10 ways banks can take advantage of a universal banking system
How banks can use data and technology to turn branch tellers into customer focused sellers and advisers
Yet customers still value personalized services: according to a global study by Bain & Co, by 2024, consumers expect 61% of their banking business to be digital, with 39% to involve human assistance; research by Gartner also finds that that branch usage returned to or exceeded prepandemic levels.
VeriPark believes this consumer preference offers retail banks a real opportunity to turn their branches into new sources of value. By using a hybrid human-digital model that we call the Universal Banker, sometimes called a Relationship or Personal Banker, they can turn their tellers into advisers who can serve, solve and sell with industry best practices.
McKinsey data show that the nature of branch roles has evolved with the emphasis shifting from service to sales and from specialist to universal. Since 2017, the number of advisers and universal bankers per branch has increased by 48 percent. Thought leaders have seen this potential for years but now the rise of branch automation technology and AI-enhanced data mining makes the Universal Banker a real possibility for forward thinking organizations.
Scenario - the Universal Banker in action
Vera needs to apply for a visa for her next business trip. The embassy has asked her to provide a printed account statement for the last six months from her bank Woodgrove. Since she is going to be in town, she decides to collect the statement from her branch at lunchtime rather than wait for the post.
On her way to work, Vera sends a text to her branch requesting a printed statement for her visa application. Woodgrove quickly responds with an SMS notification that the document is ready for collection. As she walks to the branch, she gets a ‘pre-staging’ message with a mobile queue ticket.
A teller is notified when she arrives at the branch and promptly calls her ticket number. They can see all of Vera’s account details on their dashboard and notice that her ID is about to expire. They ask a series of security questions to update her ID and then then hand over the printed account statement, as requested.
At the same time, the teller asks Vera if she would like a pre-approved travel credit card and travel insurance for her trip. They are able to do this because the system ‘knows’ that Vera has applied for a visa and has prompted them to suggest suitable products that match her account profile and her travel needs. Vera is delighted with them making life so easy for her and accepts the offer.
The teller asks her if she would like to read the pre-populated application form on their tablet or receive a mobile version through DocuSign. Vera opts to digitally sign the form on the teller’s tablet after which they then promptly print the credit card in the branch while she waits, so saving her another trip into town. As she leaves the branch, she receives a ‘Welcome’ SMS advising her of special offers at selected locations when she uses her travel credit card during her trip.
In short, Vera visited her bank branch to collect a printed account statement but ended up with a range of high-value transactions, including travel insurance, updating her ID, and obtaining a pre-approved travel credit card, all conveniently facilitated by the Universal Banker system.
10 ways banks can take advantage of a universal banking system
- Upskill tellers from transaction focused administrators to customer experience professionals
- Strengthen customer relationships by making their bank branch their Primary Financial Institution (PFI)
- Provide tellers with a single customer view and real-time data insights for personalized advice
- Empower employees to advise on and sell multiple products and services, including loans and insurance
- Enable employees to identify new business opportunities with personal and commercial customers
- Increase cross-selling opportunities that maximize profitability when interacting with customers
- Improve employee satisfaction, motivation and productivity by making their work more rewarding
- Direct customers to specific departments or specialists if necessary, so minimizing contact points
- Provide customers with a seamless in-branch and mobile digital banking experience, including integrated chatbots, voice-to-text transcription, e-forms, digital signatures, biometric palm identification, SMS approvals, and other information technology that streamlines services
- Enhance their customer acquisition, retention, and cross selling strategies by providing all customers with appropriate, personalized, and timely guidance.
Putting the customer first
Essentially, universal banking enables customers to manage virtually all their finances through a single point of contact that combines digital efficiency with human empathy. As well as getting the financial products and personal advice they need, banks can reward them with benefits and discounts. This combination of service and recognition helps improve customer satisfaction and reduce account churn.
That human interaction is particularly useful when selling complex high-margin and long-life products, such as retirement planning and mortgages, where customers typically value personalized reassurance. Their desire to talk to a real person also creates the opportunity for their universal banker to identify gaps in their financial portfolio. Thanks to the latest technology, including AI powered integrated systems, employees can now do this more efficiently, so lowering costs and boosting their productivity.
At all times, we work with our banking clients to implement a customer first strategy, powered by the latest digital applications and information technology. Thanks to our integrated VeriBranch Branch Automation solution, customers only ever need tell their story once – after which it is visible at every point of contact with their bank. As a result, your entire team can be more flexible and productive and better able to meet the specific needs of individual customers.
Contact us today to see how VeriBranch Branch Automation can turn your tellers into Universal Bankers.
