The untapped potential of video analytics in bank branch transformation
Given the growth in digital and mobile banking, every retail bank in the world is faced with the challenge of how to transform its network of branches. Though the number of physical bank branches in many markets across the world is reducing (though not all, it must be said) they are far from disappearing entirely. However, their role is evolving in order to serve the needs of customers young and old; those who looks for speed, efficiency and convenience; and those who value face-to-face interaction and advice.
There are many ways in which a bank can research, define and deliver the new customer experience. And a positive ‘experience’ is vital. In many ways, retail banks share more similarities with their retail cousins than ever before. Both need to seamlessly connect the online and offline customer journey, delivering an optimized brand experience at every touchpoint to meet customer expectations as well as maximizing revenue and profitability.
But while retailers have been using video analytics to optimize the in-store experience, the retail banking sector has, as yet, failed to take advantage of the potential. With many banks offering essentially the same products and services, to attract new clients and customers they need to offer stand out customer service and to reduce their operational costs they need to be as efficient as possible. Using video analytics, decision makers can learn new things about customers’ in-store behavior to improve the overall experience. Video analytics can also positively impact almost every aspect of bank branch operations, whether defining the optimal number of staff to serve the ebb and flow of customer numbers throughout the day; understanding the demographic make-up of customers at different times of the day and week; spotting and alerting staff to lengthening queues at tellers; or highlighting opportunities for dynamic displays to present specific offers and financial products.
We have created a free ebook to show you how to start using video analytics to define, optimize and measure the effectiveness of your bank branch transformation project.