How Leading Credit Unions are Tackling Staffing Shortages in Their Branches
In a nutshell đ„„ Credit union staffing shortages are a persistent, industry-wide challenge â and they’re not going away. This article outlines four practical strategies Coconut Software customers have used to protect member experience while working with leaner teams: offering pre-scheduled appointments to give staff visibility into their day, using appointments to smooth out unpredictable walk-in traffic, enabling advisors to serve multiple locations (including virtually), and leveraging branch traffic data to make smarter staffing decisions. Together, these approaches reduce staff stress, improve NPS, and support smarter branch workforce management â without requiring a full headcount overhaul. The biggest challenge on credit union leadersâ minds right now is staffing. Weâve heard it in virtually every customer conversation weâve had over the past few months. And our customers arenât alone. Leaders from roughly four out of five financial institutions are worried about staffing shortages. So, how do you juggle short-staffed branches without compromising on member experience? The short answerâitâs all about finding ways to reduce stress and workload on existing staff who are already feeling burnt out. That could mean offering members more self-serve options, shifting to virtual banking services, or starting to measure branch traffic so you can make smarter staffing decisions. We know. Itâs easier said than done. But, small changes can go a long way. Weâve gathered some of the strategies that our customers have leveraged to meet this challenge head-on to give you some inspiration on where to get started. 1. Offer pre-scheduled appointments  A big source of staff frustration is not knowing what their day will look like. Walk-in traffic is unpredictable, which means their schedules are unpredictable too. Itâs hard for your advisors to have a productive conversation about a new mortgage if they arenât sure whoâs coming in, when theyâre coming in or what their needs are. Introducing self-serve options, like appointment scheduling, makes it easy for members to schedule time with the staff member best suited to help them. No need to wait on hold or in a lineup at your branch. Which puts them in charge of their own experience. Allowing them to meet with staff when they want, and how they want. It also gives your staff more visibility into their day. Theyâll know who to expect, when to expect and can better prepare for those conversations. Which not only boosts NPS, but has also increased conversion rates for our customers 300% on average. 2. Use appointments to even out walk-in traffic Thereâs nothing worse than hopping over to your credit union at lunch to wrap up that last detail with your advisorâonly to see that everyone else had the same idea. Long lineups add stress for everyone. And it leaves your team struggling to deliver an exceptional experience, which shows in your NPS and wait times. A few of our customers shared that they help even out the demand on their staff by reserving their busiest times for walk-in traffic only. Then offer pre-scheduled appointments outside of those busy periods, helping to fill in staff calendars during quieter times. They also share current wait times on their branch locator pages, so members know how long theyâll need to wait to see someone. Allowing them to choose if theyâd like to join the line, request a callback or pre-schedule an appointment before they even set foot in a branch. This flexibility helps to spread branch traffic out, reduce staff stress and has increased client NPS scores by 21 points on average. 3. Allow advisors to serve multiple locations Advisors are in short supply, but theyâre also critical to meet aggressive lending growth targets. To help deal with a shortage of these highly skilled staff members, many of our clients have assigned a single advisor to multiple locations. This staff member often floats between locations throughout the week. But, one new trend weâve seen customers adopt is the move to fully remote advisors. So advisors can serve multiple locations virtually, which reduces travel time between branches. Allowing advisors to spend more time building relationships with members instead of being on the road. If a member walks into a branch and needs to speak with an advisor, many customers have set up meeting rooms equipped with laptops and cameras enabling members to join a virtual meeting. The key to making a virtual branch successful is ensuring that advisors are equipped with the tools they need to deliver an end-to-end experience that is consistent with your in-branch experience. 4. Develop a deeper understanding of your branch traffic  One thing weâve heard over and over again from our customers is that pre-pandemic they were making staffing decisions based on gut feel. But, staffing shortages have forced them to really take a closer look at branch traffic. Itâs virtually impossible to avoid over or understaffing if you arenât sure how many members are likely to visit each day. Leveraging appointment scheduling and lobby management solutions give you a central location to gather critical branch traffic data. Youâll unearth new insights like: How long the average branch visit takes How much time staff have between appointments When your branches are busiest Which branches are busiest When these branches are busiest Most popular reasons a member visits a branch All of this helps you get more visibility into where your branch staff are spending their time, so you can spot opportunities to be more efficient. Putting it all together Staffing shortages aren’t showing any sign of slowing down. And every credit union’s staff and members will have slightly different needs. Finding the right strategies that work for your business will take time and the right platform. Effective branch workforce managementâthe strategic planning, forecasting, and optimization of employee resources across your branches â is what ties all of these strategies together. When you align staffing with real member demand using data, appointments, and the right tools, you move from reactive firefighting to a more predictable, resilient operation that protects both your staff and your member experience. Frequently Asked Questions
How Banks Can Use AI to Boost Operational Efficiency
In a nutshellÂ đ„„ As the financial industry is facing increasing pressure to optimize operational efficiency in banks to enhance customer experienceâall while managing staff shortagesâAI presents a game-changing opportunity. By turning it inward to streamline operations, automate repetitive tasks, and support staff by quickly equipping them with the right customer information, banks can boost productivity by up to 30% and drive revenue growth. From AI-powered chatbots to predictive analytics and smart queue management, FIs that embrace AI will position themselves for success in the evolving banking landscape. Below, we explore key AI-driven strategies that can transform your bankâs efficiency and CX. How AI Can Transform Retail Banking Operations Retail banks are under increasing pressure to improve operational efficiency, grow deposits, and enhance customer experienceâall while managing staff shortages and reducing long lines in branches. Artificial Intelligence (AI) presents a significant opportunity to streamline internal operations and boost productivity, leading to increased revenue and improved customer satisfaction. Turning AI Inward to Boost Staff Productivity (and CSAT) Unleashing AI tools on customers comes with inherent risks, particularly when banks struggle with centralizing and structuring their data effectively. Instead, many retail banks can find more immediate value by focusing AI on internal operations. AI has the potential to automate manual processes, optimize staff workloads, and improve technology-driven initiatives. Research shows that banks can enhance productivity by up to 30% by integrating generative AI into their workflows. Additionally, AI can assist human employees in offering personalized financial advice, tailoring banking products, and streamlining customer onboarding. Banks implementing AI in this way could see revenue growth of 6% or more within three years. Given ongoing talent shortages in the banking sector, many financial institutions must decide whether to develop in-house AI solutions or leverage third-party platforms. For immediate efficiency gains, outsourcing AI-powered solutions may be the faster and more practical option. 3 ways to use AI in Banking to Improve Operations (with Examples) 1. Use AI like internal chatbots to enhance staff knowledge and service. AI-powered chatbots can revolutionize internal operations by acting as on-demand assistants for bank employees. These virtual tools can quickly retrieve information, answer complex queries, and improve overall service efficiency by reducing the time staff spend searching for data. Morgan Stanley introduced an AI chatbot to support its financial advisors by providing instant access to the firmâs knowledge base. The âAI @ Morgan Stanley Assistantâ is now used by over 98% of advisor teams, enabling them to respond to client inquiries more efficiently and accurately. 2. Streamline compliance and regulatory processes with generative AI. Regulatory compliance is a major challenge for banks, requiring extensive document reviews and adherence to evolving legal frameworks. Generative AI can accelerate these processes by analyzing vast amounts of regulatory text, identifying key requirements, and assisting risk teams in making informed decisions. Industry leader Citigroup Bank leveraged generative AI to analyze over 1,000 pages of new banking regulations. By working alongside risk and compliance teams, AI provided key insights much faster than traditional manual reviews, helping the bank adapt strategically and mitigate future risks. 3. Integrate AI that accelerates IT and legacy banking system upgrades. Many banks struggle with outdated legacy systems that slow down innovation and efficiency. AI can enhance IT operations by automating coding tasks, optimizing system updates, and facilitating smoother transitions to modern infrastructures. Goldman Sachs launched internal AI tools to assist its software engineers in writing and testing new code. This approach significantly speeds up the modernization of legacy banking systems while also automating data preparation and integrations for smoother IT transitions. 4. Deploy Agentic AI for Multi-Step Task Automation Unlike a single-purpose chatbot, agentic AI can carry out an entire multi-step workflow on its own – for example, pulling a customer’s account history, checking eligibility rules, and drafting a personalized offer without a human triggering each step. Early adopters are piloting this in fraud investigation and loan pre-qualification workflows. The Branch of the Future: AIâs Role in Banking Transformation What exactly is a âBranch of the Futureâ? The mysterious âbranch of the futureâ is really just a way to describe a modernized banking scenario that integrates optimal technologies, digital banking services, and personalized customer experiences to optimize efficiency branch efficiency, and meet the demands of an increasingly discerning customer base. These branches focus on: Seamless digital-physical integration: Customers can transition effortlessly between online banking, mobile apps, and in-branch experiences. Self-service and automation: AI-driven kiosks, virtual tellers, and biometric authentication enable faster, more convenient transactions. Flexible staffing models: With AI assisting in routine tasks, bank staff can focus on higher-value interactions like financial consulting and relationship management. Enhanced customer personalization: AI-driven analytics allow branches to offer tailored financial products, proactive recommendations, and improved service experiences. How Does AI Fit into a Branch of the Future? AI is a critical enabler of the branch of the future, improving both customer interactions and internal operations. Key applications include: AI-Powered Chatbots & Virtual Assistants These tools handle common inquiries, appointment scheduling, and basic transactions, reducing queues and freeing staff for complex tasks. Predictive Analytics for Customer Needs Artificial Intelligence helps banks analyze customer data to anticipate needs, providing targeted product recommendations and proactive support. Smart Queue & Appointment Systems AI-powered queue management optimizes customer flow, reducing wait times and improving service efficiency. Automated Fraud Detection & Security AI-enhanced security measures, including biometric verification and real-time fraud monitoring, help ensure safer transactions. AI-Driven Staff Training & Support AI-powered training tools assist employees in staying up to date on regulations, compliance, and financial products, improving service quality. By embracing AI, the branch of the future will transform into a dynamic, customer-centric hub that offers a seamless blend of digital convenience and personalized financial guidance. Data Snapshot According to Accenture’s 2024 banking industry research, banks using AI to tailor products and streamline onboarding can improve revenue by 6% or more within three years. How to Start Using AI for Internal Banking Efficiency Retail banking leaders looking to adopt AI to transform their offerings should consider the following initial steps: Identify manual and repetitive tasks. Gather input from staff on the most time-consuming processes that