The retail experience for your customers (CX) hinges on the quality of your staff and their ability to execute with excellence. That said, the condition of your branch equipment is every bit as crucial to ensuring consumer satisfaction. More than ever, workhorses like ATMs, ITMs, cash recyclers and drive-up technology are a critical reflection of your institution's capabilities. Equipment failure translates to process failure, which in turn hinders your ability to meet consumer needs, maintain your reputation and hold your own competitively.
That said, it's only a matter of time before branch equipment suffers from wear and tear or encounters a performance hiccup. And of course, obsolescence always looms on the horizon. How can you better anticipate and manage equipment service With plenty of responsibilities already on your plate, keeping track of warranties and service histories for every piece of equipment in your branch network is cumbersome at best and overwhelming at worst.
With asset tagging, keeping your customer-facing technology in working order is a whole lot simpler, especially when it's through Site Assets from BranchServ.
"With asset tagging, keeping your customer-facing technology in good working order is made a whole lot simpler."
Before we get into the details of Site Assets, let's dive into the particulars of asset tagging and how it can boost efficiencies for your institution.
What is asset tagging?
Asset tagging is a software-based identification program that makes it easier to track and document all of the equipment your branch network uses on a day-to-day basis. Take a minute to think about everything in your inventory. With an increasing number of FIs joining forces through mergers and acquisitions, the scale of assets can indeed be overwhelming. Ultimately, hundreds or even thousands of individual moving parts may work in tandem to ensure performance for your bank or credit union, and each has a distinct rate of usage and a unique service schedule. Not surprisingly, the more your equipment is used, the more ongoing maintenance is required.
Asset tagging catalogs equipment for easy reference by assigning a unique serial number to it, both for tracking and reporting purposes. This allows you to establish an accurate inventory so you can know exactly how many items your branch has and when they were purchased. Furthermore, it can provide service histories so pro-active maintenance can be scheduled during off-times and breakdowns can be better avoided.
Ideal for drive-thru
While the drive-thru lane never entirely went away, it's experienced a bit of a resurgence in response to the pandemic. In fact, for some branches, it's been the only way to obtain in-person services for needs like depositing or cashing checks.
The sudden uptick in drive-thru customers has led to a dramatic increase in service calls. These incidents were up as much as 42% this past April and May compared with the average of the previous 12 months for a well-known IT service management company, The Wall Street Journal reported. And they were more the rule than the exception. Asset tagging can mitigate performance issues by flagging problematic equipment so it can be taken offline and fixed in a more efficient and timely manner. A service history for pneumatic tubes, cylinders and other drive-thru assets can be a good predictor of need.
This identification process is central to getting assets evaluated and resolved in a timely fashion. As an example, say you have three drive-thru lanes and the one on the far left is broken. Contacting your technician to inform them of the issue by saying, "The one on the far left is broken" won't cut it. Vague descriptions like these are an invitation for misidentification. With asset tagging, your service professional can verify the exact asset in question so there is no room for error or mix-up.This process also establishes uniform terminology so assets are precisely described and nothing gets lost in translation when equipment issues are relayed to the appropriate parties.
Accurate tracking of warranties
Warranties are like gold in the banking industry; they serve as written guarantees that the manufacturer will replace or repair broken equipment within a prescribed period, usually one or two years after initial purchase, depending on the asset.
Now imagine you've just taken over the reins of a branch and are suddenly responsible for hundreds of pieces of equipment. How can you possibly know what equipment is out of warranty and which ones remain covered? Uncovering a paper trail would be extraordinarily complex, and that's assuming you find all the right answers.
It's a whole lot simpler with asset tagging. This strategy allows you to facilitate automatic warranty tracking so you can immediately verify what equipment is still subject to the warranty and what has lapsed. It's a much more efficient and straightforward way of tracking and may ultimately save you thousands of dollars in unnecessary repair costs.
How Asset Tagging with Site Assets from BranchServ works
With Site Assets, you'll never have to wonder about your equipment and service schedules again. The process is pretty simple. First, your assets are identified via an on-site survey, during a PM visit or upon installation of equipment by BranchServ. This is at your discretion. BranchServ then assigns a one-of-a-kind serial number to each piece of equipment, which facilitates tracking and reporting. Several other pieces of information are recorded at this time, such as date of installation, make, model and warranty for any new or existing equipment installations. The database is maintained by BranchServ, and the company will leverage reports and service histories to provide regular equipment updates and make appropriate recommendations to your financial institution.
And when an immediate equipment problem needs addressing, the BranchServ Resource Operations Center (ROC) will be able to quickly identify the targeted repair and trigger a warranty check before dispatching service.
Asset Tagging with Site Assets is the intelligence you need to keep your FI performing like a well-oiled machine. Contact us today to learn more.