Branch Banking: How to Improve Customer Experience
Branches thrive because customers still visit the branch to carry out high value transactions, purchase complex products and seek financial advice. And they continue to enjoy the regular patronage of senior customers and others lacking tech-savvy.
But here comes the flip side. In the same survey, with the exception of respondents from North America, less than half the participants from other regions said that the two main channels provided positive usage experiences. This is cause for concern, because it is well known that poor service is a major contributor to customer churn.
With branches continuing to be as important as they are, banks need to take various steps to improve the quality of in-branch service and experience. Some of these are listed below:
• Improve branch-to-customer communication by providing information in a transparent and simple manner. Also, communicate key information, such as that pertaining to changes in regulations and procedures, quickly and regularly to branch staff.
• Provide functional as well as soft skills training. Rotate employees on the job, enabling them to gain cross-functional experience.
• Reduce customer transaction/waiting time by eliminating unnecessary procedures, introducing technology and redesigning branches for smoother workflow.
• Shift focus from transactions to customer relationships by focusing on customer needs.
• Offer innovative products and services in line with customer expectations.
• Establish customer retention as a branch KPI.
Not that banks aren't trying. Many have made significant progress in their branch transformation endeavors. For example, a large U.K. financial institution has introduced a feedback gathering device and information display screens within its branches, and improved customer satisfaction by 25%. A Singapore bank has integrated marketing, sales, services, channels and core banking to enable service staff with a unified customer view to improve the quality of each interaction.
Do you know of other banks, which have launched innovative measures to revamp their branches? Do tell.
http://www.hindu.com/biz/2004/01/26/stories/2004012600051600.htm
http://www.bai.org/bankingstrategies/marketing-and-sales/marketing-and-promotion/customer-engagement-model-for-branch-banking
But here comes the flip side. In the same survey, with the exception of respondents from North America, less than half the participants from other regions said that the two main channels provided positive usage experiences. This is cause for concern, because it is well known that poor service is a major contributor to customer churn.
With branches continuing to be as important as they are, banks need to take various steps to improve the quality of in-branch service and experience. Some of these are listed below:
• Improve branch-to-customer communication by providing information in a transparent and simple manner. Also, communicate key information, such as that pertaining to changes in regulations and procedures, quickly and regularly to branch staff.
• Provide functional as well as soft skills training. Rotate employees on the job, enabling them to gain cross-functional experience.
• Reduce customer transaction/waiting time by eliminating unnecessary procedures, introducing technology and redesigning branches for smoother workflow.
• Shift focus from transactions to customer relationships by focusing on customer needs.
• Offer innovative products and services in line with customer expectations.
• Establish customer retention as a branch KPI.
Not that banks aren't trying. Many have made significant progress in their branch transformation endeavors. For example, a large U.K. financial institution has introduced a feedback gathering device and information display screens within its branches, and improved customer satisfaction by 25%. A Singapore bank has integrated marketing, sales, services, channels and core banking to enable service staff with a unified customer view to improve the quality of each interaction.
Do you know of other banks, which have launched innovative measures to revamp their branches? Do tell.
http://www.hindu.com/biz/2004/01/26/stories/2004012600051600.htm
http://www.bai.org/bankingstrategies/marketing-and-sales/marketing-and-promotion/customer-engagement-model-for-branch-banking
