April 14, 2020 | HEATHER GIBBINS
How can FIs make access to cash more convenient and quicker for small-business owners during on and off hours so that it doesn’t interrupt serving their customers?
How can FIs make depositing cash and checks with instant credit more convenient for small business owners?
How can FIs make access to branch services more convenient for ALL consumers – especially in the wake of unforeseen events, which are causing some branches to temporarily close?
1. Spend as much time mapping business journeys as you have on consumer journey mapping. A lot of time is spent mapping the consumer experience journey. It is likely that at many FIs, some additional time needs to be spent on mapping the small business journey to understand where there are pain points, what is working well and where additional enhancements can be made.
2. Face it: system integration is becoming mandatory. If this is something your organization has been putting off, the time is now. Without automated and integrated backend systems, i.e. the core, teller, CRM, etc. … you can’t get a holistic view of your customers – and in this day and age, that’s what consumers expect, no matter how big or small your organization is.For small businesses and consumers, the more integrated your backend, the faster their transactions can be. You could also enable immediate credit and provide convenient access at the ATM to additional accounts, data and services typically provided in the branch or digitally. In an integrated ecosystem, self-service becomes a strategic endpoint in the overall journey of consumers and small businesses. For many of the FIs we meet with, it’s a perspective shift… it becomes something more than a “necessary evil” (I always get chuckles in meetings on that one) and limited cash dispenser; instead, it’s a critical connection point between physical and digital channels.
3. Access to multiple denominations of cash is critical. A few weeks ago, the tea shop put into place several measures to protect its employees, one of which was instituting online and pre-ordering through phone/email/text. Inevitably, they were still asked to handle cash. This is consistent with what we are seeing as far as cash deposits in self-service environments. Check deposits are down in the U.S., however, overall deposits are steady due to the increase in cash deposits. Offering small businesses and consumers access to multiple denominations in a self-service environment is critical. The ability for a small business to be able to pre-order and/or “deposit” cash at any time and with convenient pickup/drop-off could be the key to attracting new customers and retaining current ones – this could be accomplished through the use of traditional self-service devices such as ATM/ITMs or smart safes.
4. Consider how recycling could optimize your business. Given the need for access to cash, this becomes a very relevant topic especially when serving small businesses and high-traffic locations. Higher cash capacity combined with automation can also serve specialty services such as cashing checks and lottery tickets – topics we are frequently asked about when teller-lines can be over-run with what are typically purely transaction-based functions vs. value-add opportunity.
5. Meet your customers where they are, through the channel that’s most convenient for them. Although it may be transforming, the branch continues to be a vital physical endpoint. In addition, we are also seeing the value that the self-service channel can bring rise dramatically. In addition to core-system integration, solutions such as tablet and video can bring additional efficiencies and convenient services to consumers and small businesses alike. Video can allow FIs to close branch locations while still servicing customers, enhance the drive-up experience, allow a cost-effective way to test new markets, extend branch service hours and allow for face-to-face contact when the branch is unexpectedly closed.
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