Branch Experience Basics: Defeating the Distrupters
Importance of a positive in-branch experience
As financial institutions change their primary focus from cost efficiency to delivering an improved customer banking experience, this change of direction has resulted in measurable gains. According to many industry reports, these gains are significant. In its recent report, McKinsey stated: “US retail banks with better customer experience are growing deposits faster.” The deposit growth reported for the top-rated group in terms of customer experience [CX} was 5.9% CAGR, this compared to only 3.2% for the low-performing quartile.
In its report, In Search of Customers Who Love Their Bank, Bain states that banks with high loyalty scores outperform their counterparts by a wide margin, with respect to net interest income of 13% growth versus 6%. Presumably, loyalty is a direct byproduct of delivering a unique and outstanding CX over time.
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TCR Supplier Selection - Beyond Feeds and Speeds
When it comes to selecting potential suppliers, the discussions typically move quickly to the things that are most easily measured, like operating speeds, feed characteristics, unique hardware features and of course, price. While all these factors are an important part of any technology decision, there are also more important factors that should be carefully considered.
As the Global Market Leader in teller cash recycler (TCR) deployments worldwide with decades of experience in cash automation technologies, Glory recommends that Financial Institutions look beyond the surface of speeds and feeds to what matters most to their long-term success initiatives. Let’s call these high impact factors needs, deeds and seeds.
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Teller Cash Recyclers - Don't Major in the Minors
Within the context of the ongoing discussions about branch transformation, initial conversations most often revolve around strategies for improved CX, branch staffing, delivery processes, and physical facilities. Inevitably, decisions related to currently available technologies also come into the picture at some point with the goal of supporting the various decisions made about CX staffing, processes and facilities. One of those technologies often being considered is the Teller Cash Recycler or TCR.
The challenge now becomes, how should a financial institution proceed with the technology review and selection process? Assuming the goal is generally about selecting the appropriate TCR technology that supports the organization’s overall strategy, provides a high-quality customer experience, and delivers a sound business case, this is an incredibly tall order!
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