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4 min read
Diversifying Branch Experiences for Stronger Returns
With over 10 million members and operations expanding outside of the United States, even the largest U.S. credit union has had to change its diversification strategies to meet the needs and requirements set by COVID-19. From mobile banking to customer journey management, implementing new tools to make the banking experience straightforward, safe, and more accessible for both members and employees has been high priority. One aspect remains the same: the in-person banking experience isn’t to be neglected.
While digital practices have proven important to maintain accessibility, we have learned that for banks and credit unions there is still high value in having a great personal connection with your customers and members. Expanding your in-person banking experiences can keep consumers’ and employees’ health and safety top of mind, while improving efficiencies, and building personal connections. We have identified the top reasons to diversify branch operations while maintaining elements of personal connection with their audiences.
Why Diversify?
The largest and most successful financial institutions are focusing on integrating technology into their branches but aren’t losing the element of human connection. Here’s why:
- Generate More Efficiency. Providing diversification with technology is a way to create and improve your member’s and employee’s efficiency while being within the four walls of your organization. Cut those unnecessary elements that lack efficiency, like long queue lines and disruption of workflow for employees, leaving them unable to build positive member interactions.
- Create a Safer Environment. Now in 2021, the health and safety of employees and members of your branch is the priority. Reduce surface touching and create safer social distancing practices throughout your organization to keep employee and members’ health in mind.
What to do?
- Implement a Mix of Channels. Even with digital options available, such as mobile banking, consumers are still consistently coming into branches. Whether it is to deposit cash, open new accounts, or even get advice from branch employees, people always cherish and expect in-person experiences. Strike a balance between important personal interactions while giving them tools to access transactions that they don’t mind doing themselves.
- Blend Human and Digital. Adopt digital experiences that make branch interactions more essential. Building systems or implementing new digital technologies into your branch can keep that human interaction strong while being COVID safe. Leverage digital to enhance the experience, not become the experience.
- Maintain Consumer-Focus. If we didn’t learn anything else in 2020, we have learned that the consumer experience is crucial to surviving the rebirth and reopening of in-person banking. Keeping that strong relationship between consumers and your branch is essential to maintain trust, connection, and dependability.
How to do it?
Coinstar for Financial Can Help.
Everyday, we create coin programs that put people first. Our fully-managed coin programs convert coin operations into opportunities for your branch network, while keeping personnel and consumers safe. Here are ways Coinstar for Financial’s technology-driven tools bolster in-person banking:
- Anthony Kiosk. Our Anthony kiosk is the most technologically advanced self-service coin kiosk on the market today. Our “Big Green Machine’s” sophisticated older brother can help bridge the gap between technology and human connection to improve your branch strategies with diversification. Features and benefits include:
- Coin-to-Deposit – Consumers can quickly and safely deposit their coins directly into their checking accounts. Eliminating the interactions between the teller and consumer will reduce unnecessary handling of coins for employees, shorten your teller line, and streamline the branch experience for your members.
- Save Staff Time – Our fully managed program takes care of your coin logistics and maintenance needs. We understand that every interaction with your audience matters. We reduce the number of distractions of managing a DIY coin management process behind the counter so your team and refocus on service.
- Maintenance Monitoring and Service. With unexpected twists and turns happening every day at your branch, have your Anthony kiosks be consistent. It uses wireless technology to stay connected to your support team members back at Coinstar, providing health monitoring and user support to keep your kiosk up and running. This will improve the branch experience by having a reliable tool always available.