According to the World Branch Report, three out of five (60%) retail banking executives say the branch is their leading sales channel — counting account opening, credit cards, insurance, investments, and loans. While overall branch transactions and visits are down, the fact remains that branch visits continue to produce the largest proportion of loan and other new business.
However as research firm Novantas points out, visitors demand quality conversations when they make the effort to come into a branch. One way to ensure quality visits is to offer appointments so that branch staff are adequately prepared for every visit. Plus, appointments help increase branch sales success by reminding visitors to bring the information necessary to the meeting.
Key Takeaway: To help increase use of appointment scheduling software, Novantas suggests promoting the idea to consumers that they will get better service with the right professional by scheduling.
According to research by McKinsey & Company, while 60 percent of banking consumers use digital channels, online banking only generates 25 percent of sales. Their conclusion: Branches remain relevant, particularly for new accounts and product sales efforts.
Our CU clients have found that our Appointment Scheduler helps increase branch sales success by reminding visitors to bring the information necessary to the meeting, while providing staff the opportunity to prepare for the meeting in advance. The bottom line is that appointments positively impact branch sales.
Key Takeaway: the branch remains a mainstay of account openings and sales efforts as well as a key component for long-term member relationship building.
We are very pleased to provide a new, brand enhancing, technology to CUs: Online Queuing 1.0. This module builds another important bridge from your digital channel to your branch network by letting members join a branch queue before leaving home. Of course, the first “bridge” was Better Lobby Appointments.
In addition to offering convenience to members by freeing them
to use their wait time for travel to the branch or other out-of-branch
activities, branch management also gains benefits, e.g., they gather insights
into walk-in volume shortly before it occurs allowing for better utilization of
Key Takeaway: For the first time ever, your members can now use their mobile phone/tablet/PC to place their name in the lobby queue before arriving at the branch and spend less time waiting in your lobby.
When it comes to opening new accounts, consumers still tend to trust the branch over digital channels, according to a new study from Forrester Research. It turns out that while the digital channels remain important, the ongoing importance of a human touch cannot be ignored.
Seventy-one percent of U.S. adults who regularly use the Internet
still go to a branch when opening a new checking account, the Forrester study
observed. For savings accounts, 64% go to a branch, while 53% open certificates
of deposit at branches.
Key Takeaway: Without a doubt, credit unions of the future will
only prosper with human touch member service.
About three-quarters of Gen Y (73.4 percent) have visited a branch to open an account, according to a J.D. Power retail banking study. Moreover, about 60 percent of younger adults told the research firm that they have visited the branch within the last three months. And according to a 2018 Gallup survey, 66 percent of millennials had visited a brick-and-mortar branch in the previous six months.
facts come from a Bankrate article that also uses an interesting term: IRL (in
real life) banking. When it comes serious financial interactions such as
mortgages, financial consultations, business startup advice, etc., it turns out
that even the most tech savvy people prefer a branch visit.
Key Takeaway: When your members seek monetary advice or need to discuss complex financial needs, one of the best ways to satisfy this need is to offer them a convenient digital appointment booking option. CUs that offer appointments to help satisfy IRL banking needs can also make better use of specialized employees that float between branches, who can now potentially see more members within a day.
This simple question has quite a surprising answer according to Mercator Advisory Group’s research: Among those who visit a branch over twice a month – young consumers visit most often! Here are some more interesting stats from the research firm’s recent report:
56% of 18-34 year old consumers visit their branch over twice a month
Nearly a half of all consumers (46%) visit a branch twice a month
One fifth of consumers (21%) visit a branch once a week
Key Takeaway: The branch remains extremely relevant
and CUs must strive to make it as convenient as possible to visit their
branches by offering appointments, self check-in kiosks and other technologies
the help ensure a positive member experience.
A recent Financial Brand article highlighted the fact that too much focus on the back and forth debate over branch and digital preferences of consumers diverts attention from providing a superior member experience. The article concluded that people expect hassle-free interactions and a satisfactory result no matter how they do business with your credit union.
Our CU clients have found that offering appointments to their time-pressed members is a great way to build a bridge between their branches and their digital channels. They note that the convenience of quickly and easily booking a branch appointment helps boost member satisfaction levels, while increasing staff productivity.
Key Takeaway: Your CU can help solve the Branch vs. Digital conundrum by allowing members to schedule appointments via the Web, mobile devices or by contacting agents through your contact center.
As many FIs rush to digital in an effort to please consumers,
many leave behind one of the most important elements that consumers want: the
“People and relationships still matter,” says Bob Meara, senior analyst at Celent’s banking group. “All things equal we do business with people we like and you have to have some person-to-person interaction—even in digital.”
Whether they are seeking financial advice or looking to
solve an issue, many members still prefer in-person interactions in your
Key Takeaway: Important conversations are best pre-arranged by appointments so that both the member and the CU employee are well prepared for the discussion.
“As Millennials grow older, they express increasing interest in visiting a physical location once they have exhausted their online research,” states Joe Wheeler, Senior Director, Mid-Size Bank Practice at J.D. Power. He also emphasizes the fact that CUs that want to exploit this opportunity to work with Millennials must make sure branch staff is appropriately prepared.
We would add
that the best way that they can be prepared for these important branch visits
is by appointment scheduling.
Key Takeaway: Not only do our appointment tools provide your staff the opportunity to prepare for meetings in advance, but follow-up meetings are also made easier to arrange as staff can be identified by name and picture on our Mobile Appointment Booking Tool.
Laura Doering, Assistant Professor of Strategic Management at the University of Toronto, pointed out some interesting results from her research in a recent online article: when borrowers have personal relationships with lenders, they are more likely to repay their loans on time, whereas those with distant relationships miss more payments.
She recommends that people who do most banking online should develop a relationship with someone at their primary FI and this relationship should consist of more than just email or texting — it should include in-person meetings. We concur with her conclusion that building and maintaining personal face-to-face relationships generates tremendous benefits on both sides.
Key Takeaway: Building personal relationships at the branch
with your members is invaluable and offering appointments to your busy members
is one of the best ways to facilitate these face-to-face meetings.
In a recent article in Forbes, a CUNA Mutual Group executive stated that a retail branch model that focuses on in-person advice and service is the branch’s most promising future. He states “fully 78% of retail bank customers want guidance from their banks, according to a JD Power study. And the most effective way to deliver that guidance is still face-to-face.”
We would add that the best way to deliver this advice is by appointment. If branches are the ideal place for complex conversations to take place, then the best way to make sure that the right person is available to handle these important lengthy consultations is to have an appointment booked on their schedule.
Key Takeaway: Our Mobile Appointment Booking Tool gives your staff the opportunity to thoroughly prepare for their meetings in advance, and also increases branch sales success by reminding members to bring the information necessary to the meeting.
Bob Meara, Senior Analyst at research firm Celent, says “if you ask branch bankers about the details of their teller transactions, they can wax eloquent about those metrics.” What is less-often tracked and measured, Meara finds, are factors of current branch activity that relate to what many regard as the increasingly dominant role of branches, as sales and service locations, and regarding the quality of the visitor experience.
Better Lobby can help in this regard because it captures a wide variety of critical branch metrics that are important to management – metrics that are completely invisible to CUs that do not have a visitor management platform in place.
Key Takeaway: Our Main Service Queue can fill in the gaps when it comes to knowing what’s going on in your branches, while our Survey Trigger module can help you obtain accurate and timely responses from your members about the quality of their visit when their branch visit is still fresh in their minds.
Data from recent J.D. Power & Associates research confirms that the most satisfied banking consumers are those who regularly use branches and also use digital channels. The author of the report points out that “Millennials are coming back into the branches as they grow older and their financial needs become more sophisticated.”
Credit unions looking to meet the financial needs of their
members would be well advised to offer the convenience of online and mobile
appointment booking capabilities to their busy members.
Key Takeaway: Digital and branch capabilities are very much married and credit unions can use appointments to forge stronger member connections and keep this digital/branch marriage strong and thriving.
He predicted that future branches will be become much more inviting – think coffee shops – and that visitors will be greeted with tablets where universal bankers can assist them with all banking needs.
We agree – and to help your staff accomplish this goal we offer our Better Lobby Kiosk 4.0 module which supports both visitor self check-in and Concierge staff check-in (or any combination thereof).
Key Takeaway: CU branches of the future must be member-centric in nature, and we are here to help you meet this goal.
A recent CU Journal article pointed out that members no longer visit branches to complete transactions that they can do online. Instead they stop by for help with more complex issues, such as applying for a loan, opening an account, seeking financial advice or dealing with a problem.
While we certainly agree with this assessment in general, increasingly “stop by” is not applicable.
That is because more and more CUs are adding appointment setting capabilities such as those delivered by our Mobile Appointment Booking tool to their website. Many members find it much more convenient to schedule an appointment than to simply stop by a branch, while CUs are finding that allowing their members to book appointments is a great way to increase long-term loyalty.
Key Takeaway: Appointments are a great way to grow brand awareness, increase your staff productivity, open more accounts, and develop your member base.
In a recent Credit Union Times article, iQ Credit Union’s SVP of Retail Delivery Ali Migaki said the most common reasons for branch visits today at their CU are to: 1) open a new membership; 2) discuss major financial moves that will impact the member’s life; and 3) pick up a new payment card after a fraud incident instead of waiting for one in the mail.
All 3 of these reasons are well suited to the use of appointments to facilitate a successful single visit meeting. Our Appointment software reminds visitors to bring all of the important information necessary to the meeting, while providing staff the opportunity to properly prepare for the meeting in advance. Plus our Appointment Assistant feature is a perfect tool for helping CU contact center staff – or any CU employee – confidently book member appointments with co-workers who are qualified to perform any particular service.
Key Takeaway: Many of your members still strongly desire face-to-face meetings and will appreciate the ability to conveniently book an appointment on their mobile device, tablet or computer.
In a recent blog, Mark Smith, President of Kitewheel (a self-described new-age Marketing Technology company), calls for FIs to “fully integrate branch networks with all the other digital channels…” and points out that consumers “want to be able to use both physical and digital systems whenever they choose – and they expect them to work together, in perfect harmony.”
We couldn’t agree more with his recommendations – it often seems that too much time is wasted on “the branch is dead” debates when consumers of all ages still want to visit branches. Credit unions need to continue working on an always-on member experience that meets members where they want to be met. Our Better Lobby platform is specifically designed to make this important connection between your digital channels and your branch network.
Key Takeway: Allowing members to book appointments 24/7 on their mobile device, tablet or computer with your CU underscores that your CU offers a full range of options, and places a priority on convenient and timely access to your branch staff.
Branch Transformation for Financial Institutions, a complimentary industry guide produced by ATM Marketplace, takes an interesting look at how can FIs integrate physical and digital channels in order to achieve a truly omnichannel “phygital” strategy. The guide covers new tech for the teller platform, video systems, and tablets.
Our Better Lobby platform integrates with all of these areas, e.g., our Fast Visit Recorder can help with teller/universal banker productivity; our Video Meeting Queue Module provides the member service management component missing from video conferencing systems; and our user-friendly Kiosk software supports all manner of tablets for both Self Check-in and Staff Concierge visitor check-in.
Key Takeaway: We believe branch transformation can be a competitive differentiator for your CU, and we are here to help you use technology to provide a superior member experience.
Recently Celent’s Bob Meara recently published a report titled Solutions for Optimizing the In-Person Customer Experience. In his research, he found the opportunity is significant. Unlike digital, where the report highlights the fact that FIs have a bevy of precise metrics to evaluate and optimize the CX, the research firm points out that the branch lobby remains comparatively poorly understood.
Our Better Lobby platform was developed specifically to address this need to granularly understand branch visitor metrics.
Better Lobby accurately measures the visitor experience – both walk-ins and appointments – and provides dozens of helpful reports that were developed directly from CU feedback.
Key Takeaway: Your lobby is arguably the most important interaction point within your CU – we are here to help you meet your lobby management requirements.
Codigo, a provider of marketing tools, released research that shows that the number of FIs planning to equip universal bankers (or other staff members) with tablets shot up 25% in 2017 to 51% in 2018. Interactive kiosks and interactive teller machines both came in at 44% in 2018, a ten percentage point increase. Both video conference technology and the trendy “video walls” saw increases (from 13% to 25% and from 8% to 28% respectively).
We are well prepared to help CUs of all sizes, affordably address these important trends:
For tablets and kiosks, we offer our Kiosk for Self Check-in and Concierge module that can be used on an iPad, Surface Tablet or touch-screen equipped PC – this software frees visitors to engage in other branch-provided activities with the confidence that staff know of their arrival and that they will be served in the appropriate order.
In terms of video meetings, our Video Meeting Queue Module makes it possible to seamlessly manage and serve branch visitors from any video-equipped location.
When it comes to “video walls”, we provide CUs with our Branch Service Queue Display module that allows waiting members to know their position in the service queue – it is compatible with a variety of standard flat screen monitors and its appearance can be fine-tuned to meet your operational and branding requirements.
Key Takeaway: It is essential that Credit Unions use technical innovation to compete in their local marketplace. Better Branches Technology is here to help.
believe all channels should work in concert, including the
branch. The staff in your contact center and branches should understand the member’s
journey without members having to provide them with their contact details.
Using our Better Lobby Appointment Assistant, combined with our Pseudo Host Database, your contact center agents can easily book appointments for your members with a few clicks of the mouse – no need to ask for the member’s email and phone number because the Appointment Assistant can quickly pre-fill those fields, along with their first/last name.
Key Takeaway: The Appointment Assistantmodule makes it easy for all staff to create appointments on any Better Lobby calendar utilizing member information contained within Better Lobby.