How Appointment Web Apps are Driving Revenue Growth in Banks
Customers today expect companies to meet them where they are most comfortable. They want options with how to connect, at times that are convenient to them. For banks and credit unions, this increasingly means an omnichannel experience. Welcome to the “appointment economy.” Financial institutions are managing growing lists of products and services to remain competitive. As a result, the need for appointment scheduling becomes clear. 84% of banking customers still say that they want access to a live person to discuss their banking needs. But how can your branches juggle lobby traffic, staff availability, the right expertise, the call center and distance banking? The solution can be found in appointment web apps, allowing customers to self-schedule. Problems in Customer Appointments For a long time, the customer branch experience has been walking into the lobby and saying, “I’d like to open a checking account” or “I would like to talk to someone about a loan.” There are many reasons that this causes issues and becomes challenging to manage. Lobby Traffic Walk-in traffic can be very unpredictable. While your financial institutions may try to staff for lobby peak times, this is not always possible. Heavy traffic causes long wait times and delays in service to the customer. Customers may become increasingly frustrated with the longer they wait. Lobby abandonment happens when customers have been waiting so long that they leave. 95% of customers will leave if their wait time hits the ten-minute mark. These are opportunities that walk out the door and possibly move their business to the bank or credit union down the street. Staff Availability With walk-ins, branches risk not having the right staff available. The customer may have a complicated mortgage question only suited for a loan officer who is not on that day. Existing customers may come into the branch looking to talk with their loan officer. This “impromptu meeting” catches the officer unprepared. The officer may have been better able to help the customer if armed in advance with the customer’s account information. And while branches deal with walk-ins every day, more walk-ins mean more interruptions. Staff may need to unexpectedly shift from other tasks. This can lead to decreased efficiency. Lack of Access Call centers often have the responsibility of scheduling appointments for customers in staff schedules. From loan closings to new accounts, this scheduling is often done blindly with the hope that the availability these agents see is up-to-date. Call centers may not have any knowledge of the peak times at a particular branch or staff availability. Across departments, there is also a lack of access and coordination. Retail and commercial lending, for example, may not be able to easily cross-schedule for a customer. Customers do not exist in silos and often need bank staff to come together for a particular request, for example a mortgage specialist, loan officer, and financial advisor. Finally, customers in remote locations or with accessibility issues may have trouble physically getting to a branch location. Lack of easy access may prevent these conversations from taking place, decreasing engagement and client retention. The Role of the Branches According to the J.D. Power 2018 U.S. Retail Banking Advice Study, the retail bank is still a valuable first line of financial advice. Customers rely on their bankers for everything finance and life milestone related, from savings tips for college funds to retirement strategies, to taking a loan to purchase a RV. Customer connection leads to increased customer satisfaction and opportunities for cross-selling, the way to increase the all important share of wallet. Every time the customer interacts with bank staff, there is a possibility that the customer can learn something. From new products or additional services, these interactions are a window for more business. To increase these touchpoints, banks and credit unions should leverage the use of appointment apps. The Appointment Economy Everything from clothing stores to medical offices to gyms are moving to the “appointment economy.” Customers are turning to an increasingly digital experience. As a result, companies look at how they can integrate appointment scheduling. Benefits to the customer of appointment web apps include: Avoid long wait time in the lobby Ensuring that a knowledgeable person is available Scheduling the appointment at any time Capitalize quickly on initial search interest Most appointment scheduling occurs during non-business hours. Customers may be browsing the bank or credit union’s website or reading a promotional email. They click the “Schedule Now” button and can then find the next available appointment that is convenient. With the onset of the COVID-19 pandemic, appointment apps have become even more critical. Your bank or credit union still needs to meet the demands of your customers. However, you may be operating with reduced capacity, shorter lobby hours or outright branch closures that necessitate an urgent switch to digital appointments. How Appointment Web Apps Can Increase Revenue While the customer benefits immensely, appointment web apps can also drive your revenue growth in several ways. 1. Decrease Operational Costs Your organization may be looking for ways to reduce operational costs. Appointment scheduling apps can decrease overall headcount. Call centers will need fewer staff if customers are able to self-schedule an appointment. It also reduces the email tag that is necessitated when booking appointments between customers and staff, especially irritating when multiple attendees with multiple calendars are required. 2. Optimize Staff Time You can also optimize staff time by ensuring you have more staff in branch locations during high volume times. You can schedule knowledgeable employees in the appropriate locations based on appointment requests. Your call center or staff may also spend a lot of time attempting to schedule through disparate systems and departments. This can result in a lot of frustration for the customer. By providing an appointment app, the scheduling is instant, and staff can be re-allocated to other tasks. Because of varying levels of walk-in traffic, staff fluctuate between too-busy and too-idle. Both of these decrease efficiency and cost money. Scheduling appointments with customers will control the flow of work throughout the day. With