IN MUSIC, HARMONY IS DEFINED AS “THE SIMULTANEOUS COMBINATION OF TONES, ESPECIALLY WHEN BLENDED INTO CHORDS PLEASING TO THE EAR.”

As new, potentially game-changing, technologies continue to emerge in the banking industry, it becomes more and more difficult to determine which will best help a particular bank or credit union exceed their retail delivery expectations.

A common theme in banking is that customer and member “self-service”, through online banking, mobile, and ATM channels, is changing the role of traditional bank branches from transaction hub to financial service center. Estimates vary, but there is general consensus that 50% of transactions conducted in branches 10 years ago are now conducted through self-service channels. This shift is very attractive for FIs, as it can result in dramatic operational cost savings. According to some estimates, it is up to 95% less expensive to process deposits digitally than through a traditional teller.

All this adds up to less staff requirement for high volume transaction processing, freeing employees for customer engagement on more complex financial needs or in problem resolution matters. This is a timely shift of role: studies also show that customers strongly prefer and expect face-to-face engagement in these types of situations. Per Accenture’s North America Consumer Digital Banking Survey, “87% of consumers will use their branches in the future – and want human interaction when they go there.”

 As an industry leader in branch automation solutions, Glory has worked with hundreds of financial institutions in thousands of branches of all sizes and types, and we are happy to bring this experience to you by sharing insights to help you sort through the confusing array of technology options for transforming branch delivery.