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Creating a Universal Experience

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Creating a Universal Experience CREATING A UNIVERSAL EXPERIENCE EMPOWERING THE UNIVERSAL BANKER IN THE BRANCH ENVIRONMENT ADRENALINE WHITE PAPER SERIES T H E U N I V E R S A L EXPERIENCE PART 1 DEFINING THE UNIVERSAL BANKER THE INFORMATION AND INTERNET REVOLUTION HAS TRANSFORMED THE TASKS OF EVERYDAY LIFE FOR CONSUMERS ACROSS THE GLOBE. Today, people can have same-day packages delivered at the doorstep, crowd-source information from restaurant reviews to traffic conditions, unlock the car from a phone, track burned calories while sleeping or instantly stream favorite shows on cable-less TVs in a single click. While this level of user convenience and customization is unparalleled in human history, the new landscape has brought many distinct challenges to all of the service industries, especially those in the financial space. Customer 4 CREATING A UNIVERSAL EXPERIENCE Service Lending MEET THE Risk/Compliance Online/ U N I V E R S A L Mobile Guru BANKER A CROSS-TRAINED, Tech Support SWISS-ARMY KNIFE, SUPER-EMPLOYEE Banking Sales While the concept of the Universal Banker is not new, it has taken a long time for the banking industry BRANCHES REMAIN KEY to catch up to their customers’ demands for a high- CONSIDERATIONS IN CONSUMERS’ touch, high-tech experience. Gone are the days CHOICE OF BANK when we set aside a lunch hour to “go to the bank.” We conduct our financial tasks around the clock Fg. 1: REASONS CONSUMERS SELECTED from nearly anywhere — at a restaurant, in line at PRIMARY OR SECONDARY BANK the movies, in the comfort of our homes — and we MAIN CHECKING 85% expect our transactions to go through securely and 11% BRANCHES NEAR HOME/WORK 55% seamlessly. 28% 46% FRIENDLY EMPLOYEES 28% In short, the days of going to a brick-and-mortar bank USE ONLINE EVERYDAY BANKING 45% and waiting in line to deposit a check or transfer funds 20% EASY EVERYDAY TRANSACTIONS 43% are headed the way of the Dodo, but we still need 21% 42% ATMS NEAR HOME/WORKPLACE a professional financial expert we can talk to face- 18% to-face when we have complex questions or want to BRANCHES OPEN CONVENIENT HOURS 33% 16% open a loan or new account. What has become clear Primary SMART/COMPETENT EMPLOYEES 33% is that inside the branch, we want a knowledgeable 21% Secondary expert to provide the same level of convenience and customization we experience in the outside world. In short, we want it all. Consumer demand for traditional branch banking services remains significant The good news for most financial institutions: branch banking isn’t dead...it’s just different. Branch location, hours and the level of service provided Fg. 2: HOW CONSUMERS CONDUCT MOST BANKING ACTIVITY are still major selection factors (Fg. 1), and 34% of customers actually still prefer the branch for most BANK BRANCH 34% of their banking activity (Fg. 2). When it comes to the most sensitive, valuable transactions — opening PHONE 4% an account, applying for a loan or receiving financial ONLINE 55% advice — the branch is by far the preferred channel MOBILE 7% (Fg. 3). And not least of all, consumers rate people just as importantly as technology, with competent branch personnel being the most important factor in Over a third of consumers still prefer branches for most of their banking selecting a primary financial institution (Fg. 4). SOURCE: Reinventing U.S. Retail Banking, Kurt Salmon/Phoenix Marketing Intl 2015 © ADRENALINE 2017, ADRENALINESHOT.COM 5 BANKING REIMAGINED The modern generation of banking consumers are comfortable using mobile devices to conduct the FUTURE OF BANKING: majority of their banking transactions, with 94% of “CLICKS AND BRICKS,” NOT people under 35 as active users of online banking. “CLICKS VS. BRICKS” While they want the ease of banking on-the-go, they still demand high-quality, customized service Fg. 3: CONSUMER CHANNEL along with that convenience. They have the luxury PREFERENCES BY BANKING ACTIVITY of brands furiously competing for their money and Branch ATM Phone Rep Online Mobile attention, so they expect and demand far more than previous generations of bank consumers. 80% 70% So, how can banks and the new breed of consumers 60% both win? Enter the Universal Banker — sometimes 50% called a universal associate, universal agent or 40% customer care representative. The universal banker is a cross-trained, “Swiss Army knife” employee 30% who can act as a teller, process loans, open and close 20% accounts, and perform most of the other functions 10% customers want from their local bank branches. 0% Since she has access to all of the customer’s data — assets, income, credit score, financial history — PAY BILLS ACCOUNT OPEN/CLOSE often, she is the only employee we need to interact CASH DEPOSIT CHECK DEPOSITSOLVE PROBLEM ACCT. BALANCE FINANCIAL ADVICEAPPLY FOR LOAN with during our visit. CASH WITHDRAWAL RESEARCH FINANCIAL Another critical function that the Universal Banker serves is as the first impression a customer gets from Consumers prefer to conduct a bank and as the key influencer — and even curator more sensitive, valuable financial — of the customer experience. When a customer transactions in person within the branch thinks about her bank, she sees the face of the friendly, knowledgeable person who assisted her, she should feel less like a number and more like a valued customer. More importantly, she should leave the branch more informed, empowered, perhaps even CUSTOMERS RATE PEOPLE JUST delighted, and ultimately glad she went in. In short, the Universal Banker is the key to creating value in AS IMPORTANT AS TECHNOLOGY the physical branch channel. Fg. 4: IMPORTANT ATTRIBUTES WHEN SELECTING A PRIMARY BANK Branch personnel are 1% 24% 75% critical in selecting COMPETENT PERSONNEL a primary financial LOW FEES & PRICING 2% 24% 74% institution ONLINE BANKING 8% 23% 69% FRIENDLY/COURTEOUS PERSONNEL 2% 32% 66% ENOUGH BRANCH PERSONNEL TO ASSIST 3% 34% 63% SHORT WAIT TIMES AT TELLER LINES 3% 36% 61% FAST & EFFICIENT BRANCHES 3% 39% 58% CONSISTENT INFORMATION ANYWHERE 4% 38% 56% Not important (1-2) Neutral (3-5) Very important (6-7) SOURCE: Reinventing U.S. Retail Banking, Kurt Salmon/Phoenix Marketing Intl 2015 6 CREATING A UNIVERSAL EXPERIENCE SHIFTING THE PARADIGM It’s no secret that branch transactions are declining, now by a rate of 6-7% per year. FSMI (a Financial Branch Performance Optimization Company) reports WHY WE NEED that transactions have declined by over 45% since 1992, while salaries and benefits have simultaneously the universal banker increased by over 84%. Thus, labor cost per transaction MORE THAN EVER has increased by 124%, and productivity, as defined by transactions processed, has decreased by nearly 18%, all resulting in the average cost per transaction doubling DATA TRENDS SINCE 1992: from $0.48 to $1.08.3 In this challenging environment, the need to enhance employees’ ability to sell and provide valuable advice has never been more critical. % decrease in branch Would you rather pay four employees to do the work of transactions five, six or even seven? Cross-trained employees with 45 expanded skillsets reduce the need for extemporaneous headcount. By training one individual for multiple roles, bank branches are able to reduce staff by as much as % increase in a third and streamline expenses with a leaner staff salaries & that is more productive and efficient. Employees are 84 benefits able to cross-sell and engage customers in valuable conversations, while servicing complex transactions and ultimately improving overall customer satisfaction. % decrease in teller UNIVERSAL BANKER BENEFITS 4 18 productivity • Reduced number of branch employees • Reduced temporary staff required for % coverage from illness, vacations, etc. increase in • Reduced cost of salary & benefits labor cost per transaction • Increased cross-sell ratio 124 • Improved employee satisfaction scores • Improved employee retention • Improved customer satisfaction scores • Improved staff ability to handle more complex transactions Outlined on the opposite page, a description of the Universal Banker position reveals its complex expectations. Capabilities range from multiple banking roles — opening new accounts, processing loans, solving issues — to cross-selling, upholding compliance and even initiating marketing programs. Responsibilities include needs-based selling and relationship management. Most important may be the character traits requiring compassion, openness and spirit. 4 Peak Performance Consulting Group, Inc., 2016 3 2013 FSMI Teller Line Study © ADRENALINE 2017, ADRENALINESHOT.COM 7 THE UNIVERSAL BANKER JOB DESCRIPTION CAPABILITIES • Easily transition between jobs and responsibilities Perform any job within the branch, including sell all business • and consumer products: – Open new accounts using needs-based selling techniques – Accept and process loan applications – Ability to act in a relationship management role – Solve operational issues • Not afraid to proactively sell • Understand and meet all regulatory compliance requirements • Initiate and support marketing programs – Ability to host branch events and educational marketing sessions • Desire to provide exceptional service • Desire to make a positive impact in people’s lives CHARACTERISTICS SKILLS • Friendliness • Retail Experience • Account Servicing • Compassion • College Degree • Video Conferencing • Openness • TCR Transactions • Tablet/Collateral-Trained • Spirit • Consultation • Loan Origination • Account Origination RESPONSIBILITIES • Open all types of consumer and business deposit and loan products • Handle the sale and set up of complex
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