiting nearby shops, or choosing local suppliers created a stronger sense of community and human interaction.
At the same time, another trend accelerated at an enormous pace: eCommerce and digital services. Consumers quickly discovered the benefits of digital channels. Products and services became available at any time, often at lower prices and with very little effort. With a few clicks, almost anything could be ordered and delivered. Convenience became one of the most powerful drivers of consumer behavior.
At first glance these two trends appear contradictory. One is centered around local initiatives, short chains, personal contact, and human relationships. The other often leads to highly standardized, largely impersonal experiences that are typically offered by large international players. Yet what is interesting is that both trends remained strong long after the crisis itself disappeared.
That tells us something important. People do not simply want digital experiences, and they do not simply want human experiences either. They want both.
We see exactly the same evolution happening in many sectors, including financial services. On one side, customers increasingly expect complete digital access to their financial lives. They want to open accounts online, execute transactions instantly, request products digitally, and manage everything from their phones at any moment of the day. The expectation is no longer limited to convenience. Digital access has become a basic requirement.
On the other side, there is also a growing feeling that something valuable is disappearing. Customers increasingly mention the lack of personal interaction with their bank. Branches continue to close, opening hours become shorter, and reaching an actual person often becomes difficult. For many people, especially when making important life decisions, purely digital interaction feels insufficient.
Historically, local bankers often fulfilled a role that went far beyond selling financial products. They knew the people in their communities personally. They understood local businesses, family situations, and individual circumstances. They supported local initiatives, sponsored sports clubs and charities, and often became trusted figures within the community. People did not only visit them for transactions; they visited them for advice and reassurance.
Technology has become extremely effective at solving the transaction problem. It has made processes faster, cheaper, and available twenty-four hours a day. But technology has not fully solved the human side of services.
For years, companies competed mainly on price, efficiency, and availability. Digitalization dramatically improved all three. Today, however, these factors increasingly become standard expectations rather than true differentiators. The next competitive advantage may very well become personalization.
Consumers no longer want to be treated as anonymous users moving through standardized processes. They increasingly expect services to understand their context, preferences, and individual needs. Not only through simple recommendations based on previous purchases, but through a deeper understanding of who they are and what matters to them.
The most successful services of the future may not be those that automate everything, but those that make digital interactions feel personal.
Many people view technology and personalization as opposing forces. There is a perception that increasing digitalization automatically means sacrificing human contact. But perhaps the opposite is true. Technology may actually allow us to scale personalization in ways that were previously impossible.
Developments are already pointing in this direction. On-demand production allows products to be tailored to individual needs rather than mass-produced for anonymous consumers. AI assistants and chatbots can handle repetitive administrative tasks, freeing human experts to focus on conversations where they create real value. Live video interactions can bring face-to-face conversations into digital environments without requiring physical proximity. Localized content and personalized recommendations can make digital platforms feel more relevant and connected to people’s daily realities.
The next generation of services could become much more context-aware. Rather than expecting customers to search endlessly for information, services may proactively recognize relevant moments in people’s lives. A family that is expanding may receive tailored insurance advice. Young entrepreneurs may be guided toward financing options. Individuals approaching retirement may receive personalized planning support. The objective becomes not simply providing services, but providing the right service at the right moment.
Perhaps this also creates room for entirely new models. Just as insurance brokers often operate independently from individual insurers, there may be opportunities for independent financial advisors who are not tied to a single institution but can work with multiple providers through open architectures and open banking principles. Such advisors could become trusted local figures while benefiting from digital platforms and economies of scale.
Because they would not be restricted to one bank’s products and services, they could provide more objective advice and support a broader range of customer needs. They could offer assistance with insurance, financial planning, government administration, social security matters, or support for local initiatives. In many ways, they could become modern versions of the trusted local advisors that communities once depended on.
Importantly, this should not become an exclusive service reserved only for wealthy individuals. One of the greatest opportunities of digitalization is that personalization can become affordable and accessible to everyone.
Perhaps that is the next phase in our industrialization and digitalization journey. The first phase focused on scale. The second focused on efficiency. The current phase focused heavily on automation. The next phase may be about combining all of those strengths with something that risks being lost along the way: human connection.
The future is likely not purely digital, and it is unlikely to be purely local. The organizations that succeed may be those capable of combining the simplicity, speed, and availability of digital services with the trust, empathy, and relevance of personalized human interaction.
Because ultimately people rarely remember systems. They remember experiences. And experiences become meaningful when they feel personal.
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