ALPAHARETTA, Ga.—Credit unions looking to give their offices a lift in traffic and service should consider branch appointment software, says one branch performance expert.
Branch appointment software lets account holders schedule appointments using the FI’s website or mobile app.
“After countless hours of research, planning and deliberation, senior management teams at financial institutions have begun to implement their 2016 strategies,” said Chad Davis, SVP of marketing at FMSI. “There is no doubt many initiatives and investments were carefully considered in the latter half of 2015 and some did not make the cut. One new and innovative process or technology that likely did not even come up at many FIs during these critical strategy sessions is the use of branch appointment software.”
From Sprint To Starbucks
From Sprint stores to Starbucks locations, the retail landscape is integrating mobile technology that is not only completely changing the customer experience, but is also improving efficiency while increasing sales, noted Davis.
“While a small percentage of banks, including Bank of America, have rolled out branch appointment software, the vast majority of FIs still rely on a more traditional branch visitation process—their account holders simply walking into the branch to start their interactions,” Davis said.
Davis explained that the scheduling software modernizes how account holders engage with the branch, raises an FI’s tech-savvy image, and pulls in those who typically would avoid the branch to have valuable face-to-face interactions.
“Due to long wait times, FMSI estimates as many as 6% of all lobby interactions at the branch result in account holders, or potentially new account holders, leaving without ever speaking with a branch employee,” explained Davis. “Furthermore, assist times can be doubled—or even worse, completely ineffective—when account holders are speaking with employees who have the wrong skill set to address their needs.”
No More Waiting
Branch appointment software all but eliminates long wait times and inadequate staff interactions by knowing each employee’s availability and skill sets, and then facilitating a meeting with the right staff at the right time, said Davis.
“This more efficient, technology-driven account holder branch interaction approach can lead to better service, increased sales and an improvement in staff productivity,” said Davis.
Chad Davis, FMSI
Davis said the right application of technology can be a significant competitive advantage, especially as it relates to eliminating disruptive and “sometimes downright grueling” service experiences, like waiting in long lines or talking with representatives who have inadequate knowledge or experience.
“Word of this helpful technology will spread quickly in the market, and soon consumers will likely come to expect access to appointment setting technology at all FIs,” asserted Davis. “Implementing an appointment solution technology in 2016 can help to establish your brand as tech-savvy, giving you a leg up to the competition.”
Star One
As an example, Davis said that FMSI’s branch appointment solution has been well received by members at the $7.7-billion Star One CU in Sunnyvale, Calif., which implemented the tool in mid-2015.
“When a branch is busy, employees at Star One approach members standing and waiting in a crowded office, say they have appointment booking software, and that they can set up a meeting with them tomorrow at their convenience. ‘Will that work for you instead of waiting in a busy lobby?’ is a question members have responded to favorably,” said Davis.
As many reports have shown, mobile and online technology are cutting back on the need to visit the branch—quantified in the year-over-year declines in branch transactions, as reported in the 2015 FMSI Teller Line Study.
“Regardless of this steady trend, the fact remains that face-to-face interactions for many financial service products remain to be the most effective sales approach in securing new business,” said Davis. “However, the big obstacle still stands in the way of maximizing the benefit of these face-to-face interactions—getting consumers to actually visit your branch.”
‘Missing Link’
Davis added that the appointment software can be the “missing technology link” to connect digitally driven consumers with the branch, therefore increasing branch traffic.
“By integrating appointment buttons in your mobile apps and other places online, like digital ads or your website, consumers can be presented with a seamless and hassle-free option to set up and experience in-person interactions,” he said.
In addition to driving more traffic to the branch, the service also provides an automated back-end process that ensures coordination between staff and account holders happens appropriately—while providing text and e-mail notifications to all the parties involved.
“Additionally, robust reporting features track and measure these interactions, providing management teams with valuable information,” said Davis.
As senior management teams gauge the success of their planned 2016 initiatives throughout the year, they are likely to see varied results in many strategic areas, noted Davis. “With the many branch investments made in 2016, perhaps it is worth comparing productivity, sales and service improvements with the proposed potential lifts branch appointment software provide.”