By Chad Davis
Oftentimes when there are new ways of doing business, people assume that things need to be replaced as opposed to supplemented. However, despite the gradual shift in member behavior in banking, some people continue to demonstrate a preference for the latter.
This inclination is especially the case for Millennials in financial services. Technology is evolving in the form of remote check deposits and e-signatures. Members can now open, access, and manage their accounts without ever stepping foot inside a credit union. However, many continue to do so. Some members conduct all their financial business in person, while many others still prefer the on-site branch visit.
Despite all of the capabilities online banking has to offer, members still appreciate that the face-to-face meeting with experienced professionals at the nearest branch whenever they’d like to consult on how best to achieve their financial goals.
Most members are not focused on the experience of the branch or remote access. What it ultimately comes down to is getting the best possible service from whatever channel they choose. To achieve these results, credit unions must seek out and deploy the most effective tools to maximize member relationships across channels. Instead of focusing on digital over branch delivery, consider these five technology solutions to improve branch service and efficiency.
1. Appointment scheduling software
To acknowledge that their time is a valuable commodity, give accountholders a convenient means to schedule an appointment to open an account, apply for a loan, or seek guidance on financial matters. With advance notice through an appointment app, branch managers can adjust scheduling, if necessary, to ensure that a financial professional trained to handle the request will be ready and prepared for the interaction. In addition, appointment software offers useful data on the types and patterns of service requests at each branch to support staff scheduling and training.
2. Lobby tracker software
Business runs on data these days, and lobby tracker software provides a wealth of information, when its electronic queue management system records the services members want as soon as they walk through the door. Managers can use this data to manage service levels in real time by monitoring wait time and responding promptly to direct employees to the frontlines as lines begin to form.
Lobby tracker software also measures average assist time by employees, by branch, and across the organization, so managers can assess whether further training is needed and what impact changes in the approach to service may have on staffing needs. For example, encouraging member service staff to spend more time chatting with accountholders to identify their needs for additional products and services may increase sales but also require additional staffing during busy periods if interactions are taking longer.
3. Member service feedback software
While lobby tracker software captures information before and during service interactions, other automated systems invite members to rate the service they received as they head out the door. Friendly kiosks with simple, engaging rating systems can capture service performance data instantly, providing more immediate evaluations of customer service in greater volume than mailed or online surveys. Faster feedback means managers can act more quickly to correct service lapses.
4. HR software
The use of technology to help optimize human capital is on the rise, from prehire through leadership development. At many financial institutions, turnover is highest among frontline employees. Losing staff, especially quick turnover within the first few months, is costly in terms of hiring and training expenses—and in lower levels of productivity and member service as new employees learn on the job. The best way to reduce turnover is to hire the best candidates. Predictive analytic software can pinpoint characteristics of top performers and help identify applicants with those traits.
As noted previously, lobby tracker software can help monitor and manage employee productivity and identify training needs. Automated surveys measure employee engagement, especially shorter “pulse” surveys that offer staff regular opportunities to share their views on the work environment. Talent management systems are designed to facilitate development of career tracks to enhance employee satisfaction and retention; to optimize performance management; and to identify and help groom tomorrow’s leaders.
5. Forecasted scheduling and workforce optimization software
Staff scheduling software automates the most cost-effective alignment of staff to branch traffic and activity patterns, based on data from core processing systems and platform systems such as lobby tracker software. Working together, these systems facilitate efficient scheduling of full- and part-time staff to hold the line on operating costs while improving service by more accurately scheduling the right staff to be in the right place at the right time. In addition, automated scheduling provides for time-blocking frontline staff schedules for secondary duties such as sales training and outbound sales calls.
Chad Davis is Senior Industry Marketing Manager with Kronos.