3 Ways to Reduce Bank Appointment Pain Points
The top 3 appointment pain points and how to reduce them in order to help staff deliver better appointments and be more productive.
How to Better Manage Bank Branch Traffic: 8 Proven Strategies
In a nutshell 🥥 Branch traffic bottlenecks cost financial institutions millions in lost opportunities and frustrated customers. While digital banking continues to surge, nearly 42% of customers still visit bank branches monthly for complex transactions like mortgages, business banking, and financial advice. The solution isn’t eliminating branch visits—it’s optimizing them. Banks that implement strategic traffic management through bank appointment scheduling software, self-service technology, data analytics, and omnichannel integration see dramatic improvements in customer satisfaction, operational efficiency, and staff productivity. This comprehensive guide outlines 8 proven strategies to transform your branch operations. The secret to better branch traffic: Aiming for operational efficiency in banking The modern banking landscape presents a unique challenge: while customers increasingly access financial services through digital channels, bank branches remain critical touchpoints for high-value, complex transactions. The result? Unpredictable foot traffic that creates bottlenecks during peak hours and underutilized resources during slower periods. Financial institutions across North America are grappling with this reality. Recent industry data shows that 89% of banks are increasing their innovation investments in branch and channel strategy, recognizing that efficient branch traffic management directly impacts customer retention, satisfaction, and profitability. The key to success lies not in eliminating branch visits, but in optimizing how customers move through the branch experience. From appointment scheduling systems to staffing models driven by bank branch data and analytics, the following eight strategies provide a roadmap for banks looking to transform their branch operations and deliver exceptional customer experiences. Traffic Management Solutions: Initial Steps to Take The fastest way to address branch congestion is implementing solutions that provide immediate relief while laying the groundwork for long-term optimization. Bank branches remain critical touchpoints in the customer journey, and integrating the branch channel into the overall customer experience strategy is essential for delivering seamless service across all platforms. These immediate traffic management solutions deliver results within weeks of implementation, making them ideal starting points for banks facing urgent capacity challenges. As banks look to maximize resource utilization and justify innovation investments, the trend toward fewer branches due to digital transformation makes it even more important to optimize the remaining locations. Implement appointment scheduling systems to spread customer visits throughout the day. Appointment scheduling represents the most impactful immediate solution for managing branch traffic. By allowing customers to book specific time slots for their visits, banks can distribute demand more evenly throughout operating hours, reducing peak-hour congestion by up to 40%. Modern appointment systems integrate with CRM platforms like Salesforce, enabling branch staff to prepare for each visit with relevant customer information and appropriate resources. This preparation reduces service times and improves the overall customer experience while maximizing staff efficiency. Bankers can use appointment details to tailor their approach, providing more personalized and effective customer service during each interaction. Deploy digital queue management with real-time wait time updates via SMS and mobile apps. Digital queue management transforms the traditional “take a number” system into a sophisticated customer flow solution. Customers receive real-time updates about their position in line and estimated wait times, allowing them to use their time productively rather than standing in lobby areas. Advanced queue management systems can differentiate between service types, routing customers to appropriate specialists and providing accurate time estimates based on transaction complexity. This transparency reduces perceived wait times and increases customer satisfaction even when actual service times remain unchanged. Install self-service kiosks for routine transactions like balance inquiries, transfers, and account updates. Self-service kiosks handle approximately 60% of routine branch transactions, freeing tellers and relationship managers to focus on complex, high-value customer interactions. These kiosks can process balance inquiries, transfers between accounts, address changes, and document printing without requiring staff intervention. Strategic kiosk placement near branch entrances allows customers to quickly complete simple tasks while also serving as a filtering system that directs more complex needs to appropriate personnel. Many banks report reducing average branch visit times by 25% after implementing comprehensive self-service options. Use lobby management software to track peak hours and optimize staff allocation. Lobby management software provides real-time insights into customer flow patterns, wait times, and service bottlenecks. This technology helps branch managers make immediate staffing adjustments and identify recurring problem areas that require systematic solutions. The data collected through lobby management systems becomes invaluable for long-term planning, revealing seasonal trends, optimal staffing levels, and opportunities for process improvements that address the root causes of traffic congestion. These immediate solutions work synergistically to create a more efficient branch environment while generating the data needed for sophisticated long-term optimization strategies. Banks implementing these foundational tools typically see measurable improvements in customer satisfaction and operational efficiency within the first month of deployment. Understanding Branch Traffic Patterns and Challenges Effective branch traffic management begins with a comprehensive understanding of when, why, and how customers visit physical locations. This analysis reveals the underlying patterns that drive congestion and identifies opportunities for strategic intervention. By analyzing these traffic patterns, banks can better serve and expand their customer base through tailored in-branch experiences and services. Poor traffic management can lead to increased customer churn if customers become dissatisfied with their in-branch experiences. Analyze peak traffic times and their specific characteristics. Peak traffic periods follow predictable patterns across most bank branches. Monday mornings typically see 35% higher foot traffic as customers address weekend financial needs and business banking requirements. The lunch hour window from 12-1pm creates concentrated demand as working customers squeeze banking tasks into limited break times. Friday afternoons generate increased activity as customers prepare for weekend spending and resolve urgent financial matters. However, these patterns vary significantly based on branch location demographics. Branches in business districts experience different peak periods than those in residential areas or shopping centers. Successful traffic management requires detailed analysis of each location’s unique patterns rather than applying universal assumptions. Identify transaction types driving most branch visits. Understanding why customers visit branches is crucial for developing appropriate traffic management strategies. Current data shows that mortgage consultations, business banking services, and complex problem resolution account for approximately 65% of branch visits. These transactions
The Importance of Following-up After a Meeting
In a nutshell 🥥 Following up after a meeting is crucial for banks to build trust, ensure regulatory compliance, and maintain strong client relationships. Timely, clear, and personalized follow-ups help clarify next steps, reduce risks, and create competitive advantages by demonstrating genuine interest in clients’ needs. Leveraging technology like CRM systems and standardized email templates streamlines the process while preserving the personal touch essential to banking success. Avoiding common pitfalls such as delayed responses or generic communications further enhances client satisfaction and drives business growth. The Critical Role of Follow-Ups in Banking Success In today’s competitive banking landscape, the difference between closing a deal and losing a client often comes down to what happens after the meeting ends. While FIs invest heavily in acquiring new clients and developing and integrating innovative products into their workflows (think appointment management software, video banking, and bank data and analytics capture), many overlook a fundamental practice that can make or break client relationships: the strategic follow up after meetings. Research shows that teams implementing prompt, detailed follow ups complete 36% more action items on time compared to those without structured follow-up routines. For banks, where regulatory compliance, risk management, and client trust form the foundation of success, this statistic represents more than just operational efficiency—it’s about protecting the institution’s reputation and ensuring sustainable growth. The importance of following up after a meeting for banks extends far beyond simple courtesy. It’s a strategic business practice that impacts everything from regulatory compliance to revenue generation, making it essential for every banking professional to master. Why Post-Meeting Follow-Ups Are Critical for Banking Success It immediately impacts client trust and relationship building. When banking pros demonstrate genuine interest in client needs through thoughtful follow up, they create the foundation for strong client relationships. Since the financial services sector operates on trust, clients need to feel confident that their banker understands their specific needs and will deliver on promises made during meetings. Building strong client relationships requires consistent communication that keeps clients on the same page regarding their financial plans and next steps. A well-crafted follow up email serves as proof of the bank’s commitment to client service excellence, often becoming the deciding factor when clients choose between competing financial institutions. It supports regulatory compliance requirements. Banks operate in one of the most heavily regulated industries, where documenting client interactions isn’t just good business practice—it’s a legal requirement. Follow ups help with compliance by encouraging the acquisition of essential documentation for anti-money laundering (AML) compliance, know-your-customer (KYC) requirements, and consumer protection regulations. Risk is mitigated through clear communication. Miscommunication in banking can lead to significant financial losses, regulatory violations, and damaged client relationships. Structured follow up processes ensure all parties understand terms, conditions, and next steps, reducing the risk of costly misunderstandings. When banks implement standardized follow-up protocols with appointment management software, they experience up to a 50% reduction in miscommunication. This improvement directly translates to fewer compliance issues, reduced operational risk, and increased client satisfaction scores. It gives banks a competitive advantage in client retention. In markets where financial products are increasingly commoditized, exceptional client communication becomes a key differentiator. Banks that excel at follow up consistently outperform competitors in client retention and bank CSAT metrics. The process of following up demonstrates continued interest in the client’s success and creates opportunities for independent advisors to grow their business through referrals and expanded relationships. This competitive advantage becomes particularly valuable when targeting high-value clients and members who expect a personalized service. Essential Components of Effective Bank Meeting Follow-Ups Comprehensive Meeting Summary Every follow up email should begin with a clear summary of the meeting’s key discussion points. This summary serves multiple purposes: It demonstrates active listening, provides a record for compliance purposes, and ensures all parties heard the same information. The meeting summary should address specific concerns raised by the client, solutions discussed, and any advice provided by banking professionals. This documentation becomes crucial during future client interactions and regulatory examinations. Clear Documentation of Financial Products When financial products are discussed during meetings, the follow up must include accurate information about features, benefits, and costs. This documentation protects both the bank and the client by ensuring transparency and regulatory compliance. Clients often discuss multiple products during a single meeting, making it essential to clearly document which options were presented and the client’s specific preferences. This information helps banking teams provide more targeted recommendations in future interactions, and may help drive future loan growth and deposit growth. Specific Next Steps and Action Items Effective follow ups clearly outline what actions each party will take moving forward. This includes deadlines for providing additional information, scheduling future meetings, and completing application processes. Action items should specify who is responsible for each task and when it should be completed. This clarity helps ensure smooth progress through complex banking processes and demonstrates the institution’s commitment to efficient client service. Contact Information and Support Resources Every follow up should provide multiple ways for clients to ask questions or address concerns between meetings. This might include direct phone numbers, email addresses, and information about online banking resources. Providing comprehensive contact information shows clients that the bank values accessibility and is committed to supporting their financial success beyond formal meetings. Compliance and Documentation Requirements SEC and Banking Regulation Standards Financial institutions must maintain detailed records of client interactions to comply with Securities and Exchange Commission requirements and other banking regulations. Follow up communications become part of the official client file and may be reviewed during regulatory examinations. These documentation requirements extend beyond simple meeting notes to include records of advice given, products discussed, and client decisions made. Proper follow up practices help banks maintain compliance with evolving regulatory standards. Anti-Money Laundering Documentation When new clients are onboarded or existing clients discuss significant financial changes, follow up documentation must address AML requirements. This includes confirming client identity, understanding the source of funds, and documenting any unusual financial activity discussed during meetings. The process for meeting these requirements
6 Steps to a Successful Technology Implementation Process
What can you do to ensure a smooth technology implementation process? Coconut Software has the 6 best steps to ensure a successful implementation.
The 3 Pillars of Operational Efficiency in Banking (and How to Optimize Them)
TL;DR 🥥 Operational efficiency in banking ultimately means doing more with less — increasing revenue while controlling costs and improving the customer experience. The three pillars of banking efficiency are people, processes, and technology. Investing in staff training, standardizing and automating processes, and adopting technologies like appointment scheduling software and the AI-powered automation of administrative tasks—and leveraging real analytics—can significantly reduce inefficiencies, and create capacity for growth. Learn how leading banks are applying these pillars to achieve measurable gains. Why Operational Efficiency Matters for Banks Operational efficiency isn’t just about slashing expenses. In today’s fast-changing banking landscape, it’s about creating the flexibility to grow, invest, and serve customers better. As customer expectations rise and regulatory pressures intensify, banks that optimize their operations can outperform the competition — with stronger margins, faster service, and higher customer loyalty. The Three Key Pillars of Operational Efficiency in Banking At the heart of this transformation lie three key pillars: People, processes, and technology. Let’s dive deeper into what they mean, and how you can leverage them. 1. People: Empower Staff for Higher Impact Your frontline banking employees are critical to delivering efficient, satisfying customer journeys on all of your available channels. Whether it’s a branch associate, a contact center representative, or a financial advisor specializing in mortgages or wealth, well-trained and equipped staff can solve problems quickly and, in doing so, delight customers and build rapport that can translate into revenue opportunities. Why empowering your employees matters: Under-trained or ill-equipped employees slow down processes, frustrate customers, and create costly rework. Especially if you are implementing software solutions that you expect your bank staff to leverage to help improve efficiencies, it is crucial to implement regular training, staff check-ins, feedback sessions on the product functionality, and measurable ways to track their adoption of these kinds of new tech tools. The Numbers: In a nutshell: empowered staff equals better customer experience delivery. Banks investing in employee training have reported up to a 20% improvement in CSAT. Success Story Highlight: Arvest Bank used appointment scheduling software to better prepare branch staff before meetings. By ensuring staff had all the needed information ahead of each customer appointment, Arvest boosted its appointment completion rate to 69% and reduced appointment durations from about one hour to just 15–20 minutes. Quick win tip: Provide regular training for staff on digital tools (including appointment scheduling systems) and customer service best practices. This builds confidence, reduces errors, and speeds up service. 2. Processes: Standardize and Automate for Consistency Manual, inconsistent processes that need to be repeated across different employees and platforms (even something as simple as updating a customer mailing address may have to be repeated) can eat up time and resources. That’s why a. Opting for software solutions that streamline tasks, and b. automation are foundational to a bank’s holistic operational efficiency. Why it matters: Eliminating repetitive, manual tasks frees your team to focus on revenue-generating activities, while also reducing the risk of errors and delays The Numbers: Banks that automate their processes and implement solutions that streamline time-consuming tasks like appointment bookings have achieved up to a 30% reduction in operational costs. Case Study Spotlight: WECU deployed an appointment scheduling solution to manage in-branch visitor traffic. This streamlined check-ins, reduced wait times, and raised their Net Promoter Score (NPS) from around 65-67 to an impressive 86. Quick win tip: Start by mapping your top three most repetitive workflows (like appointment bookings, onboarding, or loan processing). Automate them with modern appointment scheduling software to see immediate gains. 2. Technology: Power Transformation with Smart Tools Technology acts as the backbone of modern operational efficiency. Whether through AI, data analytics, or customer-facing tools like appointment scheduling software, the right technologies can transform both staff workflows and customer journeys. Why it matters: Smart technology enables faster decision-making, better customer insights, and more efficient resource allocation. The Numbers: Financial institutions using AI and advanced data analytics have reported up to a 25% boost in operational efficiency. Case Study Spotlight: Centier Bank removed customer frustration and improved staff productivity by introducing appointment scheduling software that eliminated bottlenecks in customer interactions. Quick win tip: Consider investing in AI-driven data analytics to spot patterns in appointment scheduling and customer preferences, then use those insights to staff smarter and serve customers faster. DYK? Appointment scheduling software in particular emerges as a crucial enabler—transforming everything from customer onboarding to branch traffic management, while freeing up staff to focus on higher-value interactions. Operational Efficiency in Banking A 10-minute playbook for busy decision-makers Read Playbook Now Above is just a simple preview of the building blocks of operational efficiency. For a more fulsome look at the strategy behind it, you’ll want a practical framework with actionable tools that can help you unlock the capacity for growth. Enter Coconut Software’s e-book, “Operational Efficiency in Banking: A 10-Minute Playbook for Busy Decision-Makers”. Inside, you’ll find: Practical ways to identify friction points and reduce operational costs Strategies to unlock new revenue capacity Real-world examples of leading banks driving measurable results through operational efficiency strategies A maturity checklist and scorer that will reveal where your bank is on the spectrum, and areas to tackle first. Frequently Asked Questions How does improving operational efficiency help with deposit growth? By streamlining onboarding processes, reducing manual paperwork, and accelerating account opening with digital tools, banks can attract more deposits faster. Efficient operations also boost customer satisfaction, encouraging clients to consolidate their funds with one institution. Learn more about deposit growth. What role does operational efficiency play in loan growth? Faster, more accurate credit decisioning supported by automation and data analytics allows banks to approve and fund loans more quickly. This enables institutions to serve more borrowers with lower processing costs, fueling loan growth while maintaining sound risk practices. Learn more about loan growth. How can AI in banking improve operational efficiency? AI can automate repetitive tasks, analyze customer data to personalize services, detect fraud in real time, and optimize workflows. By offloading routine work to AI, banks can redeploy
Bank Scheduling 101: The Ins and Outs of Better Financial Appointments
In a nutshell 🥥 Bank scheduling is crucial for enhancing customer satisfaction and operational efficiency in financial institutions. Effective appointment scheduling systems streamline processes, reduce wait times, and improve resource allocation. By implementing digital tools, banks can offer flexible booking options, improve customer interactions, and drive growth in deposits and loans. Ultimately, a robust scheduling system enhances the overall banking experience for both staff and clients. Pop quiz: Do you have an accurate pulse on your advisory staff’s activity right now? Are they over or under capacity? Do you know how full their appointment schedules are? Or how many appointments fall through the cracks? How long does it take your clients to find the person they’re looking for? If you don’t have answers to these questions, you’re not alone. Despite the importance of facetime with customers and members, a surprising amount of financial institutions (FIs) don’t have readily available answers to the bank scheduling questions above. We’re here to change that, and help you learn the value of bank appointment scheduling. Without a solid scheduling system in place, staff suffers by not being aware of capacity, managers are unable to evaluate and improve efficiency, and customers and members lose out on important information like availability and wait times. Effective bank scheduling allows you to find out crucial information like how popular certain appointments are, how many advisors you need on-location, and how busy branches are during various times of the year. In this primer, we walk through the ins and outs of assessing and improving your bank scheduling process to improve efficiency, create better customer experiences, and—ultimately—implement strategic decision-making at your financial institution. What Is the Purpose of Appointment Scheduling? Appointment scheduling is an essential tool for organizing touchpoints between customers, members, and staff at financial institutions. An appointment is often a requirement to complete different services and sell certain complex financial products. Whether over the phone, via video, or in person, appointments greatly impact customer or member satisfaction, loyalty, and retention. Plus, these crucial client interactions provide your advisors with the best opportunities to upsell and cross-sell on key products and services—like mortgages, loans, and financial management. Having an appointment scheduling process is meant to drive organization, efficiency, and an improved meeting experience for customers, members, staff, and management. Without a formal appointment scheduling process or system, keeping track of client interactions is nearly impossible, resulting in missed appointments and customer dissatisfaction. It also doesn’t allow staff (both frontline and advisory) or management to understand availability, upcoming commitments, or busy times at their branches. For many FIs, the protocol for scheduling an appointment without a bank scheduling system goes something like this: Customer or member contacts the institution and waits for a response. Advisors manually check their calendars for availability. The appointment is set, with few (if any) reminders scheduled. Everyone crosses their fingers that the appointment isn’t a no-show or cancellation. With digital appointment scheduling tools, institutions can track and streamline this process for both staff members (who need more functionality) and clients (who want more accessible options). For example: Customers and Members could visit your website, see open time slots based on specific search criteria, book a meeting for various lengths of time, and chat with specialists to go over questions or details. Staff and Advisors can see all booked meetings and open times, see the reason for appointments, receive automated messages when appointments are added to their schedules, keep appointment notes and follow-up tasks organized, and more. Branch, Operations, Retail, and/or Experience Managers and Leaders get a bird’s eye view of the number of appointments happening, where they happen (in-person or online), top reasons for appointments, satisfaction scores from customers, outcomes from those appointments (closed products or resolutions), staff availability and capacity, and more. With a proper bank scheduling system, everyone gets the customization and convenience they’re craving. (That’s what we call a win-win situation.) Did You Know? Banks and credit unions that leverage appointment scheduling and queue management software can save 10 minutes or more per appointment, increase new account growth by 2.5%, and see 325% ROI. Read the study here. What Are the Top Appointment Scheduling Methods? There are several different ways customers and members choose to make appointments with their financial institutions. Whether you’ve implemented bank appointment scheduling software already, or still use a combination of channels, the way someone chooses to book an appointment is still up to the individual customer or member or staff member they interact with. Pre-book by Phone or Chat It’s common for staff or advisors on-site to answer a call during business hours and help coordinate an appointment on behalf of a customer or member for a future date. They may do this by relaying this information to staff manually with a paper reminder, or by using an internal calendar tool. They may be able to do this instantly, but often have to wait to hear back from advisors about availability. Bank scheduling software makes this interaction as easy as opening a back-end calendar view, and selecting the availability that makes the most sense for the client. Walk-in and Speak to Teller Walk-in clients are looking for facetime with knowledgeable and friendly staff members who can answer their questions right away. These customers and members are highly likely to want an appointment right then and there—so having an instant view of advisor availability is very beneficial for walk-ins. With a bank scheduling system, walk-ins who need to wait a few minutes can also see wait times live on a TV screen (or tablet) in the lobby, and receive a text message or email as soon as their advisor is ready. Contact Advisors Directly If a customer or member has an existing relationship with an advisor, or has been referred to someone specific, they may also choose to book an appointment by emailing back and forth with an advisor directly. This can be an effective way to book appointments occasionally, but it can also lead to miscommunication with other staff members if the appointment isn’t then entered into a shared
What is Appointment Scheduling Software, and How Does it Work?
In a nutshell 🥥 Appointment scheduling and management software is being aggressively adopted by award-winning banks and credit unions. Implementing it allows banks to more efficiently serve customers on both digital and in-person channels, and better equip branch staff by easing long bank queues and speeding handle times. If you’re looking for how to grow deposits or boost CX in a way that competes with digital-first bank models, you’ll want to learn about how bank appointment scheduling works, its significant business benefits, and how to go about choosing the right platform—so you can win with new and existing customers alike. It may be a surprise to many, but: Banks are deciding not to overcorrect with digital-only offerings. Branches are still very much ‘a thing’. Why? Even in an industry where digital-only banking is ever present, customers still crave that powerful in-branch, in-person experience in addition to having the option to interact with their financial institutions online. And it should feel seamless for the customer to connect with advisors, get answers to simple questions, or open an account—on every available channel. But 50% of banks are aware that their digital account opening and onboarding journeys are full of friction. And another 50% of bank customers abandon digital account openings if the process takes too long. These numbers from a recent retail banking trends report, speak to the reason banks are taking steps to serve more customers, more seamlessly, online and in-branch, and provide them every opportunity to book the appointment they need in the most convenient format. Their instant and powerful strategy they’re choosing is bank appointment scheduling. In an effort to demystify what it is, how it works, and how to choose the right solution for your bank and branch staff, the experts at Coconut Software (which specializes in bank appointment scheduling software, lobby management, and video banking) will break it all down in this all-in-one guide to a business-disrupting software that always wins with customers. Let’s get started. So, What Exactly is ‘Bank Appointment Scheduling Software’? In a nutshell, Bank appointment scheduling software (a.k.a. Appointment tracking software) helps the customers of banks and credit unions to quickly schedule appointments with the right advisor on the channel of their preference. Via a sophisticated calendar interface, they can quickly book, rebook, or cancel their own appointments at their convenience—without needing to rely on anyone branch-side (or contact-center-side) to do so. On the branch-side, appointment scheduling software also gives staff a clear view of their daily schedule, and details about upcoming meets, so they can better prepare and deliver a more personalized experience to the customer. This results in shorter meetings and handle times, better CX, and higher close rates. Plus: Self-service appointment scheduling software supports financial institutions in moving to more optimal hybrid banking models. Those who aren’t able to visit a branch can opt for virtual appointments/video banking, which saves everyone involved a lot of commuting and waiting time. “Appointment scheduling produces new account growth. First-party data from financial institutions using an OAS solution indicates over 90% of their appointments resulted in new balances gained, and new accounts being opened within a standard response window. The takeaway is that the appointments function provides strong engagement.” – The Financial Brand Tweet How Does Bank Appointment Scheduling Support Branch Staff? Here are just a few ways that appointment scheduling software—when seamlessly integrated with a bank’s existing framework—can support branch staff in delivering exceptional, personalized experiences for customers: Once customers book their appointments, branch staff and advisors will see them reflected in their calendars. Each appointment in their calendar includes a pathway to the history of the customer’s account details and past interactions with the financial institution, giving advisors the insights they need to provide efficient service while reducing prep and average handle time. Post-appointment, staff can add notes and set reminders for future interactions. Closing an appointment logs the engagement in the platform’s reporting section. Analytics dashboards provide insights into performance, appointment volume, conversion rates, and more—helping financial institutions make data-driven decisions about staffing and product offerings. No-show tracking is built in, but automated reminders and easy rescheduling options help reduce missed appointments. With the right integrations, appointment data syncs seamlessly with CRMs, business intelligence tools, and other key systems to provide a complete view of customer engagement. How Does Bank Appointment Software Work for Customers or Members? Omnichannel Accessibility Appointment tracking software integrates seamlessly across multiple channels, allowing customers and members to access it from your website, mobile banking app, or even an in-branch lobby screen. Self-Service Appointment Booking Customers and members can book appointments effortlessly on their preferred platform, selecting a service, checking availability, and viewing real-time wait times. If the wait is too long, they have the flexibility to schedule a later appointment via phone, video, or in person. Automated Reminders & Updates Once an appointment is booked, customers receive a calendar invite with all the details. They can modify their appointment as needed and will receive automated email or text reminders leading up to the meeting—helping to minimize no-shows. Post-Appointment Feedback After the appointment, customers are encouraged to provide feedback, offering valuable insights that help improve overall satisfaction and service quality. Data Capture & Administrative Tools On the backend, staff members benefit from an intuitive interface that makes it easy to update services, add new locations, and track key metrics like appointment volume and duration—ensuring smooth operations and informed decision-making. How to Use Appointment Scheduling Software: Stats and Insights Making decisions for your financial institution can often feel like guesswork when you’re faced with the tough questions like: How many additional staff members are needed to handle peak appointment times? What’s the optimal number of resources required at each branch? How do you determine the ideal number of branches to open based on customer demand? And which services or products generate the most revenue per customer interaction? Fortunately, the answers become much clearer when you start tracking those critical aspects of your financial institution: Appointments and walk-ins. Understanding how, when, and where customers engage with your staff eliminates uncertainty and enables data-driven decisions. So how can banks and credit unions effectively measure these key interactions?
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.
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
How to Attract and Retain Millennial Customers in 2020
As the first generation to be raised with the absolute ease of technology – the norm of face-to-face interactions for banks and credit unions has shifted. Because of this, banks and credit unions face a difficult challenge; how do you attract and retain millennial customers who want to minimize interaction, and crave an enhanced digital experience. For those up to meeting this challenge – it could signify their greatest opportunity for growth. Over the next 10 years, 75% of customers seeking wealth management and personal financial services will be millennials. This is a concerning statistic for many finserv organizations since the millennial customer shows a number of differences in the way they prefer to interact with organizations compared to older generations. We will discuss the differences in how to communicate with a millennial customer and how an appointment management solution can help attract the up and coming generation and reduce churn. How can Coconut Software upgrade your institution’s digital presence and capabilities? Download the Ultimate Guide to Digitally Transforming the Appointment Experience today. Attract and Retain Millennial Customers – The Challenges 1. Millennials Have Higher Customer Service Expectations Millennials have grown up in the midst of the digital transformation and are used to the benefits that come with it. The digital experience has enabled many industries to increase the quality of the services they provide in terms of customer experience, and millennials have become accustomed to premium treatment. Financial Services is one of the oldest industries in the world, and also one of the last to begin the digital transformation. This is causing the millennial customer to seek out businesses that provide them with convenient digital service that they desire. 2. Millennials Prefer to Interact With Brands Digitally Millennials are a digital-centric generation, meaning they rely strongly on technology in their daily life, specifically their smartphones. Millennials expect immediate, online access to their finserv provider, whereas older generations were very comfortable picking up the phone or waiting for their service provider to get back to them. Millennial customers, more than other generation, are asking themselves, “if I can schedule a massage, order groceries and buy flights online, why can’t I book an appointment with my bank?” 3. Millennials Won’t Stay Loyal Just Because You Have a History Millennials are 2 to 3 times more likely to change service providers than any other generation. They are used to a digital experience with enhanced customer service, and they are not worried about leaving a current provider for an organization that meets all of their needs. And soon, those customers will make up the majority of the workforce. In fact, 30% of millennials report they have left their current bank or credit union because they found another finserv organization that provided a better experience. Attract and Retain Millennial Customers – How Appointment Management Solutions Help The increasing demands of the millennial customer are concerning to the legacy structure of the finserv industry, however, there are ways to keep the value of your business interactions while implementing solutions to attract the growing population of millennial customers and reduce churn. An appointment management tool offers multiple solutions to your millennial customer problem. 1. Improve Customer Experience With New Insight Into Customer Behavior When your organization leverages an appointment management solution, you will gain additional insight into the customer’s behavior and history with your organization. When you have an integrated scheduling platform, your customer-facing staff can access all the information collected during the appointment-booking. This will allow them to prepare for their upcoming appointment with the customer, enabling them to provide the enhanced customer experience the millennial customer craves. 2. Give Your Customers What They Want With Real-Time Online Appointment Scheduling With an integrated appointment management solution, you can offer real-time, 24/7 online appointment scheduling. This will allow your customers to schedule in-person interactions with your organization whenever and wherever they want, minimizing human interactions with your organization, which the millennial customer loves to avoid. Additionally, when your customers book appointments online, they will also receive reminders on their smartphones, which the average millennial checks about 43 times a day, reducing the chances of no-show appointments. 3. Keep Customers Loyal With Direct Feedback With an appointment management solution, your organization can send out automated follow-up emails to customers to gain feedback on the experience they had. People love to be asked their opinion, and asking your customers about their experience with your organization will make them feel valued and earn you major brownie points. We know millennials are less loyal than previous generations, but we also know customers who feel their financial services provider listens to their needs are more likely to remain loyal to that brand. Following-up with millennial customers and asking about the experience they had with your organization makes them feel like their opinion matters. Streamlining the digital experience up to the in-person interaction, while leveraging technology to provide a premium experience, will set your organization apart. Millennials are a completely new type of customer for the FinServ industry, and by leveraging a digital experience, your organization will be able to provide the services the millennial customer desires in order to attract new business and reduce churn. Discover A Modern Way to Engage Get In Touch What Next? Ready to learn more about upgrading your institution’s digital presence and capabilities? Download our Ultimate Guide to Digitally Transforming the Appointment Experience today. Looking to boost revenue and deliver a premium experience to your clients? Schedule a consultation with Coconut Software to learn more about how our appointment scheduling solutions can get you there.
4 Fintech Innovations for Creating Deeper Connections
The top 4 tech innovations in fintech emerging are turning casual bankers into devoted customers. How can banks and credit unions benefit from this trend?
Strategies for the Impending Baby Boomer Crisis
Explore the boomer issues presented in a recent Financial Brand article, & how Coconut’s customer experience software fits into the marketing strategy.
5 Things Financial Institutions Forget During a Digital Transformation
Make your digital initiatives work for you, not against you. Check our top 5 digital transformation errors and how Coconut Software can help you avoid them.
Balancing Millennials and Boomers in a Self-Service Era
Looking for a self-service digital solution to improve customer experience for Millennials and Boomers? There’s more common ground than most banks realize.
6 Simple Ways to Optimize Your Website Calls-To-Action to Increase Appointment Volume and Revenue
In our last blog, we discussed how to increase the probability of customers successfully booking an appointment with your organization, by reducing the number of steps it takes to complete a call-to-action. To drive even more revenue-generating appointments through calls-to-action on your website, your organization can use appointment booking software to eliminate friction, track and measure CTA conversion rate, and optimize CTA performance with A/B testing. In this blog, we’ll cover the ways in which you can further optimize your CTAs to increase appointment volume and revenue. Why CTAs Are Critical in Generating More Appointments and Revenue. Financial services organizations are typically appointment-driven, meaning that new business is generated through in-person interactions between an advisor and the customer. When in-person interactions carry such high value, it is crucial that your CTAs are engaging enough to convert digital customer engagement into an in-person interaction, in order to generate new business and increase revenue. 6 Variables to A/B Testing to Improve Your CTA’s There are many variables that go into creating an optimized CTA: where it is, what it looks like and what it says. All of these variables contribute to whether or not a customer engages with your CTA. Here are some of the different components of the CTA that you can optimize with A/B testing: Headlines and value propositions, to receive the most engagement Colors of CTA buttons Placement of the CTA – to the right, above the fold? Landing page layout #1 Focus on a primary CTA for the landing page. One way to optimize CTA performance is to have one goal for each page on your website, and tailor the accompanying CTA to one desired customer action. Providing more than one CTA on a given page can overwhelm the customer and reduce the probability that they will complete the desired action. Each page on your website should correspond to a specific CTA in order to streamline the experience for the customer and increase your conversion rate. #2 Review your page headline and value proposition to ensure that it resonates. Through A/B testing the headlines and value propositions on your landing pages, you will learn more about the individuals visiting your website, as well as what does and does not engage them. By better understanding your audiences’ preferences, you will be able to produce headlines that are relevant to your customers and increase the chances of landing page action completions. Here are some headlines and value propositions that may help increase customer engagement: Save for retirement Start saving for your child’s future interests and activities Stay on top of your spending #3 Use language that’s direct, persuasive and prompts your visitors to take action. According to the Nielsen Norman Group, the average attention span of a digital customer is 10 seconds per web page that they visit. If you want your customers to engage with you, you need to “talk” to them with clear and direct CTA messaging. You should use tangible and action-oriented language to provide your customers with clear direction about what they will get by clicking on the specific CTA. These are some common calls-to-action for banking and credit unions: Book an Appointment Open a Chequing Account Find a Branch or Location Pre-Qualify for a Mortgage #4 Test different visual formats. Another way to keep the journey simple for your customers is by using buttons for your CTAs instead of links. When your pages are full of text it can be easy to miss the CTA when it is embedded as a link in the text. By creating button CTAs, you are increasing visibility and the probability of customer engagement. #5 Optimize your landing page layout. One way to increase the engagement of your CTAs is through providing a very direct path to your customers. Your landing pages should include an organized visual hierarchy that will take your customers through a set of cohesive steps so that they are equipped with the information they need when they reach the CTA. One of the ways to foster engagement is through a page layout known as the Z-pattern, which follows the natural habits of a customer when they read your web-page. The design traces the route that the human eye travels when reading — left to right, top to bottom. If you follow this pattern when leading to your CTAs then you may have a higher chance of achieving your desired customer engagement. #6 Provide secondary calls-to-action throughout the customer journey, for those who aren’t ready to take that next step. Although you do not want the CTAs on your landing pages to be competing for the attention of the customer, it is beneficial to provide subtle secondary CTAs for individuals early on in the buying process, who require more information before they engage in your primary CTA. This could be incorporated deeper into your landing page and say something like “Want more information?” Streamline the customer appointment booking journey across all channels and increase appointment volume with Coconut Software. Coconut Software enables you to streamline the customer appointment booking journey–from clicking a ‘Book an Appointment” CTA, to improving the conversion rate in your appointment booking funnel. Implementing a self-serve booking channel helps you accept after-hours appointment demand that you may not be capturing today, which can increase appointment volume by 41%. A self-serve appointment channel also helps you decrease no-shows, with automated appointment confirmations and pre-appointment reminders. And, over time, improving the customer appointment booking experience can lead to higher appointment value. When customers start their journey with your financial institution with clear, accessible CTA language, an intuitive appointment booking flow and convenient reminders about when to arrive and what to bring for their appointment, the advisor is better set up to deliver a successful appointment. What’s Next? Ready to discover what areas of your customer journey are damaging your customer effort score? Schedule a customer effort assessment. Interested in learning how appointment scheduling can help your entire organization engage more efficiently and effectively with customers?