For anything but the largest, most lumbering financial institution, every dollar spent to improve operations may feel like the toughest dollar you've had to part with. It's not about being cheap; on the contrary, most branches and credit unions would gladly spend their last lucky penny on improvements and tools to facilitate customer service and provide the latest technology and security – if they knew their investment would pay dividends.
We don't have to tell you that return on investment is sometimes more art than science, particularly as it relates to branch automation. As branches and credit unions turn to their managers for assistance in improving the customer experience, warming up in the batter's box are branch automation solutions. But with not all automation vendors created equal, how can branches determine whether a swing at automation will be a home run or a costly whiff?
Here are five things to consider that can help ensure automation delivers in the clutch, maximizing your return on investment:
"Automation makes customer-centric services possible."
1. Is automation freeing up tellers' time?
With nearly 80 percent of customers seeking face-to-face services for more involved banking processes, according to a Samsung Electronic survey, automation should make this possible by addressing garden-variety transactions.
2. Are your customers fully engaged?
Full-fledged account holder engagement is achievable by combining customer preferences with high-quality solutions. Most banking customers prioritize digital relationships with their banks, but the branch experience remains critical to overall engagement with their financial institution. Automation supports the branch's ability to optimize this channel experience, thus boosting engagement by 57 percent, according to Gallup polling.
3. Do staff members 'buy in' to the automation era?
Bank employees must understand automation's intended purpose – to make their jobs easier and facilitate a high-touch relationship with the customer. By framing automation as something that helps them do their job, you can avoid resentment, poor morale and the fear that comes from the rollout of a new solution. Hammering home this message is pivotal and can help change-resistant employees better embrace uncharted territory.
4. Are workers proficient in advanced technologies?
State-of-the-art equipment requires a learning curve, particularly if staff is used to a certain process and stuck in their ways. Ongoing service and support programs help workers become well acquainted with automation, thereby enhancing work productivity and getting the branch up to speed quicker.
5. Are you invested in the long-term?
Automation answers short-term inefficiencies that can lead to long-term results, even if there is a learning curve in the startup phase. The idea is to future-proof your operations. Seventy-five percent of industry execs believe automation solutions will deliver meaningful results for their bottom line within three years, according to the IBM Institute of Business Value.
The customer lies at the heart of what banks do each day. Automation helps make your branch more customer centric and performance focused. The custom quality automation solutions from BranchServ can take your branch to the next level, delivering a return on investment beyond compare. Not only can we show you how these five things are worthy of your consideration when weighing the automation decision, but we can then provide you with some hard and fast numbers that really illustrate how the investment may be that home run you are looking for.