The Social Bank: Does Technology Promote This Approach?

    Jan 30 2014

    It's no secret that people love being social. From Facebook to getting together with friends after work, interacting with others is what life is all about. Unfortunately for your bank, most people don't consider financial services to be a very social affair. However, the concept of a customer-centric banking approach that puts an emphasis on interacting with these consumers is gaining some serious traction. By optimizing your bank services via money counting machines and other technology, which then gives you the ability to devote more time to the customers who walk in the door, the opportunity to make some serious gains in revenue and profitability can become a reality at your financial institution. 

    Do Customers Still Shop for Bank Services in Person?

    While all of this sounds great, many banks fear that digital banking services will eventually put a stop to customers visiting retail bank outlets entirely. However, this misconception goes away with just a little research. While digital banking via smartphones and online services definitely has a spot in the lives of many consumers, a post on news site Business Wirehelps explain that the need for physical bank services is still going strong.

    According to this article, 78 percent of the people surveyed plan to visit their bank of choice just as often, or even more than average, over the next five years. The major reason for this continued demand for physical retail banking ties in directly to consumer comfort. When purchasing banking products, most customers prefer meeting face-to-face with an expert instead of handling these tasks on their own via digital services.

    The Benefits of Engaging Consumers

    With the continued demand for your banking services looking strong for the future, what do you have to gain from taking a customer-centric approach to handling these individuals when they walk through your front door? According to a study from research and technology firm Accenture, quite a bit actually. In this report, the firm found that putting the customer first and taking a more social approach to the banking process could lead to annual revenue growth that doubles over the course of a year.  For any bank that values profitability, that is definitely a nice stat to help give you a reason to optimize your in-store services.

    So Where Does Technology Fit In?

    The biggest problem to taking on this approach is that in-house representatives face a mountain of tasks, all while trying to engage these customers. With the help of new systems and services, like money counting machines and improved organizational software, you can free up time for these representatives to interact with the customer and optimize the banking process. Not only does this mean more chances to build connections with consumers, but it also expedites the process, giving you the ability to cut down on wait times and delays – which is another great way of building some serious goodwill with your bank members. Adding in that these tools can help cut down your operating costs just makes this type of approach even better when compared to how you currently handle in-house banking services.

    Andrea Lombardi

    Andrea Lombardi

    Andrea joined the CashTech team upon its inception in 2003. Learning the business from the ground up, she now utilizes her expertise in account management, planning, and negotiation while managing the daily operations of CashTech’s sales, marketing, and logistics departments. Andrea holds a bachelor’s degree from the University of Western Ontario. She enjoys travelling and has a passion for personal fitness, including obtaining her kettlebell certification. Andrea lives in Toronto with her husband and two young sons.

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