In future branch designs, banks and credit unions expect to make some major tech upgrades, according to survey data shared in our recent webinar: Budgets, Boardrooms and Branch Optimization.
What tech elements were voted “most likely” to be added to branches? Check out the list below:
1. Cash Recycling
Coming in at No. 1 is cash recycling, ranked by 89 percent of panelists as a “highly or extremely likely” element in future branches..
For greater efficiency and effectiveness with your cash recyclers, DBSI offers a number of solutions from our sister company, CFM, including real-time integration of your core and all your teller applications (CFM S4), recycler analytics (iQ), and a secure way to process any transactions from anywhere in the branch (RTA).
92 percent of financial industry panelists said they expect tablets to be highly or extremely likely to be used by front line staff in the future, with an average likelihood rating of 4.5/5.
Tablets may replace some or all desktop computers in branches, reducing costs and creating a more open and inviting space. A branch could use tablets in number of ways, from digital onboarding to appointment booking.
3. Digital Signage
Digital signage takes the third spot, with average likelihood rating of 4.4/5. According to DBSI’s 2016 Digital Signage Survey, nearly 77 percent of credit unions and 55 percent of banks said they already use some type of digital signage in at least one of their branches.
Video screen, Interactive screens, video walls and tablets are being used by banks and credit unions to increase awareness of products and services. If you’re looking to add digital signage to your branches, make sure to learn about the Digital Signage Agency.
4. Wi-Fi for Clients
When clients are forced to wait, free Wi-Fi can really help make their time spent in the branch a little better, and it looks like most future branch plans will include it, with an average likelihood rating of 4.4/5. If you plan to promote and onboard clients to your digital channels on their mobile devices, a good Wi-Fi connection can also help provide a smoother experience.
5. Paperless Deposit Account Origination
As more institutions set up digital channels to originate accounts, clients will expect a more efficient paperless process when they visit a branch as well. 78 percent of financial execs expect this to be a highly or extremely likely element in future branches.
6. Paperless Loan Origination
Automated origination systems are low cost, less error-prone, and fast, something most client’s will appreciate, ranking in as a highly or extremely likely element by 78 percent of execs.
7. Assisted Self-Service Devices
The idea of self-service devices in the branch is becoming more accepted—especially with staff nearby to assist as needed. 69 percent of execs ranking it as a highly or extremely likely element in future branch designs.
Assisted self-service devices can potentially provide a cost savings, sales growth opportunities and even improved client engagement. If your institution considering adding self-service options, make sure to check out NEXT.
8. Video Conferencing with Remote Experts
When a client needs access to one of your remote subject matter experts, video conferencing can provide quicker answers than waiting for in-branch visit. 62 percent of execs ranked it as a highly or extremely likely element of future branches. You can check out DBSI’s video conferencing solution Expert Nearby at our Ideation Center.
9. Interactive Walls or Surfaces
Interactive features appear to be more accepted on a smaller scale with tablets at No. 2 on the list, but interactive solutions are having an impact for those using it. About 75 percent of financial institutions surveyed said interactive/touchscreen technology helped improve their sales efforts, according to our 2016 Digital Signage Survey.
10. Video Teller Machines
Survey participants were not as confident that video teller machines would be likely in new branch designs, with 46 percent saying it would be a highly or extremely likely element of future branches, and an average rating of 3.3/5. These types of machines may be more useful in an after-hours, drive through setting, but clients are still more likely to want more personal service during business hours.
Considering New Tech for Your Branches?
Ready to make your branch tech wish list a reality, or want to learn more about what's out there? At DBSI we've helped over 500 financial institutions through our comprehensive branch transformation services, including design, technology, equipment, construction, digital signage and more. Contact us for assistance in implementing the tech upgrades on your wish list.