We all know the retail banking landscape has changed dramatically in the last decade, even over the last few years. With new banking apps, many of the most frequent transactions can be accomplished from just about anywhere. An increasingly cashless world means depositing and withdrawing funds isn’t always a top priority for consumers.
So how do physical bank branches remain relevant in these times? With a smart branch transformation strategy, the banking experience can evolve to meet the needs and expectations of today’s customers. The experts at Hyosung America have outlined a few ways retail banks are investing in branch transformation. Read on and learn how you can update your branch experience.
The Latest Banking Hardware
First and foremost, the latest hardware is very important. Branch transformation support starts with machines that can perform a variety of transactions that previously required a trip to the teller’s line. The latest models offer video screens that allow for teller-assisted transactions, as well as cash recycling features that reduce the time and labor of cash handling. Cash recyclers for tellers use cassettes that are compatible with the newest ATMs, which also allows machines to be refilled quickly. The aim of all these innovations is to get customers in and out faster than ever before. Reduced wait times means an improved experience for everyone.
Core Integration Is Key
In most cases, you are going to need updated software for your branch transformation system to function properly. Software from companies like Hyosung America will allow your FI to communicate in real time with the hardware in your branch, as well as remote ATMs and banking apps. From monitoring the health of an ATM to making sure your customer’s transfers are quickly processed, this software is the backbone of modern banking.
A Talented and Adaptable Workforce
Even with all this information-age technology, your employees are still the heart of your bank. A modernized banking experience can offer different challenges for your workforce, so it’s important to train them for this new environment. Acting in an advisory role with video-assisted kiosks, a teller can multitask with multiple customer interactions at once. Employees need to be adaptable and knowledgeable about the newest tech. Thankfully, the latest software and hardware is more user friendly than ever before, for both customers and your workers.
A Redesign of Your Physical Space
Many banks are redesigning their branch’s interior space. With more room for ATMs and less need for a long teller line, a smart redesign can lead incoming customers to an ATM or video-assisted kiosk before they head to the teller line. Some banks are also reinvesting in their lounge areas, sometimes even adding coffee shops and offering wifi. A sleek contemporary look lets your customers know that your FI is changing with the times.
Work With a Leading Innovator
Branch transformation can be a confusing and expensive project, so it pays to work with a company that knows how to make transforming the banking experience simple, quick, and understandable. Hyosung America is a global leader in branch transformation technology. We have the knowhow, software, and hardware that will help your FI meet the needs of today’s customers. Contact us today for more information.