Editor's Note: This is Part Two in our Banking Technology Buyer's Guide Series - a multi-part series devoted entirely to banking technology strategies, trends, and how to find the right equipment mix for your branch of the future. To read Part One, click here.
Most financial institutions know they need new technology but can't seem to get the project off the ground. Whether it's a lack of budget, not knowing where to start, no time, not enough resources - you just can't seem to make any movement.
How much is indecision and playing it safe really costing your branch network?
Last week, we discussed the 4 major areas of technology and equipment to consider when working to redesign your branch network into an engaging branch of the future. In this post, we’ll explore what your branch can gain from investing in new technology and why doing nothing is hurting more than you think.
Technology Isn't Just for Technology's Sake
Consider these 6 things your Financial Institution is losing EVERY DAY by not making a move on new technologies:
1. You’re Losing Potential New Clients
It’s no secret that branch visits are down significantly. What is your branch network doing to counteract that trend? What message are you sending to passers-by on the street?
By not having any attention-catching, curb-appealing technology, you could be losing potential new customers / members - every day.
Technology such as large digital signs in heavy traffic areas, or even digital signs inside an in-store branch can help promote your brand, messaging, and products to attract new customers in.
2. Your Branch Is Uninviting and Cold
Is your branch making customers and members feel welcome, or do they feel more like a number in line? Teller lines, teller counters, and security guards make your branch and staff feel sterile and unapproachable.
The newest technologies are important to eliminate physical barriers and create more human and personable design layouts. Teller Cash DIspensers (TCDs) and Teller Cash Recyclers (TCRs) equipped with the right software allow staff to float freely around the branch with the ability to conduct transactions from anywhere within the branch.
Your staff no longer has to be confined behind their counters. Lines are no longer necessary.
3. You’re Not Differentiating Your Brand and Creating the Right Experience
Retail destinations are all about the experience and the image it portrays of a brand. If done right, the experience, look and feel of a branch can become a differentiator where consumers will make a special trip solely to visit a specific location. This can mean enormous benefits to your brand and reach.
What is your branch environment and technology currently saying about your brand? What kind of experience are you leaving clients when they visit? If you took all your signs off the wall, would they know it was your branch?
The right mix of design and technology is the answer to turning your branch into an efficient retail bank environment. Consider the recent Rabobank success story. DBSI and Rabobank worked together to find the perfect blend of technology to help Rabobank capture the essence of what their brand is and while turning their branch into a destination experience.
4. You’re Not Allowing Clients to Easily Discover Your Services
How do customers / members currently learn about the services you offer? Do you give them several choices with how they can interact and learn more? Or are you stuck with a few out-of-date brochures and a hand-written rate board?
It’s more important than ever to invest in technology to give clients engaging options to learn more about what you can do for them.
Technology such as tablets or kiosks are now considered the norm for retailers outside of banking, and it’s time the same technology is used in branches. Reap huge rewards by helping clients explore and get educated on your products and services through the use of banking technologies.
5. You Could be Sending Your Current Clients to Competitors
What usually happens when a client comes in for a certain service and is told they need to schedule an appointment or come back at a later time? That is not only disappointing for the client, but may also encourage them to go somewhere else with their business.
Today’s technologies are opening more doors than ever in creating full services branches. New technologies can connect a staff expert from another branch location to a client immediately, or even allow a client to connect with a spouse to make a decision on the spot. These options are only possible by investing in new banking technologies. If your branch is to stay competitive and serve its customer/members, again, technology is critical.
6. Most Importantly, You’re Missing an Opportunity to Increase Efficiencies
Last but not least, the overarching goal of every branch is to become more efficient. How can technology help a branch increase efficiencies?
Not only do teller lines and cash drawers create bad experiences, they also make for inefficient transactions. Adding technology such as tablets or assisted self-service machines can quickly solve many common banking needs to free up branch staff to concentrate on more profitable cross-sell opportunities and deepen a client relationship.
Also at stake? Security and accuracy. New technologies and software such as Teller Cash Recyclers and Teller Cash Dispensers can increase teller efficiency by automating the process and better securing cash.
If you're having a hard time getting your branch redesign project going, why not take the first step and visit our Ideation Center? A banker's playground, this is your chance to get a complimentary consultation with branch transformation specialist and see all the newest technologies in action.
* Stay tuned for Part Three of our Banking Technology series where we will dive deeper into all things digital and the uses and benefits of each for your branch.
GET THE BANKING TECHNOLOGY CHEAT SHEET
As an addition to the Banking Technology Buyer’s Guide series, we’ve put together a cheat sheet that lists all the banking technology options, equipment, and objectives discussed.