Employee engagement can be a powerful business performance tool. A well-defined employee engagement effort enables banks to deliver excellent customer service.
FREMONT, CA: What makes a company successful? Is it better products, services, strategies, technologies, or, a better cost structure? Indeed, all of these contribute to superior performance, but one thing that creates a sustainable competitive advantage in the workforce is the workforce of the company. When it comes to banking, the employees who are engaged significantly outperform those who are not involved. In the fight for competitive advantage where employees are the differentiators, engaged employees are the ultimate goal for banks today. Improving employee engagement in banking is daunting, but management and executives should see it as an opportunity to make their workforce more productive without having to increase their budget. Here is a list of top ways banks can improve employee engagement, productivity, and ultimately profits, without putting a significant dent in the company's wallet.
• Upgrading the IT Infrastructure
Many banks have segmented IT infrastructure, essentially giving each department their own system. This causes problems in omni-channel banking, as employees cannot start a transaction in one channel and pick it up in another. This can be solved by moving to cloud technology that will allow employees to communicate and access the necessary data. Making an upgrade to IT infrastructure is not easy and often leaves banks IT team feeling overwhelmed and facing resource issues. By using third-party solution providers, who can take on everything, from strategy to implementation, can give employees peace of mind and more time to focus on other internal initiatives.
• Training Employees to Serve Customers
Beyond technology, creating an effective, tailored customer experience is as good as the people behind it. To be successful, banking leadership must ensure all teams are communicating with each other, and that everyone has a clear understanding of the customer journey. Fortunately, banks today understand t
his trend and prioritize seamless and personalized experiences across multiple channels. For any customer experience strategy to be successful, employees should be trained to serve customers.
• Standardizing Data Collection and Management
Banks have readily available data all the time, and with more digital tools, banks are able to collect more data through different sources. With the current situation, each department has its own way of collecting data, and this data cannot be shared or viewed across departments. Creating standards and directives for how data should be used, along with implementing the right technology can empower employees with the power to provide the service customer needs. Creating a 360-degree view of the banks' customers through the use of customer analytics can come to help.
• Automating Back Office Processes
Digital banking is here, and now banks have the opportunity to look at ways to automate their processes to save time, money, and keep up with the emerging fintech. Digital transformation can improve the workforce by automating processes and removing employees from repetitive tasks, which will allow them to focus on being turned towards customers. The overall motto of the modern-day bank should be' the best back office is no back office.' Automation will streamline processes, significantly reducing the amount of time and cost required to handle standard transactions too.
Breaking down the silos and creating an employee-friendly culture within banks can help in meeting customer expectations and succeed in today's competitive market. Companies that effectively engage their employees are proven to be more profitable. By starting with the focus areas mentioned above, banks can begin to create a plan to move to a more customer-centric model, which has improved employee engagement. This will allow for strategic growth.
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