Finding the Balance in Branch Automation

Let’s go ahead and state the obvious: Customers are kind of important. It’s why you’re in business.

Your customer’s experience is the big differentiator that can keep you successfully thriving in the modern landscape. But that success depends heavily on evolving your retail banking processes with that experience in mind. A large part of this evolution is updating and automating your branch.

What is automation?

Long before the pandemic, automation had already become firmly rooted in most aspects of daily commerce, from pumping gas to self-checkouts lanes at most stores. Automation removes the need for human interaction for seemingly mundane tasks that can be accomplished without assistance. This level of consumer autonomy saves time and manpower, and with the continued challenges and risks brought forth with the age of Covid, it has become a necessity for public safety.

What is automation in banking? 

Banking automation is the process of mechanizing transactions within a branch of a bank or credit union, primarily through self-service technology, including coin counting kiosks and automated teller machines (ATMs). It also includes telebanking, and other virtual services that help streamline a customer’s experience.

Forms of banking automation include:

·   Bank loan applications

·   Simple deposits and withdrawals

·   Checking bank balances

·   Coin counting

·   Setting up new accounts

This sort of automation can help maintain foot traffic, while streamlining the end user experience, but it’s important to keep in mind the value of face-to-face interactions. While autonomy has fast become a normal aspect of our daily lives, customers often have more intricate needs, and questions regarding their personal finances that require more personal assistance.

Finding the balance.

While automation can decrease the volume of customers a teller might see on an average day, it increases the amount of time and quality they can spend with each customer. When simple, straightforward transactions like counting coins and making deposits or withdrawals are automated, more complex tasks that require more time and personal attention can be completed by employees. These more meaningful interactions ultimately improve the overall customer experience and build stronger relationships. This human connection is still an incredibly crucial part of a customer’s experience. Giving them the attention and help they need is, perhaps, the biggest differentiator a bank or credit union can achieve. Ultimately it’s finding the perfect balance of streamlined services and personal attention, where the automation improves the personal banking experience, rather than replacing it.

Are you ready to explore how you can bring automation into your branch? Connect you to a Coinstar expert today to learn more.