There’s no doubt about it, branch traffic is declining, and levels are at historic lows. According to the Kronos Teller Line study traffic has declined 41 percent since 1992. Furthermore, with digital players with strong brands in the market, like Rocket Mortgage and Ally Bank— you may have heard the changing landscape of banking has spelled doom for the end of the physical branch.
Although there have been many strong forces changing how people interact with their financial services institutions, one critical fact remains the same. People still like face-to-face personal service for some interactions, and as a result they will not completely stop going to the branch any time soon.
How to get the most out of the branch in the digital era
Relying on traditional operations and processes in the branch will not cut it anymore as competition intensifies — both internal and external. In the branch, sales, service and productivity performance can all be significantly improved with the right branch technology.
Technologies like, powerful real-time tracking tools with embedded analytics and Pepper the robot, can transform how your branch network performs. Technological automation streamlines the flow of information, improving both account holder service and operational performance.
Improving customer service with branch technology
When you have robotic technology in place, ready to answer the majority of all account holder questions on the spot, you can likely exceed customer expectations. HSBC, who has rolled out several Pepper the robot units in their branch network, has seen nearly a 75 percent questions answered rate.
Additionally, having the right tracking solutions in place, allow you to better understand what’s actually happening on the platform side of your branch. Understand your product vs. service interaction breakdowns, assist times and wait times at the individual, branch and institution levels. With this information branch managers can better manage team member performance through what they measure.
To learn more about how these technologies can help improve branch performance, watch our webinar titled, Futuristic Branch Approaches: Time to Take a Serious Look — featuring guest speakers from HSBC and SoftBank Robotics.