Banking on the customer experience in-branch (Part 2)

Taking a customer-centric approach, requires banks to be aware of common customer pain points and put measures in place to tackle them.

Banking on the customer experience in-branch (Part 2)

Waiting times either for a self-service system or a member of staff still have the biggest negative impact on net promoter scores. This problem has been highlighted in another recent study, that identified that whilst the average queue length in a branch is four people, in the busiest 20% of branches, queues average 12 people with wait times over 10 minutes.

Better use and application of technology is therefore critically important in addressing this particular customer pain point. Enabling people to perform an increasingly wide range of self-service tasks, like depositing money, can reduce queue times and free up staff to deal with more personalised customer requests. Our study found that many people are extremely positive about the potential impact of new technologies, with 51 per cent agreeing that it will help them conduct transactions more quickly in a bank branch, making them feel more satisfied as a customer.

Indeed, consumers are positive about embracing self-service technology as part of their in-branch experience, finding it easy and convenient to use. Nearly eight-in-ten people (79%) agree that technology will play an increasingly important role in bank branches in the future. Customers also recognise the security value in new technology, with half of respondents (50%) believing that innovations such as thumb print recognition, voice recognition or retinal scanning will make them feel more secure.

However balancing transaction migration to self-service with availability of staff remains critical. This gives customers the choice of personal engagement as well as self-service. After all, while technology is seen as an enabler for multiple transactions, 62% of people also wanted to have members of staff available to discuss financial matters.

Identifying new opportunities to engage

Financial institutions have a perfect opportunity to utilise the data they hold on customers and digital transformation to boost the customer experience. This requires having an open mind about new technology investments, which are regularly proven as being key to unlocking new levels of customer engagement.

Failure to respond to customer demands and changes in habits could potentially mean losing out to competitors who choose to put customer needs at the heart of their strategies. In-branch technology has an important role to play here, and it’s clear that consumers are increasingly comfortable and confident with it. We look forward to seeing more banks continue to innovate, and embrace new forms of technology, to truly put their customers first.