How Do You Reinvent The In-Branch Experience?
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The Challenge You Face
Credit union leaders today are challenged with rethinking their branch models to balance operational efficiency and member satisfaction.
Traditional in-branch experiences often result in long wait times for members, even when additional teller staff is deployed. This frustration can harm member satisfaction scores and leaves credit unions grappling with how to offer quicker, more convenient service.
At the same time, credit unions are expected to maintain the personal, advisory service that sets them apart from larger financial institutions. With the rise of digital banking, there’s an opportunity to leverage technology to handle routine transactions, but the challenge remains in how to ensure that technology complements—not replaces—the human touch.
The key challenge for credit union leaders is finding ways to free up branch employees from handling repetitive, transactional tasks, so they can focus on more complex, consultative interactions that provide real value to members.
What Credit Union Leaders Are Doing
“Our branch employees... are by far our most valuable asset, and we choose to allocate that asset to not doing things that are rote process that a machine is perfectly capable of doing.” - Mina Worthington
Mina Worthington, CEO of Solarity Credit Union , tackled the issue of long wait times and member dissatisfaction by reimagining the traditional branch model.
Her approach involved removing tellers from the equation and replacing them with smart ATMs, which handle routine transactions like deposits, withdrawals, and loan payments.
This "tellerless" model allows members to complete these everyday tasks more efficiently while freeing up branch employees to focus on consultative roles, providing deeper value to members through personalized financial advice and problem-solving.
“The average transaction per hour for a human teller was 17 transactions an hour... but you can't scale it for during the busy times... you can do that with technology.” - Becky Reed
Becky Reed faced similar challenges and adopted a technology-driven approach to improve operational efficiency while enhancing member service.
Like Mina, Becky moved towards a more tech-enabled branch model, with an emphasis on using smart ATMs and digital services to handle routine tasks. Becky’s approach also focused on ensuring staff were well-trained to handle complex member issues, where human interaction is necessary.
Key Takeaways
? Leverage Technology To Eliminate Routine Tasks
Implementing smart ATMs or similar technologies allows members to handle basic transactions like deposits, withdrawals, and payments independently. This not only reduces wait times but also enhances the overall member experience by providing a faster, more efficient way to manage day-to-day banking tasks.
? Free Up Staff For Consultative Roles
By automating routine processes, branch employees can focus on more complex and valuable interactions, such as providing financial advice, solving member issues, or uncovering deeper financial needs. This shift helps create a more personalized and meaningful experience for members, which builds stronger relationships and drives member satisfaction.
? Improve Both Member & Employee Satisfaction
Employees who are freed from the pressure of processing long lines of transactions can engage more deeply with members and find greater satisfaction in their work. When staff are tasked with meaningful conversations rather than repetitive transactions, both employee engagement and member satisfaction improve.
? Capitalize On Behavioral Shifts
During the pandemic, many members became more comfortable using digital tools and self-service options. Credit unions can capitalize on this shift by continuing to promote these technologies, ensuring members have the convenience of completing routine tasks quickly while reserving face-to-face interactions for more complex needs.
? Create a Competitive Advantage With Technology
Credit unions that adopt a tech-driven approach can position themselves ahead of competitors. By offering a seamless blend of efficiency through technology and personalized service from staff, they provide a compelling reason for members to choose them over traditional banks or other credit unions.
? Balance Efficiency With Human Touch
While technology handles routine tasks efficiently, it’s critical to ensure that when members need human assistance, employees are well-trained and prepared to help with complex issues. This balance ensures that technology enhances member service without sacrificing the personal, consultative support that members value.
Other Topics From The Episode
?? The Impact Of Fee Elimination
?? Looking 90 Years Into The Future Of Credit Unions
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