6.0 | How appointment web apps are driving revenue in banks & credit unions
Generating revenue for banks, credit unions, wealth management firms, and tax preparation companies are dependent on how well you can meet your customers’ demands and cultivate an excellent customer experience. Most of these expectations originate with initial touch-points with your staff, often through phone calls, video conferences, website visits, emails, or in-branch discussions. Meeting customer expectations has necessitated the need for financial institutions to employ appointment web apps in their day-to-day businesses to simplify and automate appointment activities, subsequently boosting the revenue of the banks and credit unions who use them. We’ll be looking at how appointment web apps have been driving revenue specifically for banks and credit unions.
6.1 Reduce Operation Costs
When there is an influx of customers, most bank managers feel the need to employ more hands on deck. In most cases, this doesn’t do much other than increase the bank’s operational cost and headcount. Plus, the bank is likely to remain shorthanded as some or more customers would still be unattended unless branch traffic follows very predictable patterns, the odds of over or understaffing remain.
With appointment web apps in place, managers can reduce the operational costs and optimize staff time. When customers can book appointments effortlessly ahead of time, managers gain insight into when pre-booked appointments will happen (as well as the anticipated cancel/no show rates) and can staff accordingly as well as better manage any walk-ins that occur. Banks or credit unions won’t have overcrowded lobbies as, ideally, the majority of customers will only be present at their pre-booked appointments.
6.2 Gaining Insight Into the Customer Experience
32% of financial institutions surveyed in a recent report stated that they did not use any customer engagement tracking, with 67% of surveyed organizations not using an omnichannel customer experience platform. This means that a healthy portion of your competition is not properly tracking their customer information, likely missing out on an incremental share of wallet, and making it easier for your organization to win over their customers. Appointment web apps are a significant way to gather these key pieces of data about customers in order to drive revenue-generating behaviors, both from their staff and customers. This allows financial institutions to optimize their services to give their customers the best possible experience, strengthening loyalty and customer retention.
6.3 Optimize Staff Time
Revenue generation by front line staff is often a key part of their performance metrics and is, therefore, a top priority for employees. With appointment web apps, you can assign simple, lower-value tasks to certain individuals while your more efficient or advisory employees handle the higher value, revenue-generating activities.