In today’s business world, innovation is truly the name of the game. From manufacturing to retail to fine dining, industries have invested tremendous amounts of money on improving work processes in an effort to deliver a better product or service to the masses. It seems as if technology is in a near constant state of advancement, moving at a speed at which Clark Kent’s alter ego himself would be hard-pressed to keep up.
Banking is most certainly no exception. Take Deutsche Bank as an example. In 2015, the multinational investment banking firm announced it was investing $1.1 billion towards various modernization efforts to become leaner and more productive both for its tens of thousands of employees and its even larger swath of clients and customers.
More recently, as reported by Forbes, Bank of America harnessed the power of AI technology by introducing its customers to Erica, a chatbot that understands voice commands and allows customers to handle transactions seamlessly through online banking. She’s paid off in a big way and customers seem to love her.
What is driving innovation?
As a banking professional, you can understand why financial institutions are so heavily invested in modernization. Consumers are constantly seeking the next big thing and are willing to make the switch to companies that put their money where their mouth is. Banking is no exception. The evolution of ATMs serves as a classic example. ATMs are every bit as popular today as they were back when they were released 50 years ago, but consumers want more from their self-service banking experience. Manufacturers are delivering. And more than three quarters of respondents in a survey conducted by ATM Marketplace say their bank’s modernization strategy, as it pertains to ATMs, is driven by these escalating consumer expectations. They are subsequently pursuing machines that are on the sharpest tip of the cutting edge.
“76% of FIs say risk mitigation is a principal motivator for remaining at the forefront of innovation.”
Of course, consumers aren’t the only ones driving modernization efforts. In a separate poll conducted by Protiviti, 76% of financial services organizations said risk mitigation was a principal motivator for remaining at the forefront of innovation.
All this being said, there comes a point at which, for lack of a better phrase, you have to dance with the one that brought you.
Financial institutions need to balance their desire for innovation with their budget, and consider legacy equipment demands as well. It often makes sense to keep physical and electronic security equipment in place, but it is subsequently imperative that banks and credit unions keep it in good working order.
BranchServ caters to legacy equipment
That’s where BranchServ comes into play. We won’t try and sell you on equipment that you don’t need, especially when you’ve spent so much on what’s already in your branches. As a leader in the financial services industry since 1999, with a customer base that tops 14,000 banks and credit union branches, we’re not beholden to any specific vendor. BranchServ is brand agnostic and focused on what specifically makes sense for your institution. We will thoroughly evaluate the equipment that you already own, assess what is needed AND what is not. We understand that with pressure on the bottom line, you need to wring every last dollar, receipt or surveillance minute out of installed devices and get the most bang for your buck. So while BranchServ may recommend some updates, we will also be prepared to service what you have.
This is true even if some of the brands you currently own no longer exist. No industry is immune to upheaval. Consider the auto industry. Studebaker, DeSoto and DeLorean were once at the top of the automotive pyramid both inside the U.S. and internationally. Now, the only place you glimpse them are at antique car shows or in classic films like “Back to the Future.”
Similarly, in the banking sector, certain brands like Mosler or LeFebure are no longer around. However, just because they’re gone doesn’t mean the fine products they built are forgotten or no longer in use by FIs. BranchServ caters even to brands that preceded us, providing the parts, updates and repair services for the equipment that you’ve come to love and have no need to replace.
In certain respects, the old saying can be true: They sure don’t make ’em quite like they used to. Here at BranchServ, we sometimes agree. See what we can do for your financial institution’s legacy equipment by contacting us today.