Technology is Affecting Financial Institutions
For more than a decade, many branches have been adapting to new technology to cater to a larger demographic, especially the younger tech savvy generations. The global pandemic heavily impacted the need for an omnichannel user experience from the smallest community institutions to the largest corporations.
Many financial institutions are relying on digital technology to maintain regular communication through self-service, consumer-centric technology hubs complete with digital signage, interactive kiosks, iPads, highly customizable video walls, interactive teller machines (ITMs), and other banking technology.
APPEALING TO ALL CONSUMERS
While technology plays a key role in today’s branch office, it is still crucial to create an appropriate mix of digital and traditional options to appeal to all types of consumers. Branches need to have the right digital technology for tech savvy customers tapered with more traditional alternatives for those who aren’t as comfortable with technology. For example, interactive kiosks can also provide an option to print brochures or product information. This feature multiplies its effectiveness by both satisfying the needs of the tech savvy user without compromising quality of service for the more traditional client.
Consumer Expectations – Users want easy, fast, and on-demand service, even when it comes to banking. The pandemic increased the number of people strictly utilizing online banking by 30%, but more than half are still visiting branches and expecting technology. Finding the right balance in integrating adaptable technology can help bring new consumers in, as well as keep current clients satisfied.
Create a Positive User Experience – With the increased desire for information to be delivered in real time, integrating technology can help visually and efficiently display services and products, and create an interactive and engaging environment.
Incorporating digital technology allows flexibility that creates a personalized user experience based off their comfort level. For example, iPads can display informative sales-driven content about products and services but they can also be used by staff to demonstrate how to navigate online banking to customers.
Cost Savings – In branches, digitalization has become the number one call to action for cost reduction. Technology helps eliminate time consuming and paper-based processes, provides self-service selection, and helps reduce traditional marketing costs. Integrating technology into your office plan can help enhance overall performance and profitability.
Consumer experience is key to your success. Employees are key in helping clients embrace the technology and adapt to self-service environments. Financial Institutions need to better educate their employees on how to use the technology as a tool to enhance the user experience. A properly trained staff can help reduce costs by being more efficient, causing less user errors, and creating an overall positive experience that keeps clients coming back.
HOW TO GET STARTED
There is no doubt that digital technology is driving every facet of the world in which we live. Since 2012, PWCampbell has helped successfully integrate technology into a multitude of financial institutions. If you are just getting started with a digital strategy in branch or if you already have some technology implemented, let’s talk. From single branch pilot installations to full rollouts across your entire retail network, we are, hands down, best in class.