MISSISSAUGA, Ontario--(BUSINESS WIRE)--One of the defining characteristics of the banking industry this year is the fact that the growth of digital technology has had a profound impact on the branch experience. As more organizations offer tools that make it easier for individuals to remotely access basic services, many banks may wonder whether a physical presence in local communities even matters anymore.
However, as recent studies confirm, the branch is not dead yet. In fact, a majority of bank customers expect to visit their branch just as often – or even more frequently – in five years’ time1; the key is finding an effective way to adapt to these new industry trends.
Cummins Allison, the leading innovator of coin, currency and cheque processing technology, explains how investing in customer-facing technology, such as self-service coin counters, is crucial as retail bank branches plan for success in 2014.
Find the Right Balance for a True Omnichannel Experience
Contrary to what many may believe; the answer to recent developments in digital technology doesn’t mean gradual closure of the in-person branch. Banks have a better chance at increasing revenue by creating a dynamic, integrated experience across all channels; which will lead to greater success in the long run.
For this reason, Celent Research predicts that North American banks’ IT spending will grow to $59.5 billion in 2014, and much of that growth will be in retail banking, with focus on enhancements to the user experience and omnichannel sales and service endeavors.2
Improve the In-Branch Experience
As banks focus on achieving a true omnichannel experience, it’s critical that they offer solutions which drive more foot traffic into their local branches. For example, offering access to self-service coin counting machines can be an effective way to target non-customers and promote valuable interactions with current customers, as well as drive cross-selling opportunities. And, once they are inside the bank, customers are also more likely to become interested in additional services.
Streamline the Customer Experience
Simplicity is an important concept in the financial services industry. Money is often a complicated issue, and the more banks are able to make certain tasks easier, the more likely it is they will be able to retain customers for longer periods of time.
To succeed in 2014, banks must be careful not to ignore the impact the branch can have on customer satisfaction levels. Self-service coin counters can serve as the backbone of these branch-based initiatives.
1 A Critical Balancing Act: US Retail Banking in the Digital Era; Accenture, November 2013
2 IT Spending in Banking: North American Perspective; Celent, January 2014
About Cummins Allison
Cummins Allison is a global leader in developing solutions that quickly and efficiently count, sort and authenticate currency, cheques and coin. Our leadership in technology and product innovation spans more than 125 years. Cummins Allison serves the majority of financial institutions worldwide, as well as leading organizations in retail, gaming, law enforcement and government. Ninety-seven percent of our customers would recommend our products and services. The company holds more than 350 patents and invests double the industry average in R&D. Our world-class sales and service network includes hundreds of local representatives in more than 50 offices in North America, wholly-owned subsidiaries in Canada, the United Kingdom, Germany, France, Ireland and Australia and is represented in more than 70 countries around the world. For more information, visit www.cumminsallison.ca.