ALPHARETTA, Ga.—A new white paper details how industries outside financial services are putting pressure on banks and credit unions to raise the service bar.
Other industries, like hospitality and travel, are deploying futuristic technologies and processes to enhance their service experiences—conditioning consumers to have higher face-to-face service expectations, FMSI explained.
“When these other industries raise the service bar it may put an undesirable spotlight on the service shortcomings of aging practices in branch banking,” the company stated. “Additionally, innovative and advanced approaches to improve sales and productivity effectiveness have been implemented across a varied landscape of organizations not in the financial institution’s space.”
The white paper includes ten examples of service improvement methods from outside financial services that banks and CUs can consider:
1. Beacon technology
2. Facial recognition software
3. Heat map technology
4. 3D augmented reality
5. Business process management
6. Recommended product engines
7. Highly trained staff deployment
8. Tabletop tablet-like solutions
9. Preferred customer programs
10. Appointment setting technology
Transactions are declining in the branch, turning them slowly, but surely into more sales-centric environments, than deposit-centric ones, said FMSI.
“The FIs that turn away from meaningful innovation in the branch expose themselves to losing possibly their greatest competitive advantage when comparing their service offerings to the many financial services technology startups coming down the pike,” the company stated. “With a whole world full of great ideas and best practices spread throughout other industries, it’s a missed opportunity for FIs to ignore them.”
To download the white paper, click here.