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The Evolving Branch Visit

BY CHAD DAVIS

A new appointment study has identified service and timing preferences for branch visits. A closer look reveals not only the types of transactions that motivate people to come into the credit union branch but also the business hours during which they prefer to engage in a face-to-face consultation. Glean keen insight from the results to improve your CU’s branch service.

A new study of the patterns of consumers scheduling appointments with their financial institutions offers insights on which transactions bring people to branches and when they prefer to consult on their financial needs.

This research by analysts at FMSI, a Kronos Company, supports the high-profile role that branch service plays in omni-channel service delivery. Even with advances in remote delivery facilitating mobile loan applications and access to a full range of services online, many members still choose to conduct some of their business face to face with financial professionals. And they appreciate the option to schedule an appointment to do so. At financial institutions that include appointment-scheduling apps among their mobile offerings, in fact, our study found that branch visits by appointment outnumber walk-ins during several prime business hours.

The FMSI Appointment Study analyzes proprietary data on nearly 1,500 appointments scheduled at more than 160 branches located across North America in February 2017. Applying findings from this snapshot of consumer behavior may help your credit union improve branch service and performance. At the same time, it can help you evaluate the usefulness of offering members the option to schedule appointments for branch visits.

Pinpointing member preferences

One primary aim of our analysis was to uncover patterns in time and day of the week preferences for scheduling appointments. At branches included in this study, visits by appointment outnumbered walk-in traffic during the morning and late afternoon hours. The most common hours to schedule appointments were at 10 a.m., 11 a.m. and 4 p.m. In comparison, walk-in traffic was typically low in the morning and most prevalent around the lunch hour, tapering off through the afternoon.


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