In today's digital economies, the greatest banking possibilities depend on inventions and innovations. Banks can no longer funnel clients to particular channels but all, as the now the focus is on creating enhanced customer experiences.
FREMONT, CA: The banking industry adapts to the digital disturbance that has radically altered other sectors like retail and media. But the impact of communications commoditization, processing power, and storage—more commonly known as the web and the cloud—will also affect finance, which is inevitable and unstoppable.
Customer experience is a prime factor to be emphasized. Three clear regions that can best affect retail technology and automation include agile staffing models, enhanced employee scheduling flexibility, and simplified branch duties and operations that do not involve a client directly. Branches will improve the productivity of employees by optimizing staffing. Retailers adopting workforce management solutions, predict peak traffic times, and use machine learning to deploy shop partners effectively. Other pain points that these alternatives alleviate in a branch may include predicting what-if scenarios, ensuring compliance with ever-changing labor laws, and supporting branch experts. Benefits include increased sales, increased labor expenses versus manual scheduling, and increased client satisfaction.
Using all non-customer branch tasks, requests, and follow-up actions on a dashboard, managers, and employees on the same platform are managing their schedules, working time, and attendance. This allows forecasters and executives to correctly identify the resources required to optimize branch staffing for these non-customer demands and to audit their effect. This data can be used to drive modifications in the kinds, quantity, priority and time assigned to these non-customer duties: enhancing the effectiveness of non-customer operations and enabling peers to devote more time to real customer interactions.
The banking industry, driven by innovation, is at the cusp of transformational change. If the stable economy takes a downturn over the next several years, the timing could be remarkably prescient, or flat out fortunate. Banking officials are responsible for deciding which angle will define their strategic view. It's evident that the status quo no longer works for many incumbents—but it's also becoming progressively apparent that the correct way forward begins with a focus on excellent client experiences, developers building those experiences, and instruments that empower those developers.
Check out: Retail Tech Insights