Understanding bank branch performance
When fewer customers visit their bank nowadays, closing an underperforming branch has become a routine decision that banks make. But even though most routine banking tasks are being done digitally, branches still play an important role. Customers often feel a need to speak with a financial advisor in person when they want to start a new business, make plans for retirement or organize a mortgage. Banks can’t afford to maintain their branches as they currently are, but they can’t afford to close them either.
When talking about branch transformation it needs to be based on a clear understanding of customer behavior, customer profitability and experience, but also on branch performance.
Measuring branch performance in the digital era
Banks and financial institutions are competing on customer satisfaction and being good is simply not good enough; when a customer visits a branch, they want to be engaged, receive personal attention, and not have to wait around in order to be seen. Experienced leaders understand that banks need to deploy (besides good online and mobile experience) tools that also empower their front-line staff to play a more consultative role that blends digital and human interactions.
As competition is likely to intensify, following questions should be debated in facing future challenges:
- Is our transformation plan bold enough and will it increase customer satisfaction and business volume growth?
- Are we on track to deliver a superior customer experience?
- How can deployment of new technologies help to build infrastructure that can capture and harness data that allows us to benefit from scale?
Axis solutions for banks and financial institutions helps you to understand and improve branch performance with help of people counting, and queue length/occupancy video analytics. Not only can you improve branch performance based on data, but also enhance customer experience. This video shows how it can be done and might inspire you towards your transformation journey.
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