I recently attended the Future Branches Boston show and heard several presenters talk at lengths about the role of the modern branch. Smaller square footage, less transactional, more advisory are just a handful of the common descriptors that came up. What didn’t come up in the sessions, was any concerns around longer wait times for the modern branch.
With the branch transitioning towards a more advisory center, many financial institutions are leaving themselves exposed to long wait times and in turn a poor account holder experience. Augmenting the branch with the right customer connection solutions is now more critical than ever.
Unknown Wait Times - Scenario #1
Picture this, it’s a sunny Wednesday afternoon and an account holder walks into one of your branches to discuss a new car loan. When they arrive in the lobby, they notice one person sitting in the waiting area and two loan service representatives already with customers in their offices. Hoping its not going to be a long wait, she decides to sit down and take her chances.
Twenty-five minutes later one of the account holders finally leaves the office and the original person waiting in the lobby is called in. The good news is, progress is being made. The bad news is, she still has no idea how much longer of a wait it will be. To make matters worse, at this point leaving is not an option, given how much time has already been invested.
Another excruciating fifteen minutes goes by and she’s finally called into the office. A forty-minute wait has left a bad taste in her mouth, and now the loan service representative has a moody account holder in front of him. Good luck upselling her!
Leaving for the Competition - Scenario #2
Here’s an even worse situation for your institution, that likely happens more than anyone wants to admit. It’s the same sunny Wednesday afternoon. A man walks into the branch minutes after the lady in the above scenario, sees two people sitting in the lobby, busy loan service representatives, then turns around and walks right out the door. He’s on his way to a competitor branch across the street!
Account holders want to interact with branches efficiently, avoiding long wait times and ensuring they speak to the right employee the first time. Having customer connection solutions in place like appointment setting solutions and queuing screens can streamline your advisory centers, and best position your loan service representatives for success.
Learn more about the day in life of what this can look like in one of your branches here.