Today’s bank branch is evolving. As consumer behaviour changes in the wake of new fintech, branch managers and COOs have been noticing changes in how people use branches. Today’s customer is more likely to come in with a question or concern than to make a deposit.
This has led to changes in the focus of the bank branch, as well as changes to the ways they operate. Many bank COOs find themselves wondering how to improve operational efficiency.
Technology can be a solution, but even as machines help automate certain tasks, they create new obligations and new risks. They also bring other costs with them. You may find yourself sourcing parts from one provider, purchasing a maintenance plan from another, and calling a third company to get same-day service or ship your peripherals to and from your branch.
If this sounds like your branch operations, you should know there’s a better way. Here are the top six reasons to invest in all-branch service.
1. All-Branch Service Streamlines Costs
The first reason any bank COO should consider all-branch service is cost.
As the number of peripherals in use has expanded and the devices themselves have become more complex, the number of companies you work with to provide comprehensive service has likely expanded as well.
This might lead to hidden costs, extra fees, and more. Delays, downtime, and more also add up and eat into your budget. Even something as simple as working with two different shipping companies for moving devices around can increase your costs.
At a time when bank branches are under increasing pressure to perform, streamlining your costs with all-branch service just makes sense.
2. Simplifying Operations
Another advantage of all-branch service is how it simplifies operations. Need to find new bank equipment? You know who to call. The same team will also come in to provide training for your employees and preventive maintenance for your machines.
Not only does this improve costs, it also increases uptime and productivity. In turn, you’ll be able to deliver better, more consistent customer service.
3. Increased Security
When you work with multiple vendors to deliver your bank equipment services, you increase the number of touch points for every one of your peripherals. What happens if your PIN pads fall into the wrong hands?
Working with a single vendor to provide end-to-end service resolves this issue. You know who has your devices, and you can hold them accountable for anything that happens. In an age when data breaches are increasingly front-page news, any improvement to security is good news for bank branch COOs.
4. All-Branch Service Scales with Ease
As you expand your branch services to meet customer expectations, you might need to expand the number of machines you have or the types of peripherals you use.
All-branch service grows with your bank. As you scale up, your vendor will keep step with you, so you can continue delivering great service to your customers.
When you work with multiple vendors, scalability is reduced. One vendor may be too small to provide expanded service, so you’ll need to find yet another partner or make a switch to a bigger company. When you invest in all-branch service, you’re investing in growth.
5. Let Someone Else Manage Assets
Asset management is important for bank branches, but it’s also one of the more time-intensive tasks in branch operations. Set your mind at ease and free up your schedule by letting the experts handle it instead.
6. Improved Device Accountability
When a single provider looks after your peripherals, you know that you can rely on those machines. When many people are handling those devices, integrity and efficacy could be compromised.
When it comes to your bank branch, you shouldn’t settle for less. Investing in all-branch service is a smarter way forward for bank COOs.
