How Banks Can Capture More Wealth Management Opportunities
In a nutshell 🥥 Banks stand at a pivotal moment as the Great Wealth Transfer and shifting customer expectations redefine the future of financial services. To capture wealth management, deposit, and loan growth opportunities, they must integrate services, embrace hybrid and multichannel models, and leverage AI and digital transformation to streamline operations. Those that prioritize client experience—through seamless bank appointment scheduling, personalized engagement, and operational efficiency—will outpace competitors and build relationships that last across generations. The Great Wealth Transfer: A Golden Opportunity for FIs The Great Wealth Transfer—$72.6 trillion over the next 20–30 years—is the single largest opportunity the financial industry has ever seen. But it’s not just about money changing hands. It’s about client expectations evolving, competitors circling, and digital transformation becoming the deciding factor between growth and stagnation. So how can banks make the most of this moment? By: Integrating wealth services into the banking experience to deepen relationships and increase wallet share. Meeting the expectations of millennials and Gen Z with mobile-first, values-driven, and educational offerings (and video banking). Leveraging digital transformation to streamline advisor productivity, reduce admin overhead, and scale smarter. Improving operational excellence through automation, unified onboarding, and intelligent scheduling. Building partnerships and measuring impact with bank data and analytics so strategies deliver real ROI. The path forward isn’t just about offering more services—it’s about offering them better. Let’s break down how in 7 key steps. 1. Deepen relationships by integrating wealth and banking. Clients don’t want fragmented experiences. They want simplicity: one institution, one relationship, and one platform to manage both their everyday banking and long-term wealth. That’s why banks that integrate wealth management into their existing services are better positioned to cross-sell naturally and build multigenerational loyalty. Imagine a client opening a checking account and, during onboarding, being seamlessly introduced to a savings plan, an investment consultation, or estate planning tools. With the right digital infrastructure—like unified client profiles, intelligent appointment scheduling, and automated follow-ups—these conversations happen organically and at the right moment. The payoff? Higher retention, deeper engagement, and stronger revenue per client. 2. Meet next-gen expectations by delivering tech-enabled, values-driven services. Millennials and Gen Z will soon control the majority of global wealth, and they approach finances differently. These up-and-coming audiences expect: Mobile-first and video banking experiences with intuitive interfaces and real-time access. Transparency in fees, performance, and communication. Sustainable investment options that align with their values. Financial education that empowers them to make decisions confidently. Banks can meet these generation-specific needs by building platforms that feel as seamless as their favorite apps, offering ESG-aligned investment portfolios, and layering in educational content that simplifies complex concepts. Even seemingly small changes—like letting clients schedule advisor meetings directly through a mobile app—signal that the bank understands and respects how next-gen clients want to engage. 3. Scale smarter by embracing digital transformation. Digital transformation is the backbone of future-ready wealth management. AI, automation, and data analytics aren’t optional add-ons—they’re the tools that allow banks to compete with fintechs while offering a more human touch, like: AI + machine learning deliver personalized investment recommendations and predictive insights. Robotic Process Automation (RPA) reduces manual work by up to 30%, freeing advisors to focus on relationships. Big data analytics help identify trends and tailor services before clients even ask APIs and cloud-based infrastructure make it easier to connect systems and scale quickly. When digital transformation is paired with client-facing improvements—like instant scheduling, proactive portfolio alerts, or automated onboarding flows—the result is a client journey that feels effortless and modern. 4. Improve operational excellence by streamlining workflows. Behind every great client experience is a bank that runs efficiently. Wealth management doesn’t scale if advisors are buried under paperwork, systems don’t talk to each other, or onboarding takes weeks. Operational excellence starts with integration: connecting core banking, CRM, and wealth management platforms into one seamless system. From there, automation handles repetitive tasks, and dashboards give leaders real-time visibility into client satisfaction, retention, and assets under management. Scheduling also plays a critical role here. Intelligent scheduling tools reduce friction in the client-advisor relationship, cut down on no-shows, and help advisors make the most of their time. When every touchpoint is streamlined, clients feel valued—and advisors feel empowered. 5. Grow your base by prioritizing retention and referrals. Winning in wealth management isn’t only about new client acquisition—it’s about maximizing the relationships you already have. Banks that invest in client experience consistently see higher retention and greater share of wallet. Referral programs can amplify this effect by turning satisfied banking clients into wealth management prospects. Meanwhile, targeted campaigns for emerging affluent, HNW, and UHNW clients ensure offerings resonate with each segment’s needs. Here again, experience matters. Personalized outreach, transparent pricing, and convenient scheduling all contribute to clients choosing to consolidate more of their financial lives with one trusted partner. 6. Expand capabilities through partnerships. Banks don’t have to build every wealth management capability themselves. Strategic partnerships with fintechs, RIAs, tax professionals, and estate planning experts can accelerate innovation while keeping infrastructure costs manageable. These collaborations allow banks to offer sophisticated tools—like alternative investments or specialized planning services—without stretching internal resources too thin. It’s a faster path to delivering the comprehensive solutions today’s clients expect. 7. Prove ROI by measuring what matters. Finally, banks need to measure success with the right KPIs. That means tracking not just AUM growth, but also: Client retention rates Advisor productivity Cross-sell conversion Revenue per client Satisfaction and NPS scores specific to wealth services This data tells the real story: how well your wealth management offerings are performing, where the client experience shines, and where adjustments are needed. The Bottom Line The Great Wealth Transfer is already underway, and banks that act now will be positioned to capture enormous growth. But the path forward isn’t simply about adding new services. It’s about delivering those services in ways that feel modern, connected, and client-first. By integrating banking and wealth, meeting next-gen expectations, embracing digital transformation, streamlining operations, and focusing relentlessly on client experience, banks can move beyond transactional
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
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.
To Buy or Build Appointment Management Software: A Guide
Build or Buy? Helpful questions to ask when trying to decide whether your organization should build a solution internally or buy a pre-existing solution.
Why Top Banks and Credit Unions in J.D. Power’s 2025 Rankings Trust Coconut Software
In a nutshell 🥥 The 2025 J.D. Power U.S. Retail Banking and Credit Union Satisfaction Studies highlight a big shift in the business: Customer satisfaction is rising again. But what do many of the top-ranked institutions reflected in these studies have in common? Among other crucial CX initiatives, they rely on Coconut Software to deliver more personalized, convenient, and efficient customer experiences. From regional leader Centier Bank, to four of the top five credit unions—SchoolsFirst, Navy Federal, BECU, and Mountain America—this year’s ranking leaders are proving that smarter engagement tools drive higher satisfaction, stronger loyalty, and better business outcomes. Setting the Stage: What J.D. Power’s 2025 Studies Reveal About CSAT right now Annually, J.D. Power takes the pulse of the financial services industry with its widely followed Retail Banking Satisfaction Study and Credit Union Satisfaction Study, which look at the factors that shape how customers feel about their banks. Whether it’s trust, people, digital experiences, convenience, or how well issues get resolved, the studies poll thousands of customers and members on how smooth or rocky their service experiences have been with their core financial institutions—and give us a sense of where they’re at with loyalty. This year, the results show a clear upward trend: Banks are regaining customer trust by making fees easier to understand, rolling out better financial tools, and resolving problems faster, and Credit unions continue to lead the way overall, especially when it comes to trust and people-first service. Across both studies, many of the top performers share a common ingredient: They leverage Coconut Software to better serve customers, and boost CSAT and NPS scores. By streamlining appointment scheduling, connecting customers with the right advisors, and enabling seamless service across channels, Coconut helps financial institutions deliver the convenience and personalization that drive satisfaction and loyalty. Let’s look at the surveys’ results, and celebrate the Coconut Software customers who rank high on each list for customer satisfaction, and innovating the way they do business. CSAT in Banking is Rising (And Technology Plays a Big Role) The 2025 J.D. Power U.S. Retail Banking Satisfaction Study* revealed an encouraging trend: Customer satisfaction is finally climbing again. After years of economic uncertainty and fragmented and dissatisfying customer experience, this year’s study found that overall satisfaction increased by 11 points (compared to 2024). A highlight: Customers reported clearer understanding of fees, greater use of digital financial health tools, and faster resolution of issues, all of which contributed to stronger loyalty scores. But there’s more to the story than improved metrics. The J.D. Power study highlights that satisfaction in retail banking is being driven not just by products or rates, but by the quality of the customer journey: Fee clarity is improving, with more customers reporting they understand both what they are being charged and how to avoid unnecessary costs. Awareness and adoption of tools like budgeting features and credit score monitoring is also increasing, and customers who use these services score nearly 100 points higher on satisfaction than those who don’t. And, more than two-thirds of customer-reported issues are now resolved in a single day, a notable improvement over last year. J.D. Power Overall CSAT Index Ranking, North Central Winner: Centier Bank Among regional leaders, Centier Bank stood out by topping the North Central region with a satisfaction score of 746, far above the regional average. Centier’s success is no accident. With digital innovation being a key priority for years, the popular Indiana bank has made significant strides in adding technological integrations that better serve customers, and ease the burden on staff. By leveraging Coconut Software to streamline bank appointment scheduling and advisor matching, Centier ensures that customers are connected quickly and effectively with the expert they need, when they need it most. This combination of convenience and personalization helps transform what could be a routine interaction into a trust-building experience. [Image Source: North Central Rankings, J.D. Power U.S. Retail Banking Satisfaction Study Press Release, 2025] Credit Unions Dominate in Satisfaction (And Share a Common Strategy) The 2025 J.D. Power U.S. Credit Union Satisfaction Study** confirmed what many in the industry already know: Credit unions consistently outperform banks in member satisfaction. This year, their average score of 729 was 74 points higher than that of retail banks, with especially strong performance in areas like trust, people, and problem resolution. J.D. Power Overall Member Satisfaction Index Ranking Winners: 4 Important Coconut Customers At the very top of the rankings were SchoolsFirst Federal Credit Union, Navy Federal Credit Union, BECU, and Mountain America Credit Union—four out of the five highest-rated credit unions in the country. It’s no surprise: These innovation-first institutions have partnered with Coconut Software to support in increasing member satisfaction. By offering seamless digital scheduling, reducing wait times in branches, and enabling members to connect with the right advisors without friction, they are proving that technology can elevate the personal touch that credit unions are known for. [Image Source: J.D. Power U.S. Credit Union Satisfaction Study Press Release, 2025] Why Leading Financial Institutions Are Choosing Coconut Software What emerges from both studies is a clear pattern: Financial institutions that prioritize convenience, personalization, and proactive service consistently earn higher levels of satisfaction and loyalty. Coconut Software enables this by giving customers and members easy ways to engage on their own terms, whether that’s booking a meeting online, speaking to the right advisor without waiting, or moving seamlessly between digital and in-person interactions. For institutions, the benefits are just as significant. Advisors spend less time on administrative tasks and more time deepening relationships. Branch operations become more efficient, with shorter average handle times and fewer bottlenecks. And the end result is not only higher satisfaction scores, but stronger loyalty, better retention, and opportunities for revenue growth. “The J.D. Power 2025 results underscore what we’ve known all along: Financial institutions that put member and customer experiences at the center win in loyalty, trust, and growth,” says Isabelle Rochon, SVP, Customer Experience at Coconut Software. “We’re proud to see our customers recognized among the best in
The Top Retail Banking Trends for 2025: Report
Economic factors, regulatory shifts, and fierce competition from digital-first fintechs continue to make the banking sector difficult to navigate in terms of earning and retaining customers. But while many traditional players struggle to adapt, the banks that lean into technology, AI enhancements, optimal omnichannel customer experiences, and branch staff optimization are poised for sustainable growth. Coconut Software’s 2025 Top Retail Banking Trends Report outlines all of the above, and more.
How Banks Can Use AI to Boost Operational Efficiency
In a nutshell 🥥 As the financial industry is facing increasing pressure to optimize operational efficiency in banks to enhance customer experience—all while managing staff shortages—AI presents a game-changing opportunity. By turning it inward to streamline operations, automate repetitive tasks, and support staff by quickly equipping them with the right customer information, banks can boost productivity by up to 30% and drive revenue growth. From AI-powered chatbots to predictive analytics and smart queue management, FIs that embrace AI will position themselves for success in the evolving banking landscape. Below, we explore key AI-driven strategies that can transform your bank’s efficiency and CX. How AI Can Transform Retail Banking Operations Retail banks are under increasing pressure to improve operational efficiency, grow deposits, and enhance customer experience—all while managing staff shortages and reducing long lines in branches. Artificial Intelligence (AI) presents a significant opportunity to streamline internal operations and boost productivity, leading to increased revenue and improved customer satisfaction. Turning AI Inward to Boost Staff Productivity (and CSAT) Unleashing AI tools on customers comes with inherent risks, particularly when banks struggle with centralizing and structuring their data effectively. Instead, many retail banks can find more immediate value by focusing AI on internal operations. AI has the potential to automate manual processes, optimize staff workloads, and improve technology-driven initiatives. Research shows that banks can enhance productivity by up to 30% by integrating generative AI into their workflows. Additionally, AI can assist human employees in offering personalized financial advice, tailoring banking products, and streamlining customer onboarding. Banks implementing AI in this way could see revenue growth of 6% or more within three years. Given ongoing talent shortages in the banking sector, many financial institutions must decide whether to develop in-house AI solutions or leverage third-party platforms. For immediate efficiency gains, outsourcing AI-powered solutions may be the faster and more practical option. 3 ways to use AI in Banking to Improve Operations (with Examples) 1. Use AI like internal chatbots to enhance staff knowledge and service. AI-powered chatbots can revolutionize internal operations by acting as on-demand assistants for bank employees. These virtual tools can quickly retrieve information, answer complex queries, and improve overall service efficiency by reducing the time staff spend searching for data. Morgan Stanley introduced an AI chatbot to support its financial advisors by providing instant access to the firm’s knowledge base. The ‘AI @ Morgan Stanley Assistant’ is now used by over 98% of advisor teams, enabling them to respond to client inquiries more efficiently and accurately. 2. Streamline compliance and regulatory processes with generative AI. Regulatory compliance is a major challenge for banks, requiring extensive document reviews and adherence to evolving legal frameworks. Generative AI can accelerate these processes by analyzing vast amounts of regulatory text, identifying key requirements, and assisting risk teams in making informed decisions. Industry leader Citigroup Bank leveraged generative AI to analyze over 1,000 pages of new banking regulations. By working alongside risk and compliance teams, AI provided key insights much faster than traditional manual reviews, helping the bank adapt strategically and mitigate future risks. 3. Integrate AI that accelerates IT and legacy banking system upgrades. Many banks struggle with outdated legacy systems that slow down innovation and efficiency. AI can enhance IT operations by automating coding tasks, optimizing system updates, and facilitating smoother transitions to modern infrastructures. Goldman Sachs launched internal AI tools to assist its software engineers in writing and testing new code. This approach significantly speeds up the modernization of legacy banking systems while also automating data preparation and integrations for smoother IT transitions. The Branch of the Future: AI’s Role in Banking Transformation What exactly is a ‘Branch of the Future’? The mysterious “branch of the future” is really just a way to describe a modernized banking scenario that integrates optimal technologies, digital banking services, and personalized customer experiences to optimize efficiency branch efficiency, and meet the demands of an increasingly discerning customer base. These branches focus on: Seamless digital-physical integration: Customers can transition effortlessly between online banking, mobile apps, and in-branch experiences. Self-service and automation: AI-driven kiosks, virtual tellers, and biometric authentication enable faster, more convenient transactions. Flexible staffing models: With AI assisting in routine tasks, bank staff can focus on higher-value interactions like financial consulting and relationship management. Enhanced customer personalization: AI-driven analytics allow branches to offer tailored financial products, proactive recommendations, and improved service experiences. How Does AI Fit into a Branch of the Future? AI is a critical enabler of the branch of the future, improving both customer interactions and internal operations. Key applications include: AI-Powered Chatbots & Virtual Assistants These tools handle common inquiries, appointment scheduling, and basic transactions, reducing queues and freeing staff for complex tasks. Predictive Analytics for Customer Needs Artificial Intelligence helps banks analyze customer data to anticipate needs, providing targeted product recommendations and proactive support. Smart Queue & Appointment Systems AI-powered queue management optimizes customer flow, reducing wait times and improving service efficiency. Automated Fraud Detection & Security AI-enhanced security measures, including biometric verification and real-time fraud monitoring, help ensure safer transactions. AI-Driven Staff Training & Support AI-powered training tools assist employees in staying up to date on regulations, compliance, and financial products, improving service quality. By embracing AI, the branch of the future will transform into a dynamic, customer-centric hub that offers a seamless blend of digital convenience and personalized financial guidance. Data Snapshot According to Accenture, banks using AI to help tailor products for individual customers and streamline application and onboarding processes can improve their revenue by 6% or more within three years. How to Start Using AI for Internal Banking Efficiency Retail banking leaders looking to adopt AI to transform their offerings should consider the following initial steps: Identify manual and repetitive tasks. Gather input from staff on the most time-consuming processes that could benefit from automation. Paper-based workflows often present the best opportunities for AI-driven transformation. Explore embedded AI solutions. Many banking platforms now integrate AI/ML functionalities that can optimize operations without requiring in-house development. Prioritize compliance from the start. Embedding risk and regulatory considerations early in the AI implementation process prevents costly rework and compliance issues. Consider
What is Omnichannel Banking, and How Does it Grow Revenue?
In a nutshell 🥥 As consumer expectations for seamless digital experiences rise and fintech competitors continue to flood the market, retaining customers in 2025 will be a significant challenge for traditional banks. To keep customers engaged and expand their share of wallet, financial institutions must prioritize customer experience (CX). One of the most crucial strategies for doing so is meeting the demand for omnichannel, real-time service. Below, we provide you with checklists for every channel to get you started with innovating your financial institution’s operations at the most crucial points in your customers’ journey. The Growing Importance of Omnichannel, Real-Time Service For three consecutive years, global banking CX quality has declined. This downturn directly impacts customer loyalty, as evidenced by recent studies that rank “getting help from customer service” among the lowest CSAT scores in banking. One of the primary pain points for consumers is the difficulty in transitioning between digital self-service and human support. A staggering 70% of global consumers value a seamless experience across channels when selecting their primary bank. However, many institutions struggle to deliver on this expectation due to disjointed support systems, cumbersome identity verification processes, branch staff shortages, and poor integration between digital and human service channels. Although digital banking is the norm, 63% of consumers still seek personalized, one-on-one conversations with representatives. Banks must focus on providing an emotionally engaging, omnichannel experience that allows customers to move effortlessly between self-service, call centers, and in-branch visits. By doing so, banks can not only enhance CX but also strengthen customer loyalty and financial outcomes. What is Omnichannel Banking? Omnichannel banking is a seamless and integrated approach to banking that allows customers to access financial services through multiple channels—such as mobile apps, online banking, ATMs, and physical branches—while maintaining a consistent experience. These multiple touch points ensure that (when done correctly) customers can switch between channels without disruption, improving convenience and and promoting their retention with your financial institution. So, How Can Banks Improve Omnichannel Support? Creating a well-integrated, customer-centric support system can be overwhelming, but a step-by-step approach can yield significant improvements. Banks must ensure that customers can easily navigate their preferred communication channels while refining each service path—whether online self-service, contact centers, or in-branch assistance—to deliver a consistent and intuitive experience. Key Components of an Effective Omnichannel Bank Strategy: Checklists for Every Channel ✅ Modern banking customers expect seamless interactions across multiple touchpoints. A robust omnichannel support system improves customer satisfaction, reduces operational costs, and strengthens brand loyalty. But what are some foundational tactics you can employ for each channel? Behold: Our omnichannel checklists! Every strategic step below is a step in the right direction: Online Chat and Call Centers Checklist Enable live chat with human representatives when needed. Direct users to relevant “how-to” articles and self-service pages. Offer appointment booking with specialists for complex inquiries. Provide after-hours support through callbacks or email options. Explore AI-powered chatbots for common customer questions. Implement callback or text-back options for long hold times. Redirect callers to live chat (during operational hours) for faster resolutions. Customize hold messages to guide customers toward self-service options. Allow call center staff to seamlessly schedule in-branch appointments. In-Person Service Checklist Display real-time availability of specialists for appointment scheduling. Integrate appointment booking flows with self-service options. Educate customers on digital self-serve channels during in-branch visits. Send pre-appointment checklists of required documents. Facilitate video banking with experts across branches. Promote in-person booking options on support pages and mobile apps. Digital Self-Serve Channels Checklist Ensure customer service numbers are easily accessible in mobile apps. Enable proactive chat windows with contextual information. Clarify service availability (exclusively online or in-person). Store customer preferences for personalized future interactions. The Bottom-Line Impact of CX Optimization Investing in omnichannel support enhances the overall customer experience (CX), leading to increased customer retention and loyalty. By integrating digital and in-person service options seamlessly, banks can reduce service bottlenecks, improve efficiency, and differentiate themselves in a competitive market. Data Snapshot According to Forrester, a one-point increase in a bank’s CX Index score can translate into an additional $123 million in revenue for large multichannel banks and $92 million for direct banks. Omnichannel Strategies Unlocked: The Essential 2025 Retail Banking Trends Report The above is just a hint at what’s inside Coconut Software’s 2025 Retail Banking Trends Report. It provides credit unions and banks with important insights into innovating the customer experience—and revenue opportunities—on every channel. Beyond omnichannel strategies, the report provides you with: Customer-Centric Strategies: Learn how omnichannel service models and personalization can help your bank meet evolving consumer expectations. Actionable Insights: Access tactics and checklists that will help get you started with streamlining digital account openings and higher-value interactions. Technological Innovations in Banking: Learn how to leverage the latest in AI, data analytics, and automation to improve operational efficiency, reduce costs, increase bank deposits and become a branch of the future. Powerful Stats and Use Cases: Read real-world stories about how leading banks grow revenue, improve customer experience, and gain a competitive edge. Whether you’re looking to grow your customer base, deepen existing relationships, or optimize internal operations, this report will help you take decisive action to position your bank for sustainable growth. *Plus* The 2025 report offers at least three insights that can directly contribute to revenue growth. Unlock the insights now. The Essential 2025 Retail Banking Trends Report Learn where to spend—and where to save—for a profitable future. Access Now Conclusion: It’s time to get it right on every customer channel As competition intensifies and consumer patience for fragmented service declines, banks must prioritize omnichannel service to deepen customer relationships. By addressing pain points and ensuring seamless transitions between support channels, financial institutions can create a superior banking experience that drives loyalty, engagement, and long-term profitability. 2025 will be a defining year for customer retention and technical innovation—will your bank rise to the challenge? Frequently Asked Questions What is operational efficiency in the banking sector? Operational efficiency in banking refers to optimizing resources, processes, and technology to reduce costs while maintaining high-quality service. It involves streamlining workflows, automating tasks, and improving customer service to enhance profitability and competitiveness. How does omnichannel banking promote efficiency in banking? Omnichannel banking enhances efficiency by integrating digital and physical banking services, reducing the
How to Increase Deposit Growth: 2 Proven Strategies for Banks
Fluctuating interest rates. Rising loan demands. These are just 3 reasons why banks are prioritizing inbound capital, particularly through stimulating core bank deposit growth. To do this well, they should innovate their product offerings and promotions using customer data to target the right audience, and implement a seamless digital omnichannel strategy that optimizes customer onboarding and experience, and minimizes friction. This approach helps banks boost deposit growth while staying fiercely competitive in a rapidly changing economy.
Our Thoughts on “Financial Institutions Failing To Humanize Digital Banking Experiences”
I recently read “Financial Institutions Failing to Humanize Digital Banking Experiences” by Jim Marous and was nodding my head along the entire time. I believe in a world where financial institutions can, and must, create long lasting relationships with their customers. As I dove deeper into the article by Mr. Marous, “Phone and branch-level customer service still outrank digital solutions in importance at banks and credit unions worldwide” stuck out for me. We know many banks and credit unions have taken a digital first approach in order to preserve market share and the strategy makes sense – it is a natural response to want to plug the hole where the water is leaking in. Digital first has its place and I believe that place is in transactional everyday operations. Where it starts to fall short is when the customer just wants to talk to someone to resolve their question or problem. We’ve seen this proved out in our own research, and that of groups like Forrester. The human to human connection will always be the ultimate human experience. A chatbot or mobile app won’t replace that, but imagine in the app you could click a button and a human was on the other side, ready to answer your questions. Giving your customers, members and prospects the opportunity to choose how to engage with your brand is a leading factor in increasing engagement, improving experience and gaining and retaining market share. “If customer service means showing empathy and appreciation for a customer’s issue – what most banks and credit unions strive for these days – financial institutions must address all the touch points where human service counts the most.” In order to have a huge home run, I would suggest that FIs look at how digital solutions can strengthen the relationship with their customers, not replace it. Changing that perspective will provide an impactful and meaningful outcome with your customers. This was my favorite part of the article. “To overcome the innate coldness of digital channels, companies should apply The Human Conversational Model to their digital customer experience design efforts.” It reminded me of a presentation that I attended at Web Summit. There was a designer on the stage and I will never forget his words. “We need to stop working on the screens, and have the screens start working for us.” When I read about empathic agility and emotional reflection this is what customers want! No matter how good we make technology, which I think we have a long way to go, we all better make sure we think of people first. How are we actually solving their challenges? All things considered, is their life getting easier or better having done business with their financial institution? Are we making it easy for them to tell us how and when and where they want to engage with their bank or credit union representative? I really loved this article by Jim Marous as it hones in on the crux of the issue facing financial institutions – how can we humanize banking once again. Product Info Appointment Scheduling Data Sheet
3 Ways to Improve the Digital Experience In Retail Banking
In today’s digital COVID-19 era, connecting with your potential customers has become an overwhelming challenge. Consumers are now searching for ‘experiences’, causing a number of organizations to focus on improving customer experience. The understanding is that if the consumer’s attention is divided and exposure is brief, investing in an experience that goes beyond a basic interaction is going to be appreciated. When considering the various channels of customer experience in the banking industry, it can be difficult to decide when to invest. Are customers interested in a better in-branch experience? Should you be investigating new outreach channels to keep the retail bank at the top of your customer’s mind? While these areas are important, we’d suggest the best place for the banking industry to start is the digital customer experience. With more people choosing to manage their finances and associated services on their mobile devices, banks and credit unions have been presented a great opportunity to develop engaging and positive digital experiences optimized for the devices they use. Below are some reasons why focusing on a digital experience is a great idea for banks. Want to learn more about improving the customer experience? Download our customer experience white paper today. Beat the Competition According to research done by The Financial Brand, only 37% of retail banking organizations have a formal customer experience plan. While investments to improve customer experience are increasing, with the majority of banks committing to increase investment over the next 3 years, most organizations are still focused on developing products and branch engagements rather than investing in their digital channels. These findings expose a large gap in overall banking strategy when it comes to digital strategy for the next 3 years. For institutions looking to revamp their digital efforts, this creates an excellent opportunity to step up and start investing in digital solutions around customer experience. The potential for retail banks that adopt a digital strategy earlier than their competitors is reaching customers others may not. By creating experiences tailor-made for the devices customers prefer to use, banks with a digital strategy are opening themselves up to potential customers that want to access services online. If a customer cannot get the services they require from a retail bank in the way they want them, like online banking, scheduling advisor meetings or learning about new services, they’re going to end up looking for another option that meets their needs. For more information on how to retain your client base, check out our blog on the 5 ways appointment scheduling keeps you one step ahead of the competition. Bank Customers are Unsatisfied In a study published by Bain and Company, it was revealed that only 45% of online customers feel that their digital interactions with banks satisfy their needs completely. From a mobile perspective, only 25% of customers feel that they can adequately work and properly communicate with a bank through their mobile interface. From a usability standpoint, the numbers end up being the same, with 44% of computer users and 34% of mobile users agreeing that their online retail banking resources are easy to use. These are some alarming gaps which signal that banks need to take the time to step up their online customer experience. As customers get used to managing other areas of their life like the convenience of digital shopping and instantaneously streaming entertainment, they’re going to demand that same kind of swift and satisfying experience from their bank. A self-serve, real-time experience where they can move through the products and services they want at the pace they desire. If the services provided are functional, but there is little attention paid to user experience, customers are going to be left frustrated, wanting more and looking elsewhere to get the solutions they desire. To learn more, check out our blog on why companies should consider self-serve solutions for more information on the benefits of providing online scheduling to your customers. Investing in Digital Improves Customer Experience and Adoption From the same Bain study, it was found that positive customer interactions that start online, continue online with greater loyalty than if they were to start in-person or over the phone. The likelihood of customers choosing to interact with a bank online has a lot to do with the security and quality of experience the bank has created. If the digital experience is not up to the level that customers want, you risk losing them to another competitor. By focusing on how customers typically use and interact with services, rather than product promotion or adoption, you can start creating a user experience that really sticks. An example of this would be after a user opens an account online, helpfully routing the user to the activities they’re most likely to do online such as paying a bill. As customers get familiar with the basic functionality, they start to become more comfortable with the digital experience, and begin to search out other ways to work with the bank online. By paying attention to how people make use of their services and mirroring the process online, you can ensure that users are getting the value they are looking for and the experience they appreciate.
4 New Banking Initiatives for 2020
New initiatives in banking that encompass digital transformation have allowed the customer experience and operational processes to be greatly enhanced in many financial institutions, leading to their increasing success over the first half of 2020. What can we expect from the financial services industry for the remainder of this turbulent year? Deloitte has released a 2020 Banking and Capital Markets Outlook report, highlighting some of the initiatives that FinServ organizations will be focusing on in the coming year to perpetuate their industry’s successes. We have highlighted the top four credit union and banking initiatives that we think are going to be crucial to understand and implement for the remainder of 2020. Initiative #1 – Back-End Innovation 2020 has shifted the focus around bringing back-end processes up to speed. 87% of financial organizations don’t believe their current core systems can keep pace with customer-facing initiatives. And with 60% of customer dissatisfaction originating from the back-office of financial organizations, it’s clear that inefficient back-end processes can have a negative impact on customer experience and need to be addressed in 2020. Appointment scheduling is a tool that enhances customer-facing channels, while streamlining back-end processes within your organization. It can be implemented organization-wide, into your contact center’s appointment booking process, in-branch as well as online, providing a new appointment booking channel to your customers. Initiative #2 – Better Data Management The second banking initiative encompasses better data management between customer-facing and back-end channels. If your organization utilizes platforms that do not provide integration options, you are placing your organization at an increased risk of slowing down operational processes and creating a disjointed customer experience. When you are an appointment driven organization, it is crucial that the data captured through your customer-facing channels is transmitted to your back-end processes. Implementing an enterprise appointment scheduling solution will allow your organization the ability to integrate both front and back-end processes into one platform, resulting in all customer and appointment related information being stored in one place. This will enhance operational processes and streamline the management of data between your two channels. Initiative #3 – Empower Customers Self-Service We live in an ever-evolving digital world that has streamlined many of the tasks in our day to day lives, such as checking out at the grocery store, buying clothes, and ordering food. With all of these advancements, shouldn’t financial organizations be providing self-service channels to their customers as well? The increase in customer experience expectations does not mean that customers expect to have your organization wait on them hand and foot. Independence and autonomy are very important and according to a survey conducted by GetApp, 70% of customers prefer to use self-service channels to manage their lives, and 31% said that they would leave a current provider if another offered online accessibility. With appointment scheduling, you can provide your customers with the luxury of scheduling appointments with your organization through self-serve, online channels, allowing them to connect with your organization whenever and wherever they want. Initiative #4 – Revitalizing the Lobby Experience To match the continuously changing landscape of 2020, it is important to adhere to the customer’s continuously changing needs when they decide to make their selective trips into the branch. Customers now more than ever require a clear line of sight into the lobby experience, whether it’s accurate wait times on when they can meet with an advisor, or seeing how many people are actually inside of the branch. With Lobby Management, your customers get to center the banking experience around their own needs, providing accurate branch information while prioritizing the customers physical safety inside of the branch. New Initiatives in Banking – What’s Next? According to Deloitte’s 2020 Banking and Capital Markets Outlook report, “Banking consumers have a stronger emotional connection to technology brands like Apple, Amazon, and Google than to their banks.” And in response, many banks are deploying digital strategies to stay ahead of the game. Does your organization have a game plan for the rest of 2020 to keep up with the digital transformation occurring in the financial services industry? Take advantage of the latest trends, and what Coconut can do to help in our Digital Transformation Guide. Ready to get started? Schedule a consultation today.
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.
3 Digital Banking Initiatives to Increase Branch Traffic
Streamline workflows, boost loyalty, and increase productivity. Discover how appointment management solutions eliminate operational inefficiencies.
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