Peoria, IL; May 8, 2020 – With the current pandemic, we are all experiencing changes to our day‐to‐day reality. Hopefully sooner than later we will begin to see the return of some normalcy, but there are some things that will not and should not go back to the way they were before. A prime example is the usage of technology.
Technology that makes our lives richer, easier, and more efficient has existed for years. However, the adoption of technology has been gradual, as behavior is difficult to change while the old way of doing things is still an option. In many cases, the pandemic has taken away the old way of doing things and forced us to utilize technology. Countless people have had their first video conferencing meeting or placed their first grocery pickup or delivery order in the last month, and having cleared the initial hurdle, will inevitably continue to use those services going forward. Banking is no different. Many customers who have always gone inside a branch to do their routine banking have been surprised to find out that not only can they still do their banking with lobbies closed, but in many ways, it is actually easier.
So, what does this mean for retail banking going forward? We can expect some trends that have been coming for some time to reach their tipping point sooner than expected.
Here are a few things to expect and consider:
Now is the time to consider implementing technology. The rationale of holding off on exploring beneficial technology in order to maintain the comfortable status quo or avoid offending traditional customers is gone. The status quo no longer exists and even the most traditional customers are more open than ever to new ways of conducting business.
ATMs/ITMs – In addition to being ideal delivery channels during social distancing, drastic expansion in the capabilities of ATM/ITMs in recent years make them ideally positioned to take over a larger role than ever in the retail delivery network.
TCRs – Teller cash recyclers automate cash handling within the branches, reducing cash handling by 90%. Reducing cash handling not only provides obvious sanitary benefits in the current environment, it also enables crucial efficiency and service‐oriented staffing strategies going forward. Without some form of cash automation branches will struggle to adapt and will have the need to dedicate a level of resources focused on transactions and cash management that is unlikely to be sustainable going forward.
While we are all anxiously awaiting things to get back to normal, understanding some of the ways the new normal will be different, and beginning to plan accordingly will be crucial for success in the future.
For more information contact Welch Systems, Inc. at 1-800-322-2657 ext 285.