As people's expectation continuously increase, banks need to offer a great customer experience, both online and offline. In this article, I'll explain how you can improve the customer experience by managing your queues. Over the last decade, the nature of banking has evolved. Today, much of the traditional interactions and transactions occur online. Although much handled online, physical bank offices are still relevant as customers prefer personalized service when dealing with more complex products and services.
I'm convinced that increased online usage affects the customer's overall expectations. Whether they are managing their finances online or offline, for private or business, time is crucial. They will always compare their offline experience with how time-efficient and effortless the online experience is. When visiting a physical bank, customers expect a time-efficient, personal and smooth experience.
Unfortunately, not all branches have changed to meet the customer's evolved expectations. Some still struggle with long queues and waiting times. If you haven't prioritized the waiting experience yet, it's critical to get started. In times when customers no longer are impressed by tellers or upscale interior design; I firmly believe all banks need to offer a frictionless customer experience, both online and offline.
Customer experience is the new challenge for banks
Today it's easier than ever before to switch bank; therefore, it's essential to be relevant throughout the entire customer experience. Customers select a new bank or leave their current one because of the service quality at all interactions. If the customer has a lousy waiting experience during their bank visit, he or she is more likely to have a poor perception of your bank.
However, striving for an instant service experience is traditionally very expensive as it requires too many employees on hand. So, the question is; how can you improve efficiency and quality of service without increasing the cost too much?
How to improve the customer experience in banks
A common reason why banks are dealing with long waiting lines is that many still rely on analog systems. In other words, customers are immediately placed in a physical queue to wait for their turn. With this approach, the waiting time will be determined by how many employees are serving the customers.
My experience is that the solution for improving the customer experience in a physical bank is to invest in a queue management system - or customer journey management system as we like to call the more complex solutions, but let's stick to the term queue management system for now. A queue management system is software with a set of tools that helps banks to monitor, plan, and manage a customer's entire visit from pre-arrival to post-serving and can include both online and offline interactions.
The benefits of a queue management system in banks
By investing in a queue management system, you can streamline the customer flow to increase occupancy and lower the cost per transaction.
Below are some examples of what banks have achieved with a queue management system:
- Reduced staffing needs by 32%
- Productivity gains in the face-to-face sales team of 21%
- Better use of staff during less busy periods
- Customer waiting times reduced by 19%
- Sales increase by 8%
Learn more about queue management systems and customer experience management in retail banking
Remember that the wrong queue management system can be worse than having no solution at all. Therefore, when you are considering a new system, you must have a thorough understanding of what you are searching for. These days, virtual queuing queue management systems are the much-preferred solutions as they offer a greater advantage for service providers and customers.
If you want to learn more about customer experience management systems and how they improve cross-selling and upselling opportunities in retail banking, you can download our Retail Banking Guide.