Smart ATMs: Future Proof Branch Strategies
In a nutshell 🥥 Branches aren’t going away—but their purpose is shifting. As more day‑to‑day transactions move to digital, “smart ATMs” can take on up to 90% of routine branch services, shrinking branch footprints, cutting costs, and freeing frontline staff to focus on high‑value, relationship‑building conversations instead of basic transactions. When done right, smart ATMs complement—not replace—human tellers and can even support more branches and more jobs in the long run. While branches remain important, their role is changing. Customers are increasingly comfortable taking advantage of online and mobile channels, leading to lower branch traffic and fewer teller transactions. As more clients use digital channels to deposit checks, transfer funds and manage their accounts, banks and credit unions must continue to move away from their transactional focus and adapt to meet the expectations of the evolving relationship that customers have with their branch. As a follow up to Part 2 in our series, today we will be examining the 3rd of 5 different strategies that banks and credit unions can implement in order to set their branches up for success in this rapidly changing landscape. Upgrade to Smart ATMs Introduced back in 1969, the ATM once again has the power to bring about a major shift in banking. Originally designed to perform withdrawals, they’ve evolved over the years to handle new routine tasks like balance inquiries, transfers and deposits, but they are long overdue for a more serious upgrade. In today’s self-service oriented world, ATMs are expected to be effectively entire branches contained within a single box. Insight. “As the ATM turns 50, some people may think that it’s reaching the end of the road – they’re wrong. In fact, the future of the ATM is bright in this shifting financial landscape, especially as the technology behind them continues to evolve and offer new services to customers… A combination of self-service machines and staff could be the ticket to reviving a dwindling supply of bank branches” Mark AldredBanking Technology Expert, Auriga The financial services industry is evolving faster than ever before, and digital focused millennials and Gen Zs expect the technology involved in managing their money to match trends seen in other industries — and that includes the ATM. Even with the fast-growing adoption of digital channels, the ATM remains a primary interface between customers and their banks for one simple reason: they’re convenient. By extending that convenience to additional actions like account openings, bill payments, mobile phone top-ups, currency exchange, and more, tellers in the branch will have more time to work with customers on complex banking needs. The Historic Precedent One of the biggest arguments against smart ATMs is the same one that people put forward in the mid-1990s when today’s standard ATMs were brought in in large numbers. Everybody assumed – including many bank managers — that this was going to eliminate jobs for tellers. It didn’t. In fact, since then, teller jobs have increased substantially. So how could a machine that was designed to perform many teller services provide a boost in positions for tellers? Simple: By making it cheaper to operate a branch. Where the average branch previously required around 21 tellers, with ATM machines that number was reduced to 13. So suddenly you are able to open a smaller branch, with fewer employees, leading to more branches, which required more tellers. So the 400,000+ labor saving ATMs currently installed at branches across the United States are directly responsible for creating more jobs and allowing banks to expand their operations, while simultaneously allowing tellers to provide a higher level of customer service. With this in mind, the world today is not the world of the 1990s. Nowadays, our lives have been inundated with convenient self-service options. In fact, industry CX research consistently finds that a majority of consumers now prefer self-service channels for resolving routine service issues, rather than speaking with live representatives. This shift is reflected in a broader ATM modernization cycle, where operators are actively upgrading legacy machines to next-generation smart ATMs with enhanced digital, contactless, and self-service capabilities. These new ATMs provide contactless transactions, mobile pre-staging, and financial institution “branch-in-a-box” capabilities, delivering up to 90% of branch-based technology and services. Large monolithic branches have already become a remnant of the past, and smart ATMs will allow branches to have an even smaller footprint. By providing a self-service option for these transactional services, we could very well see a surge in branch numbers similar to the one experienced during the mid-1990s as more smaller branches with lower staffing requirements become the mainstream. And while it’s been forecast that teller positions will likely decrease as smart ATMs gain popularity, the decline was forecast at just 8%—hardly an industry killing technology. Instead, these machines should be viewed as complementary to the human role, and a tool for creating increased demand and efficiency while enabling staff to concentrate on building stronger human relationships. Conclusion The truth is, there is no benefit to having the many of the transactional processes that can be performed by smart ATMs to be handled through face-to-face interactions. Relationships are not built through these engagements, and convenience is not enhanced by them. And these two factors should be the primary goals for a future focused branch. For the few customers who simply prefer to perform these actions through a teller? They still have that capability. What’s more, if the lobby has been upgraded as discussed in the previous strategy, now they can do it while sitting in a comfortable lounge, speaking to a teller that comes to them. When you future proof your branch, everybody wins. Check out the other articles in the Future Proof Branch Strategies Series: PART ONE – Self Service Kiosks Examining the benefits and capabilities that self service kiosks can bring to your branch by eliminating many of the pain points that customers associate with their visit. PART TWO – Café Style Branches We discuss design changes in the lobby that can help to encourage relationship building
Coconut Software Sees Rapid Adoption as Financial Sector Struggles To Support Work From Home Model
SASKATOON, March 26, 2020 /CNW/ – Coconut Software, a leading enterprise level customer engagement technology provider, announced the priority release of their new remote meeting capabilities last week in response to the ongoing COVID-19 health crisis. Within just days of its release, 19 of North America’s leading banks and credit unions have enabled the option to book remote meetings via video or phone, with the Coconut team working tirelessly to help them navigate this newly imposed digital world. As many branches are forced to close their doors, Coconut’s clients are grateful for its rapid delivery. “This is a great example of providing a solution that is a real and present need due to the challenging and uncertain times we are in,” says Jeanne Pickens, Chief Operations Officer at Rogue Credit Union. “We are still in the process of closing our branches due to the need that is still very present in our community, but will be shifting to using [Coconut Software’s remote meetings] to help us do more remote video appointments very soon now.” Virtual meetings is a natural evolution of Coconut’s current offerings and one that is needed today more than ever. This is why Katherine Regnier, CEO and Founder of Coconut Software, has made the decision to provide this feature at no cost during this time of need. “Digital customer engagement was previously viewed as a competitive advantage, it is now a requirement to keep customers and staff safe with physical distancing and managing foot traffic,” says Katherine Regnier. “It has made our solution a necessity.” Building on the core functions of Coconut Software’s customer engagement solution, virtual meetings can help customers and advisors to continue their relationships in a digital setting, allowing them to communicate safely and securely from any location. Using video conferencing providers like Zoom, customers are able to schedule their virtual meeting quickly and intuitively. And for those who prefer a more low tech solution, the ability to schedule a phone meeting is also available. About Coconut Software Coconut Software is a leading provider of customer engagement solutions for modern banks and credit unions and is backed by investments from Conexus Venture Capital Fund, Information Venture Partners, SaskWorks Venture Fund, Bay Partners, ScaleUp Ventures, PIC Investment Group, with additional financing by CIBC. By providing technology that elevates the customer experience while improving operational efficiencies, Coconut’s solutions consistently improve satisfaction scores, decrease churn, and increase sales. For further information contact: James MacDonald Chief Revenue Officerjim@coconutsoftware.com Discover A Modern Way to Engage Get In Touch
Virtual Meetings: Keep Calm and Connect Remotely
The global pandemic caused by the Coronavirus (COVID-19) has impacted nearly every corner of the world. For ourselves here at Coconut, we are lucky to have been able to allow all employees to settle into their remote working environments while continuing to serve our customers. We understand that we are lucky to have the ability to continue providing guidance and solutions to the issues this global crisis has imposed on them, their staff, their customers, and their way of life. Because we know that not everyone has the same option to switch to a work-from-home business model. They simply do not have the tools in place to make it possible. As countries around the world order businesses to close their doors and send workers home in an effort to flatten the curve, many citizens are feeling unprecedented levels of uncertainty about their future, as well as what that will mean for their finances. And with experts estimating that the total cost to the global economy is estimated at $2.7 trillion, they are not alone in their concerns. Everyone is affected, and everyone is looking for direction during these difficult times. This is why we pushed ahead with a priority release of our Virtual Meetings integration, a new feature that allows banks and credit unions to quickly and easily shift from traditional face-to-face meetings to a remote business model. Building on the core functions of our existing customer engagement solution, Virtual Meetings can help customers and advisors to continue their relationships in a digital setting, allowing them to communicate safely and securely from any location. Through a seamless integration with video conferencing providers like Zoom, customers are able to schedule their virtual meeting quickly and intuitively. And for those who prefer a more low tech solution, the ability to schedule a meeting over the phone is also available. All of this is available through the same self-service booking flow used for face-to-face meetings, and with no software to download and no need for customers to set up accounts, adoption is incredibly simple. Within just days of its release, 20 of North America’s leading banks and credit unions have enabled the new integration, with the Coconut team working tirelessly to help them navigate this newly imposed digital world. And as many branches are forced to close their doors, Coconut’s clients have expressed their appreciation for its rapid delivery. “This is a great example of providing a solution that is a real and present need due to the challenging and uncertain times we are in. We are still in the process of closing our branches due to the need that is still very present in our community, but will be shifting to using [Coconut Software’s Virtual Meetings integration] to help us do more remote video appointments very soon now.” Jeanne PickensCOO, Rogue Credit Union Following from our mission of “powering human engagements in a digital world”, remote meeting capabilities come as a natural evolution of our current offerings, and one that is needed today more than ever. Even prior to the current situation, the ability to connect remotely is something that has been increasingly important to our customers in the financial world. But now, with financial institutions and the customers they serve facing these unprecedented challenges, it’s more important than ever for us all to work together in keeping the lines of communication open. This is why Katherine Regnier, CEO and Founder of Coconut Software, has made the decision to provide this feature at no cost during this time of need. “Where digital customer engagement was previously viewed as a competitive advantage, it is now a requirement to keep customers and staff safe with physical distancing and managing foot traffic. It has made our solution a necessity.” Katherine RegnierCEO and Founder, Coconut Software With both financial institutions and their customers experiencing the full physical and financial effects of the current global crisis, it’s vital that banks and credit unions are able to continue to provide direction and reassurance — while also encouraging increased physical distancing. Whether they accomplish this through enabling staff and customers to meet remotely, or by simply reducing and managing foot traffic by switching to an appointment only business model, we have a solution ready and waiting to help see you through these days, and beyond. From all of us at Coconut Software, stay home, stay healthy, and stay in touch. Interested in our Virtual Meetings integration? Contact Us Today What Next? Looking for more strategies to meet your customers’ changing expectations? Download our report Becoming Future Proof: Five Proven Strategies for the Branches of the Future to learn more methods in technology, design, and service that banks and credit unions can take advantage of in preparation for the future. Interested to hear what top experts in financial customer experience have to say about the coming challenges branches are looking forward to? Watch our panel discussion Embracing a Customer-First Mindset: Eliminate Friction Points in Your Customer Multi-Channel Journey. Ready to start taking steps to ensure your business is set up to meet future challenges head on? Schedule a consultation with Coconut Software to learn more about how our tailored solutions can help.
Simplified Scheduling: Future Proof Branch Strategies
Innovative technologies and new digital tools are bringing massive changes to the retail banking landscape, and nowhere is this more visible than in the brick and mortar channel. But these changes don’t mean that the branch is becoming irrelevant. Even with the reduction in branch traffic and increase in mobile and self service solutions, customers still want to be able to sit down with a financial professional when making big decisions. And with millennials and Gen X ranking convenient branches as their primary consideration when selecting their financial institution, that’s not likely to change any time soon. What does need to change is the idea that they will continue sitting on hold, standing in a queue or waiting in an outdated lobby to meet with a teller or advisor at that branch. As a follow up to Part 4 in our series, today we will be examining the final of 5 different strategies that banks and credit unions can implement in order to set their branches up for success in this rapidly changing landscape. Simplify Appointment Booking If branches are going to remain relevant in the years ahead, it is vital for them to make it as easy as possible for customers to schedule a visit. Over 80% of a retail banking customer’s interactions take place through self service channels, and 67% of consumers prefer self-service over speaking with a live representative. This means that people are visiting branches less frequently, but when they do it’s for high-value face-to-face consultations. No amount of in-branch technology or improvements is going to eliminate the friction caused when they visit a location to discover that nobody can see them at that time. With a unified, self-service scheduling platform for all channels, financial institutions can streamline the appointment booking process across every customer touchpoint. Whether an appointment comes through via your website, mobile app, or even your social platform, customers should be able to book that meeting as quickly as easily as possible. With this in place, financial institutions can effectively remove the guesswork from the task of improving efficiencies in the booking process. This can not only provide the benefit of increasing the number of high-value appointments driven to your branch locations, but also enable better optimization of employee schedules to improve their overall efficiency. This is especially important considering that the branch is all about the people in it and their ability to serve customers. Tellers need to be available throughout the day, but in greater numbers for peak transaction times like lunch hours and Friday mornings. Universal bankers should be able to shift from service activities to sales activities like outbound calling when there is less branch traffic to deal with. Training and branch meetings can be scheduled to minimize impact on branch operations. With better management around staff schedules, customers can be better serviced, leading to further increases in the value of their appointments. What Comes After a Booked Appointment? Important to keep in mind is that self-service can’t stop after the meeting has been scheduled. As with any appointment, life happens and schedules change. Without a simple self-service method for making adjustments to their appointment, customers who have taken advantage of your self-service channel to create their booking are at higher risk for becoming no-shows. Likewise, providing more self-service channels through reminder messages and instant check-in can help to further improve the effectiveness of your self-service solution. 1. Rescheduling Most scheduling solutions provide a method for rescheduling via email, but with 9 in 10 consumers saying that they would like businesses to provide SMS text messaging options for communicating with them, and 52% saying that they would prefer texting customer support over their current method of communication, it’s becoming vital to include this channel as well. 2. Reminders Along with the initial message providing instructions on how to reschedule, text messages also allow for faster and more effective communication when it comes to reminder messages. In fact, SMS open rates are as high as 98%, compared to just 20% of all emails. And, on average, it takes 90 seconds for someone to respond to a text, opposed to 90 minutes for an email. Many companies have already begun providing appointment reminders via text message, with 51% of millennials saying that they are already receiving them. When asked why they enjoy text messages over other reminders, these millennial customers say it is because they’re “an effective way to be reminded on their own time” (60%), “one less thing to have to remember” (57%) and “the most convenient way to be reminded” (55%). Of course, with 51% saying that they are receiving them, that means that 49% of companies are still missing out on this opportunity to increase convenience and decrease no-shows. If these are things your organization is interested in (and they should be), it’s time to get started. 3. Check-in Beyond all the scheduling and rescheduling issues, text messages can take things even further by allowing for a simple method for customers to let staff know that they have arrived for their meeting. Rather than having customers wait to speak with someone to let them know they’ve arrived, providing them with the option to check in via text can help to streamline the process and allow for a more personal approach. A simple message sent out 10 minutes prior to the meeting that instructs them to reply ‘1’ to check-in when they have arrived opens a channel of direct communication between them and the staff member they are there to speak with. This allows staff to come out and greet them personally, setting the meeting up for greater success. Check out the other articles in the Future Proof Branch Strategies Series: PART ONE – Self Service Kiosks Examining the benefits and capabilities that self service kiosks can bring to your branch by eliminating many of the pain points that customers associate with their visit. PART TWO – Café Style Branches We discuss design changes in the lobby that
3 Digital Banking Initiatives to Increase Branch Traffic
Streamline workflows, boost loyalty, and increase productivity. Discover how appointment management solutions eliminate operational inefficiencies.
Remote Video Banking: Future Proof Branch Strategies
Photo Credit: https://writix.co.uk/ Deploying a digital-first banking platform is not only now possible, but mandatory for financial institutions of all sizes — but this doesn’t mean getting rid of physical locations altogether. 77% of customers still prefer visiting the branch when they want to discuss complex financial topics, and even for digital banking customers, speaking with a live representative still evokes the greatest amount of positive sentiment. Finding that perfect balance between digital and human services is the key to establishing a future proof branch. As a follow up to Part 3 in our series, today we will be examining the 4th of 5 different strategies that banks and credit unions can implement in order to set their branches up for success in this rapidly changing landscape. Introduce Remote Video Banking Video banking has been popular for years now, with many banks having installed ITMs — interactive teller machines — for their drive-up and in-branch kiosks. A number of financial institutions have been successful with this technology, but technology has evolved, and consumer habits with it. Today, millions of people are making video calls through FaceTime and Skype every day, video conferencing in the office is commonplace, and telecommuting is on the rise. With remote video calling becoming so mainstream, customers are beginning to question the need for a branch visit in order to engage with a banking assistant. The expectation that their financial institution extend the same capabilities that they enjoy everyday in communicating with their friends and colleagues to things like mortgage applications and investment consultations is on the rise. “We recognize that [SMB customers] work unconventional hours, are traveling or might not be able to visit a branch for a number of other reasons. Being able to access RBC Small Business specialists via video wherever and whenever they want helps them maintain that personal connection they expect with our bank.” Cathy HonorSVP Contact Centers, Royal Bank of Canada Currently, most remote video offerings like those of RBC are created for specific use cases — with RBC it’s SMB clients, while others like Barclay’s provide limited retail banking services. In these early stages, these constraints to service levels work to streamline implementation as specialized representatives are able to serve customers from central video contact centers. However, if remote video banking is to be extended to more services in the future, it should also be extended to include the branch itself. Along with allowing branches to leverage the talented and experienced staff they already employ, it would allow customers the option to engage in a video engagement with a local representative that they know and trust. This not only plays to the strengths of the branch in providing expert face-to-face financial advice, but also fits with what customers are expecting from digital services. According to research from Kony Inc, although 57% of customers want all products, services and support to be available digitally, they want those digital offerings to be supported by a named company representative. Customers want digital, but they also want the trust, security and relationship that comes from physical services. This means combining physical and digital services rather than separating them into two divergent channels — the branch and the video contact center should be working to support each other. Are Customers Ready? According to a recent study, the future of video banking looks bright, with the vast majority of consumers who try it rating the experience highly. Somewhat surprisingly, consumers who have used in-branch video banking rate their satisfaction with the service slightly higher than those using video services remotely. A difference that could be the result of remote video banking customers having to navigate the system on their own. The study also found that it is inaccurate to assume that younger, more upscale customers are the most likely to accept video banking. In their research, it was found that all consumers, regardless of age, gender or socioeconomic status, are generally open to trying video banking if/when their bank or credit union asks them. The fact is that as branches continue to shrink, customers are still going to want to get face time with skilled advisors. The numbers show that 50% of US financial customers are willing to try online banking if their bank offers it, and as illustrated previously, they are generally quite accepting of the technology once they’ve experienced it for themselves. With this in mind, a branch looking toward the future would do well to begin bringing video banking capabilities into their locations today. Doing so will not only enable them to differentiate themselves from the competition today, but to provide both themselves and their customers with a head start on the larger remote video banking transition that is almost sure to happen in the future. Check out the other articles in the Future Proof Branch Strategies Series: PART ONE – Self Service Kiosks Examining the benefits and capabilities that self service kiosks can bring to your branch by eliminating many of the pain points that customers associate with their visit. PART TWO – Café Style Branches We discuss design changes in the lobby that can help to encourage relationship building and conversations between advisors and their customers. PART THREE – Smart ATMs Exploring the changes that are being introduced through new Smart ATMs and where that may take us — and the frontline staff that many fear they replace — in the years ahead. What Next? Looking for more strategies to meet your customers’ changing expectations around the in-branch experience? Download the full report Becoming Future Proof: Five Proven Strategies for the Branches of the Future to learn more methods in technology, design, and service that branches can take advantage of to adapt in the rapidly changing financial landscape. Interested to hear what top experts in financial customer experience have to say about the coming challenges branches are looking forward to? Watch our panel discussion Embracing a Customer-First Mindset: Eliminate Friction Points in Your Customer Multi-Channel Journey. Ready to start taking
Coconut Software Partners with Google
Coconut Software partners with Google to help financial institutions drive increased branch traffic through search Toronto, ON. Coconut Software, the leading technology solutions provider for elevating customer engagement with banks and credit unions, is excited to announce a partnership with Google that will allow financial customers in both Canada and the U.S. to book appointments directly through Google. Reserve with Google is an innovative feature that allows users to book appointments with a business directly from Google Search, Google Maps, or Google Assistant. Partnerships like this are a perfect example of the type of interconnection and ease of use that customers expect in today’s digital world, and Coconut Software is proud to be able to bring this competitive advantage to our North American customers. Research has shown that nearly one-third of all mobile searches are related to location, with 55% of searches resulting in a visit within 1 hour. Through this new integration, users are able to view branch specific services and availability and book a meeting directly within Google search results, eliminating friction from the customer journey and convert even casual browsers into confirmed appointments. “Creating frictionless opportunities that facilitate customer engagement is our focus,” says Coconut Software founder and CEO, Katherine Regnier. “Today’s consumers expect fast, convenient, digital experiences, so the ability to book appointments directly through Google Search is set to be a game-changer and we’re excited to bring this to our clients.” Partnerships like this are a core part of Coconut Software’s work to provide banks and credit unions with the solutions they need to drive traffic to their branches. By adding Reserve with Google to Coconut’s other enhanced services and improved data analytics, banks and credit unions have more methods than ever to bring convenience to their customers, and maximize efficiency in their own back end. About Coconut Software Coconut Software is a leading provider of customer engagement solutions for modern banks and credit unions and is backed by investments from Bay Partners, Conexus Venture Capital Fund, PIC Investment Group, SaskWorks Venture Fund, Information Venture Partners, and ScaleUp Ventures, with additional financing by CIBC. By providing technology that elevates the customer experience while improving operational efficiencies, Coconut’s solutions consistently increase satisfaction scores, decrease churn, and strengthen acquisition. For more information about Coconut Software, schedule a demo or contact us today! Discover A Modern Way to Engage Get In Touch
The Top 4 Ways Branch Technology Can Match Customer Interest
From Teller Lines to Teller Less: Highlights From the Future Branches Report With the rise of Fintech and a customer base that’s becoming increasingly comfortable with the ease and convenience provided by new technology, banks have had to work harder than ever at bringing people into their physical branches. Tablets, video conferencing, digital signage and other technology has become standard in most modern banks and credit unions, and investments in personnel training has risen significantly. But how successful have they been in their efforts? Which branch technology implementations have been successful in matching customer interest? And importantly, what strategies have been most effective at keeping the branch ahead of the competition? Diving into the facts around customer-facing technologies, this report investigates how changes in the industry are transforming the physical branch. To compile this research, Future Branches conducted an industry survey of 100 banking professionals to develop a clear view into the current state of the branch experience, and where it’s heading in the years to come. View a summary of some of the highlights from their findings below, or download the full report to discover what banks are doing to match customer interest. 1. Banks are investing heavily in self-service technology The top 4 investment priorities reported in this study were digital signage (61%), video conferencing (58%), self-service tools (54%), and tablets for customer use (54%). Based on these results, it’s clear that banks are prioritizing customer-facing solutions — specifically, self-service technologies and digital display technologies — above others. The fact that over half of respondents are prioritizing video conferencing technology is significant. This is indicative of an ongoing trend to expand branch services into new geographical areas by creating “hub and spoke” branch arrangements and by enabling internet-connected customers to reach trained personnel from the comfort of their own homes, which fits in with another reported priority of banks in the study — to make banking more seamless with their customers’ personal lives (50%). “The bank wants more customer interaction at the branch. We believe we can achieve the desired levels of interaction through technology services.” – Information Technology Professional, Regional Bank For more in-depth survey results and expert insights, download the full report now. 2. Larger banks have a tech advantage The study found that 21% of banks believe they are behind their competitors in terms of the sophistication of their in-branch technology—that is, the degree to which they have modernized their physical branches. This study found that the majority of banks reporting themselves to be in this situation categorize themselves as regional or community banks or credit unions, while every global and the majority of national banks tended to claim they were “already a leader” or that they were at least “competitive”. But smaller banks and credit unions are rising to the challenge. While 21% believe themselves to be behind the competition, 20% are confident that they are making meaningful progress. “We have been an attraction for technology consultants and service providers over the years to try new technology which they have developed, and which we can use in our branches.” – Marketing Professional, Regional Bank For more in-depth survey results and expert insights, download the full report now. 3. Customer-facing tech is viewed as the safer investment With the wealth of tech available to financial institutions today, it’s perhaps not surprising that nearly half of banks (48%) are prioritizing implementing new technologies across all their branches. To support these new technologies, banks are prioritizing the training of in-branch personnel on customer-facing technologies (47%) and to a slightly lower extent, back-end technologies (41%). Looking more closely at the numbers, it appears that the difference could be resulting from pain points in training for new back-end systems, with banks reporting pain in that area sitting 3% higher than those reporting the training as a priority. Conversely, just 36% of banks report pains in training staff on customer-facing technology — more than 10% below those prioritizing that area of training. Looking at this, it appears that in their aim to match customer interest, most banks view investing in self-service style customer-facing technology to be much easier to implement. “Our bank wants to give complete experiences to our customers and to keep them excited by introducing new technologies on a regular basis.” – Marketing Professional, National Bank For more in-depth survey results and expert insights, download the full report now. 4. Banks are keen on overcoming pain points in training As discussed in the previous point, in order to take advantage of the latest technologies, banks are prioritizing the development of robust training regimens to get their in-branch personnel up to speed. The value of this high investment in training is clearly reflected in responses showing that 68% of banks rating themselves as ‘competitive’ or ‘a leader’ in terms of their in-branch personnel, but it isn’t without its challenges. In the study, respondents cited the struggle to create comprehensive training programs which accommodate branch personnel of different backgrounds and different levels of experience as a major pain point. Furthermore, measuring the development of personnel after training, keeping training relevant as new technologies continue to disrupt the industry, and retaining personnel after investing in their training are all issues that came up multiple times. “Retaining the personnel after we have spent on training them on the technology that they have [is our biggest pain point]. When they choose to move to another organization, we have to spend on training the next person, which does have a cost challenge.” – Sales and Service Professional, Regional Bank For more in-depth survey results and expert insights, download the full report now. Discover A Modern Way to Engage Get In Touch What Next? Ready to learn more about the way customers view the role of the branch in this rapidly changing digital landscape? Download the full Future Branches Study — From Teller Line to Teller-less: Aligning Your Mix of In-Branch Employees and Technologies with Customer Interests. Looking for more unique perspectives on the
Café Branches: Future Proof Branch Strategies
Bringing self-service to the lobby is a sure-fire way to set branches up for success. Discover the second strategy to future proof your branches.
Coconut Software Closes $6.5 Million Series A-2
Coconut Software recently announced the close of a $6.5 million CAD Series A-2 round, led by Conexus VC, and with participation from SaskWorks (PFM).
Self Service Kiosks: Future Proof Branch Strategies
The financial services industry exists in a rapidly changing environment fueled by evolving client preferences and emerging technologies. The growth and opportunity these changes are capable of bringing can be incredibly exciting, but what about the human side of finance? With so much technology disrupting the market, is the physical branch going to remain relevant in the coming years? The simple answer is, yes. But a more complicated response would have to explore the fact that while the branch will certainly remain relevant, it will have to evolve to do so. And so, in this series, we will be examining 5 different strategies that banks and credit unions can implement in order to set their branches up for success in this rapidly changing landscape. 5 Proven Strategies to Future Proof Your Branches Get the Full Report Introducing Self-Service Kiosks As the first touchpoint for any customer entering your branch, upgrades to the lobby should be a top priority when seeking to future proof the physical banking experience. While some companies have gone for a complete technological overhaul as seen in China Construction Bank’s or Bank of America’s robot-run branches, the majority of these upgrades involve bringing in technology to supplement the human experience, rather than replace it. And looking at human behavior, it appears that this relationship-centric approach to technology is more likely to lead to long-term success. “Digital technology and new forms of automated service offer many exciting opportunities for financial services to become more tailored and convenient. But there will always be a role for face-to-face service when it comes to banking. Money issues are complex and emotive. Customers like to talk through what it all means with a real human being.” Paul RiseboroughChief Commercial Officer, Metro Bank So how can you find that happy medium between technology and face-to-face human services? By far, the most efficient method is through replacing or augmenting the standard greeting desk with self-service kiosks. Through this relatively simple investment, customers are able to skip the queue and get face time with staff quickly, creating a streamlined lobby that’s more inviting to your customers. They also provide the added benefit of reducing labor costs and position your brand as technologically advanced, while allowing management to track and measure operations metrics across branch locations, providing them with the information they need to make more informed decisions and improve the experience even further. And perhaps most importantly, this forward-looking strategy shifts the focus of branch employees from answering routine questions and booking appointments to making sales as they are given more time to engage in higher quality conversations with customers about their financial goals. Which is, of course, the main reason that customers come to the branch in the first place. In fact, 77% of customers prefer visiting the branch when they want to discuss complex financial topics, and stick to digital for quick transactions, such as withdrawing cash or transferring funds. So it’s clear that there is a huge demand for strong personalized advice. This is highlighted even further with statistics on the primary pain points most likely to prompt switching banks: unprepared banking associates (68%), long wait times (55%), impersonal service (49%), and the unavailability of specialists (43%). Branches are vital in providing customers with the personalized service that they crave, and they want to receive that personalized service through face-to-face meetings. At the same time, they are more than happy to take advantage of a technology based self-service solution if it can smooth the process of getting in front of an advisor. In fact, the same study mentioned above showed that having an advisor who could greet them by name and be prepared for their arrival (62%), allowing customers to check-in or compare wait times at local branches via a mobile app (55%), and interactive touchscreen displays to explore products and get advice while waiting (53%) were among the top solutions that these customers are interested in to improve the branch experience. By implementing a lobby management kiosk that puts relevant customer information at the fingertips of frontline staff, eliminates long queues and uncertain wait times, and ensures that customers are matched with the appropriate advisor every time, the bank branch of the future can deliver on many of its key strengths while addressing many of the common pain points in the branch experience to drive continued success in an increasingly digital world. “There has been much debate around whether the branch is ‘dead’: this is an interesting theoretical discussion, but it has little bearing on reality. Just as the rise of new technology has threatened the branch in the past few years, it also holds the key to their continued relevance. By implementing the right solutions, a bank can ensure that its branches are cost-effective and play their role in offering excellent customer experience.” Lawrence FreebornSenior Research Analyst, IDC Financial Insights Check out PART TWO of this series, where we discuss design changes in the lobby that can help to encourage relationship building and conversations between advisors and their customers. What Next? Looking for more strategies to meet your customers’ changing expectations around the in-branch experience? Download the full report Becoming Future Proof: Five Proven Strategies for the Branches of the Future to learn more methods in technology, design, and service that branches can take advantage of to adapt in the rapidly changing financial landscape. Interested to hear what top experts in financial customer experience have to say about the coming challenges branches are looking forward to? Watch our panel discussion Embracing a Customer-First Mindset: Eliminate Friction Points in Your Customer Multi-Channel Journey Ready to start taking steps to ensure your branch is set up to meet your customer’s evolving expectations head on? Schedule a consultation with Coconut Software to learn more about how our tailored solutions can help.
Coconut and Finn AI: Engagements Get Smarter
Artificial intelligence is rapidly spreading across industries that rely heavily on data — which these days includes almost all of them — and the financial services sector is no exception. With banks and credit unions seeking out new ways to leverage this technology, Coconut is proud to now be able to provide the ability to use AI to improve customer interactions through our new partnership with the world’s leading AI-powered conversational banking technology provider, Finn AI. This partnership will provide bank customers with the ability to engage and schedule a meeting with their financial service provider using a multi-turn conversational model that is API-integrated with the Coconut Software platform. For example, a customer could chat with a virtual advisor to gain personalized mortgage advice, receive pre-approval, and book a meeting to complete the process, all while following a simple, natural conversation. In the hunt to reduce costs while servicing increasingly tech-savvy customers, AI-based chatbot solutions provide an excellent opportunity to bring new opportunities for engagement. Most often, these chatbots are developed with two-way communication in mind, supplementing channels such as phone, email or text for customers looking for quick service and transactional support. However, while most basic tasks such as balance inquiry, bank account details or loan queries can be handled by a bot efficiently, issues can arise when a bot encounters a request that requires a face-to-face meeting. “At Coconut, our goal is to provide banks and credit unions with methods to engage and manage customers on a personal level, no matter their channel of preference,” said Katherine Regnier, CEO of Coconut Software. “With this partnership, financial institutions are able to deliver additional convenience and tailored advice that seamlessly bridges the physical-digital divide, providing huge benefits to customer acquisition and retention.” Despite growing demand for personalized digital experiences, of all financial customers who head to their institution’s website or app for service, 35% of them will wind up visiting a branch to complete their journey. Whether they do so because the service they requested requires human support, or they simply prefer conducting their banking in person, providing them with a method to move from advice and service to appointment scheduling through a natural online conversation, banks can eliminate friction that often occurs for those thirty five percent. Another issue for today’s digital customers is that few of them are conducting their banking activity during business hours. And while most banks do offer a 24/7 contact center number, the fact is that the majority of customers are not making phone calls much anymore. These days, chat is king, and a round-the-clock instant chat feature is expected by the increasingly digital ‘always-on’ consumer. This means that banks with chatbots built into their websites have a competitive advantage, and are likelier to attract and retain customers. And a chatbot that saves customers from having to switch to a phone call to book an appointment when needed is an incredible bonus. “A fall off point for banks — that do not have a fully digital journey — is getting the consumer to interact with a banker, either in person or on the phone, after they have demonstrated an interest in a product online,” said Jake Tyler, CEO of Finn AI. “By integrating with Coconut Software, we’re bridging that gap and making it easier for banks to interact with and convert online prospects.” Studies have already shown that people find phone calls tedious and slow as compared to instant chat. Customers are looking for speed and personalization when interacting with their financial institution. At the same time, they don’t want the impersonal experience of email or online forms. Intelligent customer support chatbots offer a mix of both live conversation and speed. By providing a way for banks and credit unions to establish personal interactions online — and importantly, to maintain them even when it’s necessary to move the conversation offline — organizations are able to improve customer interactions, and ultimately exceed customer expectations. View the press release here. Discover A Modern Way to Engage Get in Touch About Finn AI Founded in 2014, Finn AI is the world’s leading AI-powered conversational banking technology provider, working with top financial institutions including: ATB Financial, Bank of Montreal (BMO), Banpro Grupo Promerica, Fidor Bank, and TymeBank, as well as partnerships with Auth0, Fidor Solutions, MX, Temenos, and Visa Canada. Banks use the award-winning Finn AI platform to transform and deepen customer engagement –providing a truly personalized digital-first experience– while delivering the operational efficiencies and cost savings of conversational AI. For more information visit finn.ai. About Coconut Software Coconut Software is a leading provider of customer engagement solutions, empowering modern banks and credit unions including: Vancity, United Federal Credit Union, Servus Credit Union, and Royal Bank of Canada. By delivering seamless experiences for both financial institutions and their customers, Coconut Software helps to bridge the gap between digital and physical channels and improve operational efficiencies. Through technology that supports enhanced customer experiences across all touchpoints, Coconut’s solutions consistently increase satisfaction scores, decrease churn, and strengthen acquisition. Product Info Lobby Management Data Sheet
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