How to Improve Bank Branch Efficiency
Retail banking has changed a lot over the last few decades, due chiefly to advances in technology. A considerable amount of banking transactions can now be accomplished online via apps or websites, which minimizes the trips your average customer has to make to your branches. This has caused FIs to rethink the whole concept of what a bank branch should be.
What’s come to be known as “branch transformation” is the process of revolutionizing the branch experience to meet the needs and expectations of today’s customer. The goals of bank transformation generally are:
- Cut wait times and improve customer flow
- Maximize employee efficiency
- Modernize your interior space
Read on, as the experts from Hyosung America explain how to achieve these important goals.
Install the Latest ATMs
New, cutting-edge ATMs are an integral part of digital branch transformation solutions. New ATMs offer features like:
- Denomination selection
- Multi-check deposits
- Video-assisted teller transactions
This limits machine downtime, while increasing the amount of transactions your customers can perform. By moving transaction volume from the teller line to the ATM, you’ll cut wait times and improve the flow of walk-in traffic, while freeing up your employees to focus on jobs that require an individual touch.
Upgrade Your Software Infrastructure
Of course, new hardware needs to communicate with your FI’s digital architecture. This is why back-end software is a key part of branch transformation technology. The latest software solutions offer core integration that can perform a wide variety of transactions, monitor ATM health, and provide customer assistance in real time.
Highly secure, easy to implement, and user-friendly for your employees, branch transformation software is essential to any modern bank.
Rethink Your Physical Space
The focus is usually on branch transformation technology when it comes to reinventing your banking experience. After all, it’s the advances in ATM and software technology that have the most promise when it comes to maximizing employee efficiency and cutting wait times. That being said, you shouldn’t overlook the interior design of your branch.
Some banks might want to completely renovate and unveil a strikingly contemporary look. Banks in grandiose old buildings might want to play up their history in the community. Either way, you need to create an interior space that feels inviting and comfortable, with a design that steers customers towards your ATMs. Ideally, you won’t need to reserve as much space for the teller line, which means you can repurpose it as a lounge area or even a cafe.
Adapt and Thrive
Though their role is changing, bank branches are still a vital part of the banking ecosystem. By transforming your branch into a state-of-the-art banking center, you can operate efficiently while continuing to attract new business, even as many transactions shift online.
If you’re interested in hardware and/or software branch transformation solutions, contact Hyosung America today. Our products are deployed in thousands of banks across the globe and have earned a reputation for reliability, security, and ease of implementation.