Workforce Management technology a must for true branch banking transformation?
While globally, consumer banks are focusing on transforming their digital channels (online, mobile); the branch channel would continue playing a crucial role. Branches would remain an important channel for banks to connect with their key customers, provide bespoke advice, and drive the bank's revenue and customer satisfaction. Although; to reap the maximum benefit, the future banks' branches need to be digitally transformed and have stronger multi-channel integration.
In years to come, the branches of proactive banks would offer a combination of state-of-the-art lounges equipped with Wi-Fi, Social features, digital queuing system and display, self-service kiosks, tablets for the customer-facing staff, video conferencing capabilities, kiosks and smart ATMs, video-tellers and many other innovative digital capabilities.
Amidst all these, a bank's branch transformation would still be incomplete without a robust technology-enabled Workforce Management solution. Workforce Management solution can provide a bank competitive advantage through the enablement of an integrated central staffing for the bank's branch, customer support center, call center, back-office operations etc. After all, for any organization, optimally engaged and skilled employees are its most valuable resource.
Why Workforce Management solution?
At a minimum, by using robust Workforce Management solution a bank can:
- Efficiently forecast, plan, and schedule branch, call center and other back-office staffing requirements. Scheduling preferences and self-scheduling capabilities can also be enabled. The bank would be able to plan the deployment of staff in optimal numbers, at the right place and at right time.
- Reduce wait-time by minimizing under or over-scheduling of staff.
- Revise its staffing forecasts and staff performance goals in real-time, based upon the staff-related KPIs. The staffing forecast would automatically consider historic staff performance data, workload information, as well as staff experience and skills attributes.
- Reduce staff absenteeism costs, excess over-time, or leave liability.
- Enhance staff satisfaction; with scheduling based on a staff preferences and availability, especially for the part-time staff.
- Achieve cost and efficiency optimization with "shared" staff that can be deployed across any of the branches in the region, depending on the workload forecast.
- Consistently enforce all workforce related policies.
- Release branch managers' time by automating human resource management and administrative activities with the Workforce Management solution. Managers can now focus on more strategic activities like liaising and up selling to high value customers, and growing the bank's business.
More capable and advanced Workforce Management solutions can further help a bank in:
- Staff coaching: Enabling robust workflow for staff coaching assignment, delivery, and tracking with individual evaluation and KPI scores generation.
- eLearning: Providing automated training, delivered at the staff desktop at optimally planned times. This helps to keep staff continually updated on their evolving skill requirements, bank's processes, products, new regulatory requirements, and other relevant information.
- Performance visibility: The unified solution can enable end-to-end visibility on staff work and processes. Branch managers would have a deeper understanding of their staff performance. Standardized frameworks for efficiently managing and improving the team and individual staff performance can be enabled. The solution can also aid in identifying training and execution issues. The customizable role-based staff scorecards and the predefined KPIs would aid staff in judging their performance against their goals.
- Desktop Analytics capabilities of the solution can help the bank monitor and enhance its staff performance with the capture and measurement of their desktop application activities. Objective visibility into the staff's work performance at their desktop would be provided. Real-time guidance to staff can be delivered, as needed.
- Identity management capabilities of the solution would help identify fraudulent callers to branch/call center. Customer-staff interaction security would also be enhanced.
- Quality Management is enabled through secure capture, encryption, and archival of staff calls and screen interactions. The archives can be easily searched and replayed for liability protection, compliance, analysis, and general quality management. Efficient selection and evaluation of a large numbers of customer-staff interactions across numerous touch points can also be enabled.
What are your views on the role of a Workforce Management technology solution in the transformation of a bank's branch? I am keen on hearing your thoughts.