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.
Elevated Scheduling, Exceptional Service: Suncoast Credit Union Partners with Coconut Software
The Coconut Software partnership gives Suncoast’s member-facing teams the tools to minimize complexity, streamline appointment booking, reduce wait times, and enhance both in‑branch and digital experiences, giving staff increased ability to focus on meaningful conversations that help members reach their goals. TAMPA, FL and SASKATOON, SK – [December 9, 2025] – Coconut Software announces a strategic partnership with Suncoast Credit Union, Florida’s largest credit union, to implement a unified appointment scheduling and branch lobby management platform integrated across all lines of business. This initiative gives Suncoast’s member-facing teams the tools to minimize complexity, streamline appointment booking, reduce wait times, and enhance both in‑branch and digital experiences, giving staff increased ability to focus on meaningful conversations that help members reach their goals. “This new partnership will help us connect our members in a more efficient way, making every interaction more productive and more personal,” says Kristen Pepper, Vice President, Service Center Operations at Suncoast Credit Union. “Coconut Software supports our vision of member‑first service while also helping our advisors and branch teams operate more efficiently, and with real-time reporting.” Key highlights of this partnership include: Organization-wide deployment of Coconut Software across all branch locations and service channels for a seamless scheduling experience. Optimized lobby management with real-time wait time visibility, streamlined check-ins, and enhanced staff efficiency. A renewed focus on high-value appointments, including optimized account assistance, cross-sell/upsell opportunities, and branch efficiency improvements. Robust analytics and reporting, giving branch leaders visibility into appointment demand, peak times, branch traffic, staffing gaps and needs, and service performance. “At Coconut, we’re all about helping people spend their time on what really matters. Whether it’s an advisor connecting with a member, or a customer getting the help they need faster, that focus on meaningful moments is what drives better experiences, happier teams, and stronger results,” says Katherine Regnier, CEO of Coconut Software. “It’s so rewarding to see that lightbulb moment when teams realize Coconut goes far beyond scheduling: It’s a complete, connected suite that makes branch operations smarter and more human. We’re beyond proud to support Suncoast in its mission of delivering exceptional service to its many members, efficiently and consistently—and to now be supporting five of the top ten credit unions across the country with our solutions.” The partnership offers an opportunity to modernize operations while staying true to a member-first mission. By reducing friction in scheduling, optimizing staff resources, and creating space for meaningful member interactions, Suncoast is setting a new standard for member engagement, and what it means to be a credit union of the future. About Suncoast Credit Union Suncoast Credit Union is the largest credit union in the state of Florida, the 8th largest in the United States based on membership, and the 10th largest in the United States based on its $19.2 billion in assets. Chartered in 1934 as Hillsborough County Teachers Credit Union, Suncoast Credit Union currently operates 80 full-service branches and serves more than 1.3 million members across Florida. As a community credit union, anyone who lives, works, attends school, or worships in Suncoast Credit Union’s service area is eligible for membership. In 2021, Suncoast Credit Union’s field of membership was expanded to include public K-12 teachers, college educators, and educational support staff from all of Florida’s 67 counties. Suncoast is passionate about community support. Since its founding in 1990, the Suncoast Credit Union Foundation has raised and donated more than $55 million to organizations and initiatives that support the health, education, and emotional well-being of children in the communities that the credit union serves. For more information, visit suncoast.com or follow us on social media: Facebook, LinkedIn, Twitter, and Instagram. About Coconut Software Coconut Software bridges the gap between complex branch operations and high-value customer engagements with a suite of Intelligent Branch Solutions. The result: streamlined operations, enhanced customer experiences, and empowered staff focused on meaningful work. Its unified platform combines appointment scheduling, in-branch queuing, and video banking to help financial institutions tackle critical challenges head-on—maximizing resources, improving efficiency, and directly impacting customer satisfaction scores. Trusted by leading banks and credit unions across North America—including RBC, Mountain America Credit Union (MACU), and M&T Bank—Coconut Software helps financial institutions optimize workforce planning, streamline branch traffic, and achieve revenue goals. To learn more about how Coconut Software can digitally transform your branches for the better, visit: coconutsoftware.com. Media Contact: Coconut Software | media@coconutsoftware.com
The Best Bank Strategies for Attracting New Customers
In a nutshell 🥥 Attracting and acquiring new customers in today’s banking world takes a smart mix of digital innovation, personalized marketing, and seamless customer experiences. Mobile banking, streamlined digital onboarding, competitive incentives, and data‑driven insights can help banks cut acquisition costs and grow deposits. Community banks and credit unions can stand out through local SEO, omnichannel engagement, and relationship-driven service. At the end of the day, delivering user‑friendly digital platforms, 24/7 support, and thoughtful strategies is what keeps customers coming back in the digital age. Understanding Modern Bank Acquiring New Customers In today’s fiercely competitive banking landscape, customer acquisition has evolved far beyond traditional branch-based relationship building. Financial institutions now face average acquisition costs of $500 per new customer, making efficient and effective strategies more critical than ever before. Acquiring new customers involves not only attracting and onboarding new clients but also navigating the challenges and costs associated with standing out in a crowded digital banking environment. The shift from traditional banking products to digital-first approaches has fundamentally transformed how banks and credit unions attract potential customers. Where once a local branch presence and word-of-mouth referrals dominated acquisition strategies, today’s FIs must excel across multiple digital channels while maintaining the personal touch that builds strong customer relationships. Mobile and online banking have become critical factors influencing customer choice, as these digital capabilities are now central to a bank’s reputation and customer satisfaction. Fintech competition and neobanks have dramatically elevated customer expectations, forcing traditional banks to innovate rapidly. These digital-native competitors have set new standards for seamless digital experiences, instant account opening, and user friendly digital platforms that work flawlessly across all devices. Engaging current customers, as well as new prospects, through innovative practices and personalized experiences is essential for fostering loyalty and driving growth. Key metrics that define success in modern customer acquisition include Customer Acquisition Cost (CAC), Customer Lifetime Value (CLV), and conversion rates across different marketing channels. The most successful financial institutions maintain a CLV-to-CAC ratio of at least 3:1, ensuring sustainable growth and profitability. In this environment, delivering a seamless digital banking experience is crucial for differentiation and long-term success. Let’s dive into the ‘how’, now. Additional reading: 8 Signs it’s Time to Replace your Appointment Scheduler Digital-First Customer Experience Strategies A mobile-optimized banking app is the foundation of modern acquisition. Customers expect biometric security, real-time notifications, and tools that help them manage their finances. Websites and apps need to work seamlessly across devices, providing an intuitive experience wherever customers engage. AI chatbots and virtual assistants have become essential. They handle routine questions around the clock, freeing human staff for more complex interactions while keeping prospects engaged. Technical performance matters too—slow-loading pages or downtime directly reduce conversions. Digital-first strategies aren’t theoretical: HSBC Hong Kong, for example, saw a 20% increase in new customer acquisition after streamlining its digital onboarding process, particularly among younger consumers. Additional reading: Coconut and Finn AI: Engagements Get Smarter Personalization and Data-Driven Marketing Utilizing customer data analytics to segment audiences by age, income, banking behavior, and financial goals has become the cornerstone of successful acquisition strategies. Banks that invest in sophisticated data analytics platforms can identify and target different customer segments with precision that was impossible just a few years ago. Implementing Next Best Action (NBA) technology allows banks to deliver relevant product recommendations at optimal moments in the customer journey. This approach leverages machine learning algorithms to analyze customer behavior patterns and predict the most appropriate products or services to offer each individual prospect. Personalized email campaigns consistently achieve open rates 26% higher than generic messaging, demonstrating the power of tailored communication. By analyzing customer data and behavioral triggers, banks can send targeted offers based on account activity, life events, and financial milestones. The impact of personalization extends beyond email marketing. Banks implementing comprehensive personalization strategies across all touchpoints report 15-30% higher engagement rates and significantly improved customer acquisition costs. These strategies are highly effective for boosting customer satisfaction among different customer segments, as personalized communication and innovative engagement methods address unique needs throughout the customer journey. This data driven approach allows marketing efforts to focus resources on the most promising prospects. Real-world examples include major banks using behavioral triggers to automatically send mortgage pre-approval offers to customers showing homebuying research patterns, or retirement planning resources to customers approaching specific age milestones. These timely, relevant communications dramatically improve conversion rates compared to broad-based marketing campaigns. Additional Reading: Coconut Software – How We Help: Customer Loyalty Competitive Products and Incentives Attractive incentives still matter. Cash bonuses for new checking accounts, high-yield savings rates, and the elimination of fees are powerful motivators. Tiered loyalty programs with cashback or rewards strengthen retention and generate referrals. Checking account options are also key. Customers want accounts that fit their lifestyle, whether that’s fee-free accounts with mobile features for younger customers or advanced cash management for businesses. Personalized offerings, promoted through SEO and digital marketing, help banks stand out. Further Reading: Banking Technology Trends Data Snapshot Investing in operational efficiency tools in banks can improve CSAT by upwards of 20%. Checking Account Options Checking account options are a cornerstone of any financial institution’s product lineup, playing a pivotal role in both attracting new customers and enhancing customer satisfaction. In today’s digital banking landscape, customers expect more than just a place to store their money—they want a seamless, user-friendly experience that fits their lifestyle and financial goals, whether they’re accessing their accounts via online and mobile banking or visiting a branch. To boost customer satisfaction and drive deposit growth, financial institutions must offer a diverse range of checking account options tailored to the unique needs of different customer segments. For example, younger customers often seek accounts with low or no fees, robust mobile banking features, and user friendly digital platforms that make managing finances effortless. On the other hand, business clients may prioritize checking accounts with advanced cash management tools, direct deposit capabilities, and integrations with other financial services. Also: Personalization is key. By leveraging data
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 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
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
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.
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
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.
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.
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
Smart ATMs: Future Proof Branch Strategies
While branches remain important, their role is changing. Customers are increasingly comfortable taking advantage of online and mobile channels, leading to lower branch traffic and fewer teller transactions. As more clients use digital channels to deposit checks, transfer funds and manage their accounts, banks and credit unions must continue to move away from their transactional focus and adapt to meet the expectations of the evolving relationship that customers have with their branch. As a follow up to Part 2 in our series, today we will be examining the 3rd of 5 different strategies that banks and credit unions can implement in order to set their branches up for success in this rapidly changing landscape. 5 Proven Strategies for the Branches of the Future Upgrade to Smart ATMs Introduced back in 1969, the ATM once again has the power to bring about a major shift in banking. Originally designed to perform withdrawals, they’ve evolved over the years to handle new routine tasks like balance inquiries, transfers and deposits, but they are long overdue for a more serious upgrade. In today’s self-service oriented world, ATMs are expected to be effectively entire branches contained within a single box. “As the ATM turns 50, some people may think that it’s reaching the end of the road – they’re wrong. In fact, the future of the ATM is bright in this shifting financial landscape, especially as the technology behind them continues to evolve and offer new services to customers… A combination of self-service machines and staff could be the ticket to reviving a dwindling supply of bank branches” Mark AldredBanking Technology Expert, Auriga The financial services industry is evolving faster than ever before, and digital focused millennials and Gen Zs expect the technology involved in managing their money to match trends seen in other industries — and that includes the ATM. Even with the fast-growing adoption of digital channels, the ATM remains a primary interface between customers and their banks for one simple reason: they’re convenient. By extending that convenience to additional actions like account openings, bill payments, mobile phone top-ups, currency exchange, and more, tellers in the branch will have more time to work with customers on complex banking needs. The Historic Precedent One of the biggest arguments against smart ATMs is the same one that people put forward in the mid-1990s when today’s standard ATMs were brought in in large numbers. Everybody assumed – including many bank managers — that this was going to eliminate jobs for tellers. It didn’t. In fact, since 2000, teller jobs have increased substantially. So how could a machine that was designed to perform many teller services provide a boost in positions for tellers? By making it cheaper to operate a branch. Where the average branch previously required around 21 tellers, with ATM machines that number was reduced to 13. So suddenly you are able to open a smaller branch, with fewer employees, leading to more branches, which required more tellers. So the 400,000+ labor saving ATMs currently installed at branches across the United States are directly responsible for creating more jobs and allowing banks to expand their operations, while simultaneously allowing tellers to provide a higher level of customer service. “What happened is that cash-handling obviously became less important for tellers. But their ability to market and their interpersonal skills in terms of dealing with bank clients became more important. So what the ATM machine did was effectively change the job of the bank teller… They became part of what banks call the customer relationship team.” James BessenAuthor, Learning by Doing With this in mind, the world today is not the world of the 1990s. In 2020, our lives have been inundated with convenient self-service options. In fact, 67% of consumers now prefer these options over speaking with a live representative. This shift is reflected in the fact that 90% of ATM machines shipping globally are newer, smarter models that are being sent to replace existing ATMs in order to meet rising expectations in terms of performance and convenience. These new ATMs provide contactless transactions, mobile pre-staging, and financial institution “branch-in-a-box” capabilities, delivering up to 90% of branch-based technology and services. Large monolithic branches have already become a remnant of the past, and smart ATMs will allow branches to have an even smaller footprint. By providing a self-service option for these transactional services, we could very well see a surge in branch numbers similar to the one experienced during the mid-1990s as more smaller branches with lower staffing requirements become the mainstream. And while it’s been forecast that teller positions will likely decrease as smart ATMs gain popularity, the decline is forecast at just 8% — hardly an industry killing technology. Instead, these machines should be viewed as complementary to the human role, and a tool for creating increased demand and efficiency while enabling staff to concentrate on building stronger human relationships. Conclusion The truth is, there is no benefit to having the many of the transactional processes that can be performed by smart ATMs to be handled through face-to-face interactions. Relationships are not built through these engagements, and convenience is not enhanced by them. And these two factors should be the primary goals for a future focused branch. For the few customers who simply prefer to perform these actions through a teller? They still have that capability. What’s more, if the lobby has been upgraded as discussed in the previous strategy, now they can do it while sitting in a comfortable lounge, speaking to a teller that comes to them. When you future proof your branch, everybody wins. Check out the other articles in the Future Proof Branch Strategies Series: PART ONE – Self Service Kiosks Examining the benefits and capabilities that self service kiosks can bring to your branch by eliminating many of the pain points that customers associate with their visit. PART TWO – Café Style Branches We discuss design changes in the lobby that can help to encourage relationship building and conversations