How Financial Institutions Can Meet Their Clients At The Intersection of Technology and Relationship Banking
When it comes to banking, financial institutions have mostly followed similar service models with little or no differentiation between competing providers, leaving many in a race to find the critical elements to set themselves apart.
Even in today’s digitally-connected world, consumers are still demanding personal relationships with their financial provider of choice, leaving financial institutions struggling to keep up with competing consumer demands. Yet, there is still a need to grow wallet share, and cash transactions can’t be done over the phone or through digital banking.
It’s becoming clear that the winners in this new race will be those who let people choose how they conduct their banking, while still offering a personal and advisory touch. And that means branches still play a critical role, but in a much more refined way.
OUT WITH THE OLD, IN WITH THE NEW
Since 2017, branch consolidation has resulted in a 20% reduction in the number of physical locations. During this same time branch roles have shifted from service to sales and from teller to universal associate. However, even with a 48% average increase in the number of universal associates or advisors, in-branch sales per staff member have declined by 25% (McKinsey).
So, what’s driving this disparity?
Today’s consumers don’t want to bank with a provider with "cash-register style” branch experiences, outdated technology, and lackluster service; they want retail-friendly banking that allows them to do their transactions when, where, and how they want. Many financial institutions want to make this move but feel it’s an all-or-nothing approach, especially when adding self-service to branches.
So, how can they bridge the gap between traditional branches and the technologically-advanced branches of the future while still adding a personal touch that differentiates from competitors?
One answer is GENIX and NOMADIX.
TURN SELF-SERVICE INTO ASSISTED OR FULL SERVICE
GENIX and NOMADIX are a revolutionary solution set that powers the retail-friendly Universal Associate model by enabling multi-option experiences from anywhere in the branch.
Unlike other self-service options like ITMs and ATMs, GENIX is a unique software solution that integrates kiosks directly into banking cores, allowing for full transaction capabilities and real-time access to funds. When paired with NOMADIX, a core-integrated associate tablet interface, self-service transactions can turn into assisted or full-service experiences with a well-versed, advisory associate that can provide help from the palm of their hand.
This fluid pairing provides a versatility that allows transactions to move between the client and associate without having to log in and out of accounts or move to workstations, all while removing the cold interactions of digital barriers and enabling associates to connect with their clients on a more personal level.
With GENIX / NOMADIX, transactions can be queued up from any workstation in the branch – including the tablet – and completed at any cash transaction point. This means associates can spend more time engaging with their clients and proactively recommending products and services that help grow that vital wallet share.
THE BEST OF BOTH WORLDS
As the financial industry continues to evolve, changing consumer needs will determine how various banking channels will be impacted and which channels, if any, may become obsolete in the future. With GENIX and NOMADIX, financial institutions have the luxury of catering to a wide demographic of client needs through both self-service and personal interaction and with the power to introduce new service models gradually.
Contact us today to learn how CFM’s GENIX and NOMADIX can help your financial institution meet its clients at the intersection of technology and relationship-driven banking.