How do you increase customer satisfaction and loyalty with new technology? What new technologies can you offer to gain new customers and increase current customer’s loyalty?
Today’s fast paced environment and desire for instant gratification through self-service models has led to the explosive growth of the digital channels, in particular mobile, and continued speculation that the growth of these channels might diminish the need for brick-and-mortar bank branches. In many countries we have seen financial institutions reduce the size of their branch network in favour of automated channels. Since 2010, year-over-year percentage change in number of branches at FDIC-insured institutions in the United States varied between -0.3% and -1.6%. Similar trends are being seen around the globe, including the United Kingdom, a market among the lowest branch densities, and continuing to shed branches at the rate of ~2% annually.
It is important to note that while the number of branches has declined, their overall importance has not. In fact, Aite Group believes with the right strategy and use of technology, the branch channel is more important than ever. The branch of the future includes bankers walking around with tablets, kiosks, and workstations for customer self?service and video banking. The ability to meet these new requirements and adhere to the more demanding expectations of clients and client experience are central to a FI’s future success.
Remote Deposit Capture is quickly becoming a norm, with many consumers and businesses turning to RDC as a primary connection with their financial institution. Many banks are in the midst of transforming their branch model to one that is more efficient, often introducing a greater reliance on self-service technologies. Many institutions are planning to allocate branch teller expense to the Business Unit owning the “offending” accounts based on their in-branch activity. This new charge-back is creating a financial benefit to move these “offending customers” to remote deposit capture.
With bank transformation comes change, view our webinar with Aite to learn more about how these changes affect new banking and remote deposit capture technologies.