Modified Containers fix Slacking CX in Banking
May 3, 2016
We can all agree, if any industry is looking at the numbers and costs associated with running a business, it’s banks. That’s why, to the untrained eye, digital platforms seem like the Holy Grail. When compared with the cost to build, staff, and run a traditional branch, banking and financial management applications save billions. Sadly, the push to get customers out of branches and onto their devices has caused a major rift. Consumers are no longer developing personal relationships with their banks and credit unions, and that’s a problem. Here’s why:
Digital isn’t working the way it should
According to an article from The Financial Brand (see here), “A massive study gauging consumers’ wants, behaviors, and attitudes about banks shows there is a stark gap with the experience retail financial institutions are delivering. The survey, fielded by TimeTrade, examined the banking habits and perceptions of more than 1,000 banking customers in the U.S.
74% of respondents said they still visit banks at least five times a year. 43% of consumers report they visit their branch more than 10 times a year, while 31% visit their branch five to nine times a year.
People like conducting many banking activities online, but not everything… especially when the digital experience doesn’t meet their expectations. When asked, “What are the reasons you abandon online banking forms such as loan applications?” 45% of banking consumers rank security concerns as the top reason, followed by “I find I want expertise from a live banking associate” (32%), and “I am not sure if I am choosing the right options” (24%).”
The financial landscape is going mobile, but retail banking clients still want personal interactions. Over 80% of financial customers still prefer in-person interactions for opening accounts and applying for loans.
So, if the majority of your revenue-generating customers demand in-person interactions, a detached digital platform may not be saving you as much as you think.
Banks think they’re personal, but what do consumers say?
In the same survey referenced by The Financial Brand, more than half of respondents do not feel as though they have a relationship or connection with any staff at their local bank branch. And still, banking executives are ranking their personalized experience as “excellent.”
Customers have come to expect impeccable multichannel and omnichannel connectivity. They want to receive more personal interactions and more tailored offerings based on their individual pain points. And, to hit the point out of the park, the institutions that engage on a deeper level have much higher acquisition and retention rates, translating to more profits.
A modified solution?
We’ve proven that our containers offer more than face-to-face interactions and experiences that facilitate your buyer’s journey. We also offer the cost-saving benefits associated with speed to market, high-quality builds, and versatility and mobility.
Our consumer and retail banking units are built to be mobile and moved easily without sacrificing structural integrity, finishes, and equipment. Rather than having to build a new branch with traditional methods, our mobile branches may be moved from one site to another at your digression.
We incorporate Six Sigma, lean manufacturing processes, and a quality control and assurance program that translates to the highest quality product built to code. The utilization of our processes and systems means branches can be fully operational 30%-50% faster than a traditional stick build.
For more information about our consumer banking options, fill out our contact form.