Anyone else remember the old beer ads where people would fire back and forth, “Tastes great! Less Filling!”? When I hear financial leaders talk about mobile platforms versus branches, I see the same dynamic, debating the relative merits as if they are separate strategies.
Customers want simple, easier, secure and faster. They want what best fits into their lives. So branches AND mobile are the future, yet each has to develop greater speed and efficiencies. Even retirees have smart phones, iPads, and busy schedules. They no longer tolerate waiting in line, any more than the tech-savvy 25 year old.
In 2014, financial institutions have to work on the speed strategy because customers are going to go where banking transactions fit their lifestyle. Agility is the key.
Tellers who have to use multiple applications at once and spend time re-entering the same information on multiple windows are creating customer (and teller) transactions. IT should be looking for an overlay software product that makes this a one-entry task where the correct information is distributed to the right fields.
Tellers of today need to be trained to be more generalist than specialist and tech-savvy enough to be able to walk around self-serve branch stations in a lobby to assist with customer interaction with touch screens, tablets and kiosks. This will make the teller’s life easier while also allowing customers to operate at their own pace. This approach requires fewer employees and creates faster transactions for the customer. Everyone wins.
If I told you six people could change all four tires, clean your windshield and load 22 gallons of fuel into your car in less than 15 seconds, would you believe me? Hardly seems possible, but NASCAR pit crews have perfected the art of the pit stop to accomplish that feat repeatedly in every race. How?
They studied the process purely from a speed standpoint. What would be required to minimize the speed of processing a pit stop? Through evaluation and training they have designed the perfect pit stop. All that is left is the proper execution.
Processing a loan is time consuming and cumbersome. In many instances, files are still hand delivered, forms are still on paper, and wait time can be agonizingly slow. What does perfected loan processing look like in your organization? Are customers waiting to even see the loan officer? Is information currently available electronically in the system being reproduced by hand on paperwork? At what point is the appraiser notified? Do you have a real-time decision-making process in place? Money doesn’t want to wait and neither do your customers. Review your loan process purely from a speed standpoint. How can you make this happen faster?
Dissatisfaction is the greatest reason people change their primary financial institution. However, the pain has to be so great they are willing to go through the painful task of transferring everything over to the new place.
One of the greatest complaints I hear from business owners and consumers about transferring to a different bank or credit union is the arduous task of transferring. Between automatic bill pay, direct deposit, understanding the mobile interface, and getting comfortable with the new place, there are a lot of tentacles to remove and replace they have to be pretty upset in order to take this on.
How are you making this process fast and painless for the customer to bring a new account to you?
When financial institutions are able to maximize the speed opportunity for their customers, they may hear customers shouting, “Tastes great AND less filling…of my day.”