It's no secret that the banking world is incredibly competitive. A few percentage points in growth can be the difference between making a name for your financial institution and being lumped in with the pack. Branch transformation refers to the process of upgrading your current infrastructure to make the branch environment more efficient, and allow for more banking options at the touch of a button.
The goal is twofold; first, to increase the profitability of existing customers, and secondly, to attract new customers and accounts. The experts at Hyosung America have broken down the process into five steps to help you leverage branch transformation for your company.
Branch transformation and automation go hand in hand, so it’s extremely important to have hardware that can handle a variety of different transactions and use types. The good news is, the latest branch transformation and automation solutions are up to the task. Features of these state-of-the-art ATMs include cash recycling to limit downtime, large video screens that allow for assisted self-service, and core integration, which lets your customers perform many transactions that once required a trip to the teller’s window.
New hardware is a must, but you’ll also need the software to make sure every piece of technology is communicating in real time. Branch transformation software from companies like Hyosung America is easy to use on both the front and back end, offers your customer many transaction options, and is designed to be ultra-secure. Technology such as ActiveTeller can allow one person to remotely operate several terminals. The right combination of hardware and software can significantly lower your branch operating costs.
The layout of your bank is a key part of branch transformation. Ideally, you want to make it intuitive for your customers to choose self-service first. Moving people in and out of your branch more efficiently means the line for your tellers will take up less space. This means you’ll have more room for a sit-down waiting area, offices, or additional ATMs.
Once you’ve made changes to your branch’s hardware, software, and physical space, you need to let people know. It’s usually more cost-effective to maximize profit from existing customers than it is to draw in new ones, but a good marketing campaign can do both. You can lure new customers with the promise of a streamlined banking experience, and offer new financial services to current account holders at the touch of a button.
Even branches moving toward more automated services need well-trained, friendly, and dedicated employees to run them. Once a team is up-to-date on the latest tech and software, your bank will be able to operate efficiently and maximize profit. Though the prospect of transforming a branch can seem daunting, new software and hardware are designed to be easy to use for both customers and bank employees.
There are a lot of new ATM hardware and software options on the market right now, and figuring out what’s best for your FI can be difficult. Contact a representative at Hyosung America if you have any questions. We can assess your current needs and recommend a branch transformation approach that will meet your requirements and budget.