The 3 Pillars of Operational Efficiency in Banking (and How to Optimize Them)
TL;DR 🥥 Operational efficiency in banking ultimately means doing more with less — increasing revenue while controlling costs and improving the customer experience. The three pillars of banking efficiency are people, processes, and technology. Investing in staff training, standardizing and automating processes, and adopting technologies like appointment scheduling software and the AI-powered automation of administrative tasks—and leveraging real analytics—can significantly reduce inefficiencies, and create capacity for growth. Learn how leading banks are applying these pillars to achieve measurable gains. Why Operational Efficiency Matters for Banks Operational efficiency isn’t just about slashing expenses. In today’s fast-changing banking landscape, it’s about creating the flexibility to grow, invest, and serve customers better. As customer expectations rise and regulatory pressures intensify, banks that optimize their operations can outperform the competition — with stronger margins, faster service, and higher customer loyalty. The Three Key Pillars of Operational Efficiency in Banking At the heart of this transformation lie three key pillars: People, processes, and technology. Let’s dive deeper into what they mean, and how you can leverage them. 1. People: Empower Staff for Higher Impact Your frontline banking employees are critical to delivering efficient, satisfying customer journeys on all of your available channels. Whether it’s a branch associate, a contact center representative, or a financial advisor specializing in mortgages or wealth, well-trained and equipped staff can solve problems quickly and, in doing so, delight customers and build rapport that can translate into revenue opportunities. Why empowering your employees matters: Under-trained or ill-equipped employees slow down processes, frustrate customers, and create costly rework. Especially if you are implementing software solutions that you expect your bank staff to leverage to help improve efficiencies, it is crucial to implement regular training, staff check-ins, feedback sessions on the product functionality, and measurable ways to track their adoption of these kinds of new tech tools. The Numbers: In a nutshell: empowered staff equals better customer experience delivery. Banks investing in employee training have reported up to a 20% improvement in CSAT. Quick win tip: Provide regular training for staff on digital tools (including appointment scheduling systems) and customer service best practices. This builds confidence, reduces errors, and speeds up service. 2. Processes: Standardize and Automate for Consistency Manual, inconsistent processes that need to be repeated across different employees and platforms (even something as simple as updating a customer mailing address may have to be repeated) can eat up time and resources. That’s why a. Opting for software solutions that streamline tasks, and b. automation are foundational to a bank’s holistic operational efficiency. Why it matters: Eliminating repetitive, manual tasks frees your team to focus on revenue-generating activities, while also reducing the risk of errors and delays The Numbers: Banks that automate their processes and implement solutions that streamline time-consuming tasks like appointment bookings have achieved up to a 30% reduction in operational costs. Case Study Spotlight: WECU deployed an appointment scheduling solution to manage in-branch visitor traffic. This streamlined check-ins, reduced wait times, and raised their Net Promoter Score (NPS) from around 65-67 to an impressive 86. Quick win tip: Start by mapping your top three most repetitive workflows (like appointment bookings, onboarding, or loan processing). Automate them with modern appointment scheduling software to see immediate gains. 2. Technology: Power Transformation with Smart Tools Technology acts as the backbone of modern operational efficiency. Whether through AI, data analytics, or customer-facing tools like appointment scheduling software, the right technologies can transform both staff workflows and customer journeys. Why it matters: Smart technology enables faster decision-making, better customer insights, and more efficient resource allocation. The Numbers: Financial institutions using AI and advanced data analytics have reported up to a 25% boost in operational efficiency. Case Study Spotlight: Centier Bank removed customer frustration and improved staff productivity by introducing appointment scheduling software that eliminated bottlenecks in customer interactions. Quick win tip: Consider investing in AI-driven data analytics to spot patterns in appointment scheduling and customer preferences, then use those insights to staff smarter and serve customers faster. DYK? Appointment scheduling software in particular emerges as a crucial enabler—transforming everything from customer onboarding to branch traffic management, while freeing up staff to focus on higher-value interactions. Operational Efficiency in Banking A 10-minute playbook for busy decision-makers Read Playbook Now Above is just a simple preview of the building blocks of operational efficiency. For a more fulsome look at the strategy behind it, you’ll want a practical framework with actionable tools that can help you unlock the capacity for growth. Enter Coconut Software’s e-book, “Operational Efficiency in Banking: A 10-Minute Playbook for Busy Decision-Makers”. Inside, you’ll find: Practical ways to identify friction points and reduce operational costs Strategies to unlock new revenue capacity Real-world examples of leading banks driving measurable results through operational efficiency strategies A maturity checklist and scorer that will reveal where your bank is on the spectrum, and areas to tackle first. Frequently Asked Questions How does improving operational efficiency help with deposit growth? By streamlining onboarding processes, reducing manual paperwork, and accelerating account opening with digital tools, banks can attract more deposits faster. Efficient operations also boost customer satisfaction, encouraging clients to consolidate their funds with one institution. Learn more about deposit growth. What role does operational efficiency play in loan growth? Faster, more accurate credit decisioning supported by automation and data analytics allows banks to approve and fund loans more quickly. This enables institutions to serve more borrowers with lower processing costs, fueling loan growth while maintaining sound risk practices. Learn more about loan growth. How can AI in banking improve operational efficiency? AI can automate repetitive tasks, analyze customer data to personalize services, detect fraud in real time, and optimize workflows. By offloading routine work to AI, banks can redeploy staff to higher-value activities and significantly boost productivity. Learn more about AI in banking. What’s the connection between staff shortages in banks and operational efficiency? With fewer staff available, banks need to maximize efficiency to maintain service levels. Automating routine transactions, providing self-service options, and cross-training employees can help
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
The 5 Hidden Business Impacts of Bank Appointment Scheduling Software
During a recent visit to New Orleans, I had the privilege of engaging with customers and industry experts, and digging into their pain points when it comes to truly enhancing their customers’ experiences, and their branch productivity. As it turns out: There was a lot of pain there. One recurring problem statement that arose in conversation was how bank branches can evolve from being solely transactional hubs into full-featured advisory centers. It’s not surprising: The need for today’s financial institutions to drive intentional, high-value interactions between customers and advisors is more pressing than ever. What was surprising in these discussions was the widespread gap in understanding that the solution to this transformation is possible and—indeed—already exists: Appointment scheduling software and lobby management, which, beyond streamlining operations, offers profound benefits. I’d like to fill the knowledge gap on just a few of those benefits right now. Benefit #1. Make invisible data visible to drive operational change. In the quest to transition branches into advisory-centric spaces, understanding how advisors allocate their time is paramount. Without a robust system to monitor activities, banks operate in the dark, making it challenging to meet performance metrics and address customer needs effectively. Implementing comprehensive appointment scheduling systems provide true clarity on the entire customer journey—from more simple account openings, to complex services like mortgage consultations. They answer burning questions from banks like: Did the customer attend their appointment? What prompted their visit? Have they interacted with other departments previously? Data-driven answers to these huge questions give the granular insight needed to truly understand—and powerfully serve—your customers on their preferred channels. For banks, in both the short and long term, translates to higher retention rates and increased referral business. Benefit #2. Uplift your advisors by harmonizing demand and supply. Once we grasp customer demand patterns, the next step is aligning them with advisor availability. Advisors possess a finite inventory of time; optimizing it is crucial for effective workforce planning—and serving customers more seamlessly. By analyzing appointment data, banks can identify peak times for specific services and adjust staffing accordingly. This proactive approach ensures that customers receive timely, personalized service, enhancing their overall experience. Simultaneously, advisors benefit from a balanced workload, leading to increased job satisfaction. The dual outcomes are compelling: improved Net Promoter Scores (NPS) and heightened advisor satisfaction. In an era where banking executives face the challenge of achieving more with fewer resources, such optimization is invaluable. Benefit #3. Connect customers with the advisors that can *actually* help. Customers expect immediate access to services tailored to their needs. However, it’s impractical for banks to station specialists for every service at every branch. The solution lies in intelligent routing—connecting customers to the appropriate advisor, at the right time, through their preferred channel. “At Coconut, we’re pioneering solutions to enhance real-time accessibility across branches. By leveraging technology, we can route customers to advisors based on expertise and availability, ensuring efficient and effective service delivery.” This approach not only meets customer expectations, but also optimizes efficiency in banks and credit unions. As more routine transactions migrate to digital channels, branches can focus on delivering high-value, personalized services, reinforcing their role as advisory centers. Benefit #4. Elevate NPS with real-time engagement. It’s noteworthy that the average 7+ point increase in NPS we’ve observed isn’t solely due to appointment scheduling or lobby management. The true driver is the real-time, transparent communication that these systems facilitate. When customers are informed and guided through their banking journey, it fosters trust and satisfaction. Both customers and advisors value their time and seek trustworthy interactions. By implementing systems that respect these preferences, we create a win-win scenario, enhancing the overall banking experience. Benefit #5. Finally make the seamless shift to digital and advisory services. The banking landscape is undergoing a significant transformation, with a marked shift towards digital channels. Concurrently, the role of physical branches is being redefined. With a decrease in routine transactions handled in-branch, there’s a growing emphasis on providing advisory services that address complex and personalized financial needs. This evolution necessitates a strategic approach to appointment and lobby management, ensuring that branches can effectively serve their advisory purpose. Conclusion: Beyond the Queue Appointment and lobby management are more than operational tools; they’re catalysts for transforming the banking experience. At Coconut Software, we’ve seen the positive impact of implementing this must-have solution, from reducing queues in banks, to skyrocketing CSAT scores. When banks gain real visibility into advisor activities, align resources with customer demand, and facilitate real-time, personalized interactions, they can elevate both customer satisfaction and operational efficiency—which is the future of banking. As we continue to innovate and adapt, embracing these hidden impacts will be crucial in redefining the future of banking, ensuring that we meet the needs of our customers and empower our advisors in this dynamic landscape. If you’re ready for a serious discussion on appointment scheduling software, and want to learn more about how to choose the best online scheduling software for your bank or credit union, let’s talk. Book a Consultation
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.
Simplified Scheduling: Future Proof Branch Strategies
Innovative technologies and new digital tools are bringing massive changes to the retail banking landscape, and nowhere is this more visible than in the brick and mortar channel. But these changes don’t mean that the branch is becoming irrelevant. Even with the reduction in branch traffic and increase in mobile and self service solutions, customers still want to be able to sit down with a financial professional when making big decisions. And with millennials and Gen X ranking convenient branches as their primary consideration when selecting their financial institution, that’s not likely to change any time soon. What does need to change is the idea that they will continue sitting on hold, standing in a queue or waiting in an outdated lobby to meet with a teller or advisor at that branch. As a follow up to Part 4 in our series, today we will be examining the final of 5 different strategies that banks and credit unions can implement in order to set their branches up for success in this rapidly changing landscape. Simplify Appointment Booking If branches are going to remain relevant in the years ahead, it is vital for them to make it as easy as possible for customers to schedule a visit. Over 80% of a retail banking customer’s interactions take place through self service channels, and 67% of consumers prefer self-service over speaking with a live representative. This means that people are visiting branches less frequently, but when they do it’s for high-value face-to-face consultations. No amount of in-branch technology or improvements is going to eliminate the friction caused when they visit a location to discover that nobody can see them at that time. With a unified, self-service scheduling platform for all channels, financial institutions can streamline the appointment booking process across every customer touchpoint. Whether an appointment comes through via your website, mobile app, or even your social platform, customers should be able to book that meeting as quickly as easily as possible. With this in place, financial institutions can effectively remove the guesswork from the task of improving efficiencies in the booking process. This can not only provide the benefit of increasing the number of high-value appointments driven to your branch locations, but also enable better optimization of employee schedules to improve their overall efficiency. This is especially important considering that the branch is all about the people in it and their ability to serve customers. Tellers need to be available throughout the day, but in greater numbers for peak transaction times like lunch hours and Friday mornings. Universal bankers should be able to shift from service activities to sales activities like outbound calling when there is less branch traffic to deal with. Training and branch meetings can be scheduled to minimize impact on branch operations. With better management around staff schedules, customers can be better serviced, leading to further increases in the value of their appointments. What Comes After a Booked Appointment? Important to keep in mind is that self-service can’t stop after the meeting has been scheduled. As with any appointment, life happens and schedules change. Without a simple self-service method for making adjustments to their appointment, customers who have taken advantage of your self-service channel to create their booking are at higher risk for becoming no-shows. Likewise, providing more self-service channels through reminder messages and instant check-in can help to further improve the effectiveness of your self-service solution. 1. Rescheduling Most scheduling solutions provide a method for rescheduling via email, but with 9 in 10 consumers saying that they would like businesses to provide SMS text messaging options for communicating with them, and 52% saying that they would prefer texting customer support over their current method of communication, it’s becoming vital to include this channel as well. 2. Reminders Along with the initial message providing instructions on how to reschedule, text messages also allow for faster and more effective communication when it comes to reminder messages. In fact, SMS open rates are as high as 98%, compared to just 20% of all emails. And, on average, it takes 90 seconds for someone to respond to a text, opposed to 90 minutes for an email. Many companies have already begun providing appointment reminders via text message, with 51% of millennials saying that they are already receiving them. When asked why they enjoy text messages over other reminders, these millennial customers say it is because they’re “an effective way to be reminded on their own time” (60%), “one less thing to have to remember” (57%) and “the most convenient way to be reminded” (55%). Of course, with 51% saying that they are receiving them, that means that 49% of companies are still missing out on this opportunity to increase convenience and decrease no-shows. If these are things your organization is interested in (and they should be), it’s time to get started. 3. Check-in Beyond all the scheduling and rescheduling issues, text messages can take things even further by allowing for a simple method for customers to let staff know that they have arrived for their meeting. Rather than having customers wait to speak with someone to let them know they’ve arrived, providing them with the option to check in via text can help to streamline the process and allow for a more personal approach. A simple message sent out 10 minutes prior to the meeting that instructs them to reply ‘1’ to check-in when they have arrived opens a channel of direct communication between them and the staff member they are there to speak with. This allows staff to come out and greet them personally, setting the meeting up for greater success. Check out the other articles in the Future Proof Branch Strategies Series: PART ONE – Self Service Kiosks Examining the benefits and capabilities that self service kiosks can bring to your branch by eliminating many of the pain points that customers associate with their visit. PART TWO – Café Style Branches We discuss design changes in the lobby that
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
Looking Back at Finnovate – Top 3 Takeaways
It’s been a week since the team and I returned from the Finnovate Fall Conference in New York and I have not stopped thinking about all the exciting sessions I had the chance to attend, and how much they align with the goals we have here at Coconut. At the show, we were fortunate enough to meet with so many professionals from the financial services and fintech industries that are passionate and excited about the changes coming to the financial world. The show was broken out into two sections. First, we were treated to two days worth of demos from both emerging and established fintech organizations. It was great to see so many organizations coming up with creative solutions to help financial institutions solves their largest problems. Whether it was security, financial literacy or digital banking tools, the presenting companies shared compelling solutions that left us and the rest of the conference attendees with a lot to think about. The second section consisted of two days of panel discussions and keynote presentations. This is where the industry leaders really got to shine, taking us through detailed talks on new security concerns, fostering innovation, managing digital transformation, customer experience as a key differentiator and the emergence of AI technology. There was a lot to learn over the two days but I was happy to see a number of key themes emerge. 1. Personalization as Differentiation I noticed this theme come up frequently throughout the different sessions, particularly in those hosted by Forrester Research, as well as during panels on innovation and customer experience. The prevailing takeaway was that personalization can be a key competitive differentiator for financial institutions, and something that customers really value. In the personalization session hosted by Forrester Research’s Alyson Clarke, Principal Analyst, Digital Business Strategy, noted that in order to stay ahead of the competition, banks need to stop thinking like a retailer. Bank customers do not buy financial services as frequently as they make purchases with other retailers — there are generally 3-5 years between purchases. That makes it difficult, but far from impossible, to build and maintain brand loyalty. Clarke then focused on data. With the information that banks and credit unions collect when working with their customers, they can use that information to create much more personal, 1:1 experience that will keep the financial institution top of mind. Using real life points of contact like birthdays, anniversaries, children going to college, etc. as a means of reaching out is a great way to connect and be top of mind when they’re ready for a new financial product. Through this sort of personalization, financial institutions could see far more success in maintaining the sort of long term brand loyalty that’s required when dealing with the low frequency of customer purchases typical to financial products. 2. The Growing Importance of Customer Experience Dovetailing with personalization, a number of the sessions also discussed the importance of banks and credit unions focusing on enhancing customer experience. In an excellent keynote presentation, Jeremy Balkin, Head of Innovation at HSBC presented a case study highlighting the success they’ve seen since implementing a service robot named Pepper. The main goal of the ‘Pepper the Robot’ program was to increase branch traffic and generate more appointments with the advisors and staff that work in branch. In the 14 months since deployment, HSBC saw a 41% increase in new account openings. HSBC attributes this success to Pepper turning a regular trip to the bank into an experience for new and existing customers. With so much attention around the innovative products and solutions that are making a visit to the branch unnecessary, banks need to invest in creating experiences that will bring customers through the door. This sentiment was echoed later in the day during a panel discussion on the importance of creating an impactful digital experience. The panel noted that traditionally, banks used segmentation to determine how to reach out and market to their customers. However, times have changed. Major life events like graduating from college used to be a reliable signal that a customer was now likely to be preparing to buy a house, and buying a house would signal their readiness to start a family. But today, this is often not the case. Banks now have to look to more individual data to find out when the best time is to reach a person. And with the right data, they can deliver not only the right marketing material, but deliver it in the way most likely to appeal to that particular customer. To this end, technology can be incredibly useful to banks and credit unions. By expanding their marketing methods through push notifications, apps and SMS notifications, banks are able to leverage data for precision targeting, and then get their message in front of customers eyes in a way that’s unobtrusive, yet highly effective. 3. Partnering with Fintech With the whole theme of the conference centered around bringing banks and credit unions together with today’s leading fintech providers, the final theme was an obvious one — technology partnerships. Still, it was great to see so many panelists from both sides discuss the importance of these partnerships as a way to retain banking customers and improve the overall experience banks are providing. During Jeremy Balkin’s keynote and during a panel discussion that immediately followed, he spoke at length about the importance of financial institutions embracing emerging fintech companies. He noted how there is so much knowledge that banks have when it comes to serving customers but they can often get stuck when encountering challenges with technology and competitive alternatives. That’s where Fintech companies come in. Through strategic partnerships, they can help banks solves those problems far more quickly than they could on their own, allowing banks to focus on what is most important: providing the best services for their customers. Looking to get started on delivering a premium experience to your clients? Schedule a consultation with Coconut Software to learn more
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