The results of the 2021 American Consumer Satisfaction Index (ACSI), a respected national survey of over 15,000 consumers, confirmed what some financial institutions have feared: A shift in consumer expectations resulting from digital banking/efficiencies taking precedence over good ol’ fashioned, friendly, face-to-face customer service. A trend accelerated by a global pandemic and more easily navigated by financial institutions with deeper pockets to invest in digital delivery. Which begs the question: how do banks, both large and small, keep pace with this trend? It’s not the service that has changed, but rather how “consumer satisfaction” is defined in the current financial services landscape. But, with change comes opportunity. So, it’s time to adapt, adjust, and give consumers the gift of innovation in 2022. Capitalizing on this trend means modernized self-service approaches, digitizing your branch strategy, re-allocating manpower and capital, and leveraging relationships to position yourself to keep pace with the digital consumer. Going Phygital — Bridging the Physical and Digital Gap Although the definition of consumer satisfaction may be changing, areas such as helpfulness of staff and speed of transaction in the branch are still key performance indicators used in the study. The rise of digital banking has heightened consumer demand for self-service leading to a simultaneous increase in the popularity of interactive ATMs, better known as ITMs. This adoption creates an opportunity for banks, particularly those with a culture rooted in strong customer service, to capitalize on those strengths while modernizing their service approach. How? ITMs significantly increase the number of transaction types a consumer can perform at the kiosk and provides them with the option of on-demand video chat with a banking expert. The flexibility of ITMs bridges the gap between strong customer service and the self-service convenience consumers crave through an efficient, personalized solution that maintains the human element. Digital Branch Transformation With branch visits remaining low either due to consumer choice or local market laws as the pandemic continues, banks are transforming into 24/7 capable self-service zones by adopting the necessary software and hardware required to achieve digital branch transformation or “smart branches.” They use a design that flips the traditional branch model ratio with the majority of floor space dedicated to 24/7 automated service machines. Leading the charge for branch transformation are coreconnected ITMs capable of advanced transactions that allow consumers to access all of their accounts, open a new account, cash checks to the penny, pay on a loan, issue bank check or money orders, etc., all with the option of assistance from a remote teller. This smart branch approach provides account holders with convenience and efficiency while allowing banks to extend branch hours Meeting Consumer Expectations in the “Digital Banking Era” By Joe Woods, SVP Director of Sales & Marketing Dolphin Debit Access coloradobankers.org 8
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