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There’s no shortage of startups in the financial services industry. Whether they’re online-only financial institutions or diversified financial services companies that are using the Web to expand into new markets, these competitive threats are pressuring established financial institutions to hold onto their traditional customers and develop their own growth plans.
Fortunately, financial institutions have a unique advantage that even the most aggressive online insurgents can’t overcome: the exceptional customer service and high-touch relationships made possible by professionals in their branch financial institutions. These essential eyes and ears in local markets can turn customer service into a competitive differentiator.
Branch employees can provide in-depth knowledge into each transaction; this knowledge can help reduce errors, exceptions and delays in everything from processing loans and credit-card applications to opening new accounts.
Digital solutions conquer paper challenges
The challenge for financial institutions is how to support branch workers with the information they need about customers and service offerings to fulfil this important role. Many bank information-management systems, however, fall short of giving branch workers the tools they need to succeed.
For example, opening a new account at a branch bank typically starts when a customer completes a paper-based application. Many financial institutions still require those forms to be physically transported from branches to headquarters to complete the process. Industry research organisation InfoTrends estimates that only about 18 per cent of financial institutions currently scan images of new-account applications directly into backend electronic systems.
New business opportunities
It’s clear that manual processes similarly plague information collection for loans. With inefficient, manual processes like these, workers have less time to devote to high-quality customer service — and human error is more likely to creep into bank activities.
Modernising manual, paper-based bank processes offers other incentives, too, such as the closer contact between branch workers and customers it enables. This interaction creates more chances to uncover upselling and cross-selling opportunities that can accelerate business growth. In addition, the operational efficiencies made possible by the latest information-management solutions reduce costs. And automated checklists can reduce errors and omissions by flagging cases when branch personnel try to submit incomplete paperwork.
Choose the right solutions
There’s a lot for financial institutions to like about the latest information-management systems, but what do managers need to look for to turn branch personnel into customer-service all-stars? These characteristics distinguish industry-leading solutions:
Gain a competitive advantage
Financial institutions are facing unprecedented pressure to keep valuable customers and cultivate new ones. Branch workers offer unique value for improving customer service and uncovering business opportunities. With the right information-management solution in place, financial institutions can fully exploit the power of their branches and remain a step ahead of the competition.
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
Nick Green Director at Purple Patch Broking Ltd
22 August
Oleg Stefanet Chief Risk Officer at payabl.
20 August
Venkatesh P Co-Founder and Director at Maveric Systems
19 August
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