NOVEMBER 22, 2017, Mississauga, ON – Results from J.D. Power Canadian Retail Banking Satisfaction Study indicate that while banks have made customer satisfaction strides with mobile banking, other channels, such as the branch, have seen satisfaction decline. To thrive in today’s market, says J.D. Power, banks must adopt a multi-channel approach that promotes consistent customer satisfaction.
Cummins Allison, the leading innovator and provider of coin, currency and cheque processing technology explains how banks can leverage customer-centric technology and outside partnerships to reboot the in-branch experience, increase customer satisfaction and drive product innovation.
Deliver a Better In-Branch Customer Experience & Increase Customer Satisfaction
According to J.D. Power, “banks need to maintain focus on the traditional foundations of the banking experience.” Technology plays a vital role in helping banks deliver an enhanced experience at the traditional branch. For example, when branches shift away from high-volume, time-consuming transactions, they can make banking smoother, faster and simpler in addition to reallocating resources to more consultative services to better support customers.
Self-service coin machines allow branches to automate or eliminate manual coin-handling procedures while processing more coin in less time. Through automation, the branch benefits from increased traffic and improved teller efficiencies, while customers benefit from an improved experience.
Self-service coin counting services fill a unique and powerful role in helping to build customer satisfaction by reducing in-branch wait times, a major cause of frustration. By providing a self-service option, tellers no longer have to spend time in the back-office counting coin since customers can perform this task themselves. And customers have a faster, more meaningful exchange with tellers when they cash-in their coin redemption receipts.
These more meaningful exchanges can have a major impact on overall customer satisfaction. As noted in the J.D. Power study, overall satisfaction scores were 83 points higher among customer who were greeted at the branch entrance and 63 points higher among those whose teller addressed them by name.
Place a Priority on Innovation
Product and service innovation can also impact customer satisfaction. By working closely with vendors that place a high value on R&D and maintain strong patent portfolios, banks put themselves in a position to reap the rewards of their vendors’ innovation and meet the needs of their customers.
Vendors that place an emphasis on financial service innovation feature large teams of engineers that are continually looking to develop the next big breakthrough, while also enhancing current products to offer more features or make them more durable and efficient. By doing so, these partners help banks stay ahead of the market and ensure that solutions developed are in line with the issues being faced by their branches.
As banks rethink their branch strategy, technology investment should be a critical part of the decision-making process. To learn more about you can improve branch productivity and improve customer satisfaction, visit www.cumminsallison.ca/go/automation.
About Cummins Allison
Cummins Allison is the leading innovator and provider of currency, coin and cheque handling solutions.
Our world-class sales and service network includes hundreds of local representatives in more than 50 offices in North America, 6 wholly-owned subsidiaries and is represented in more than 70 countries around the world. For more information about our award-winning solutions, visit www.cumminsallison.ca.
Carol Moore – Vice President Marketing
Outlook Marketing Services, Inc.