Of course, there’s no one-size-fits-all when it comes to branch transformation. What’s key is identifying what type of branch design transformation can help you achieve your business goals and strategic initiatives. Branch transformation typically involves digitally supplementing and improving the experience you provide to your customers, while creating more efficiencies that free tellers to provide tailored assistance and reducing cost.
There are a few ways to approach this.
Shift the customer experience. Focus more on the relationship you have with your customers and understanding their financial needs. There is no longer a universal approach. Customers have come to expect connected, hyper-personalized experiences—on demand. They want their go-to brands to know them and serve offers and solutions that meet them in the moment. And while this is table stakes for other industries, banking has been slow to keep up. Today, it’s crucial for financial institutions to catch up by investing in technology that can deliver those personalized experiences at scale and benefit the bottom line.
Technology integration. Choose technologies that integrate easily with your infrastructure to help your branch expand faster and become more efficient, such as modern self-service solutions. Start with the customer experience and what your institution can to do enhance how they interact with you. Navigate the latest technologies such as ATM cash recyclers, interactive teller machines with two-way video, self-service coin counters, or automated solutions for small business cash pickup.
Seamless online experiences. Today’s tech-savvy consumers have set high standards around digital user experiences. This means that, as financial institutions invest in technology with online and mobile banking tools, only the best will do. As the user experience continues to evolve customers will expect to be able to do more and more digitally, making it mission critical for banks to invest in mobile technology.
The sole purpose of branch transformation is to maximize customer experience while optimizing footprint and cost. How can your financial institution ensure your branches are efficient and profitable?
- Merge physical with digital: Ensuring a seamless transition between online, mobile and branch experience is vital. Customers expect their financial institution to know how they want to engage and what channels they want to engage in—with a connected experience that follows them from online to the branch and back. Incorporating digital services in the branch and integrating your channels—and your back office—is one of the most important components in branch transformation.
- Behavior analytics: Use customer data to better understand your customers’ preferences, allowing you to provide a more personalized experience based on previous transaction history, spending behavior and customer needs.
- Empowered, engaged staff: Branch staff are the face of your financial institution; they need to feel empowered and engaged with your culture. In light of declining transaction volumes and rising automation, they engage with customers in a way that no machine can. Customers crave a 1:1 or more personal approach when it comes to discussions about their finances.