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The Future Is Now for Branch Technology

BY CHAD DAVIS

How can your credit union provide members with more of what they want in the New Year? Discover what automated systems are available to your CU that can elevate customer satisfaction at the branch. By leveraging these technology tools, you can give your CU a competitive edge in 2018.

The dawn of a new year is often a time for peering into what the future may bring,in the form of both innovations that pose opportunities to improve financial services delivery – and challenges from fintech startups looking to usurp the place of banks and credit unions atop the industry.

Many financial institutions may be looking past technology that is already available to 1) improve their frontline service and 2) maintain the competitive edge offered by their familiar, convenient branch networks, which newcomers to the market cannot claim.

Lobby tracking and staff scheduling software systems provide the information managers need to efficiently deploy employees where and when they are needed. They also reduce wait time, the leading factor for many customers in evaluating branch service. Appointment scheduling apps are another tool both busy customers and managers appreciate. They help ensure that the right financial professionals are available at the right time, when account holders want to talk about their personal finances.

Customer-facing technology such as kiosks and video tellers streamline processing of routine transactions, and cash recyclers reduce the potential for errors in cash handling. In combination, these automated systems offer highly visible time savers and free up frontline staff for higher-quality sales and service conversations with customers.

Behind the scenes and center stage in branch lobbies, these forms of automation support a third aspect of customer service. They enhance sales to increase revenue production in tandem with improving efficiency to reduce costs, all with the aim of holding the line on rates and fees.

What they want when they want it

No matter how stylish and welcoming your branch lobby is, few customers are content to spend time waiting for service. To consistently minimize wait time, staff scheduling software captures branch traffic data over time so financial institutions can more accurately forecast and match staffing with peak and down times. In addition, lobby tracking systems provide detailed data about the types of transactions customers are requesting and the amount of time spent on each interaction.


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