Banking has been going through changes, and while the pandemic has certainly sped up the rate of progress, it’s been going on for years. With limited hours and staff and new customer expectations, now is the perfect time to update, upgrade, digitize and automate your branches.
The changing times have not only forced banks and Credit Unions to re-approach how they interact with their customers, but it has also helped forge a new age in digital tools, and high-tech, self-sufficient services such as mobile banking and direct transactions with services like PayPal and Venmo. Even with this digital shift, branch locations still sit at the epicenter of personal banking.
Interactive vs interactions.
Reduced foot traffic and smaller staff sizes from the pandemic have caused a ripple effect in financial institutions. Necessity has pushed banking even further into the digital realm, providing a less personal but more efficient standard of transaction. The challenge is bridging the gap between interactive and interaction; it’s that personal interaction that makes the biggest difference and builds the strongest relationships.
While mobile and online solutions for quick transactions are becoming the more commonly preferred method, consumers still prefer to interact in person at a branch for more substantial banking needs.
Update and automate.
Upgrading your approach to banking helps employees focus on more important and personal interactions with their customers. Smaller shift sizes mean there’s more to do with fewer people available.
There are a number of ways a branch can create a seamless experience between online, in person, and app banking. Adding Interactive Teller Machines (ITMs) provide the basic features of an ATM plus the ability to video conference with a virtual teller, who can complete any transaction via the ITM. Teller cash recyclers (TCRs) are another way to upgrade tech to benefit your staff. Elimination of the extra steps involved in cash counting provides a faster and smoother experience for consumers while relieving pressure from tellers.
Even self-service kiosks for banking and coin counting often require maintenance and service when staff could be better allocating their time and engaging with customers. Updating your machines to a service like Coinstar Financial relieves the burdens that often go hand in hand with similar kiosks allowing staff to help customers rather than emptying machines, transporting heavy loads of coins and performing necessary routine maintenance.
Partnering with companies like Coinstar Financial also means your services are automated and up to date with trends and customer demands, like direct deposit and crypto options that would otherwise require multiple steps and resources.
What about the old, outdated equipment?
Updating and replacing equipment and kiosks can be an expensive process. While the long-term investment of such improvements becomes apparent in time, the immediate costs can be daunting. Many banks and credit unions are depreciating their old machines to relieve the initial costs of updates.
Are you considering an upgrade? Coinstar Financial can help you depreciate your old machines and upgrade for a more modern approach to banking. Contact a Coinstar expert today to learn more about how you can create an omnichannel approach to banking.