Non-banking industries like hospitality and travel are deploying futuristic technologies and processes to enhance their service experiences every day — conditioning consumers with higher face-to-face service expectations. When these other industries ‘raise the service bar’, it puts a spotlight on the service shortcomings of increasingly aging branch banking practices.
Innovative approaches to improve branch sales and productivity effectiveness have been implemented across a varied landscape of non-financial organizations as well. Unfortunately, most financial institutions stay in the herd when it comes to technology adoption and process improvement. With a whole world full of great ideas and best practices spread throughout other industries, it’s a series of missed opportunities that banking can’t ignore.
Ten strategies from non-banking industries that financial institutions can consider implementing to improve sales, service and productivity at the branch level include:
- Beacon Technology
- Facial Recognition Software
- Heat Map Technology
- 3D Augmented Reality
- Business Process Management
- Recommended Product Engines
- Highly Trained Staff Deployment
- Tabletop Tablet Solutions
- Preferred Customer Programs
- Appointment Setting Technology