Catering to the Branch vs. the Online Consumer
By Blake Dickens
Every person does things a little different! I may like going to the mall to shop and you may like the convenience of shopping online for everything. There are some people that must see, touch, try on, sit on or smell what they are buying and others that say the convenience of the internet far outweighs the hassle of traffic, parking and long lines.
Whatever type of person you are, the stores realize that they must have both avenues and they must work to make each avenue of retail a great experience for the consumer. This holds true in the world of financial institutions. In a fast pace society, banks and credit unions must find ways to keep both the branch goers and the online bankers happy. Although the internet is growing, there will always be a need for branches.
There are many people who still want to see the money change hands or sign the papers they need to sign. They also want to walk in, open an account, and walk out without standing in line or waiting for hours. What is your first impression to your consumers? Do you have long lines? Do you have a long, manual account opening process? Or is your first impression to the consumer quick and convenient giving them a great first impression and leaving them with a great feeling when they leave you? Automation of your account opening process within the branch can give your consumers the first class feeling as they leave your branch. Daily, we run into FI’s that tell us that they must re-key the consumer’s information into different databases, sometimes up to 5 times. They tell us their backend processing of applications can take hours, and they say they just don’t have time to build relationships because when they are finished, the consumer is ready to get out. Automation allows this process time to be cut in half and gives your branch rep time to build relationships, cross sell other products and send the consumer on their way with a smile on their face. If your branch-going consumer leaves with a smile, they will come back, open additional accounts, and have a long relationship with you. At the same time, there are other consumers who dislike branches or just don’t have the time drive to the branch. They want to use your FI on their own time, not when the doors are open 9 to 5. Online banking is present everywhere. No longer is online banking a thing of the future, it is in the present, with almost every FI utilizing this technology. So how are you going beyond online banking to create a full, convenient and fast branch, online? For those FI’s are utilizing the online avenue, the main offering is online banking, but the account opening process online is a crucial part of completing a well rounded online suite of products. It can, however, be a very cumbersome and costly feature.
Consumers go online for the convenience, but waiting 7 to 10 days to use their accounts creates an unhappy consumer and a high abandonment rate. ING first brought us the ability to open accounts online through and automated process, and some FI’s followed suit with quickly advancing technology and vast improvements from the original methods. Now, the consumer demands the ability to have a fast turnaround and expect efficient service. They will go to the institutions that give them this convenience and more.
To cater to all consumers, FI’s must look to create conveniences in every avenue. Because of the society we live in, where people are on the move, they demand great, fast service from their FI’s. Technology has given us the opportunity to get rid of the long lines, the long processing times, and the unhappy consumer. You can now make your consumers happy, no matter their method of entry into your financial family. How happy are your consumers? How much is that worth to you and how much could it be hurting your bottom line?
For more information on how uMonitor can be of assistance in keeping all your consumers happy while building up your bottom line, go to www.umonitor.com or call 1- 901-757-1212 and speak to a sales representative.
