Using Technology to Deliver Service

by Joseph Walent 0

The reduced frequency of financial institution branch visits by consumers is occurring throughout the banking community. As fewer of these in person impressions are taking place, it becomes imperative to ensure that when they do occur, the FI delivers a favorable outcome to the customer. The article outlines one such opportunity comparing the reissue for a lost or stolen debit card onsite at the branch to the loss of a gaming card. Similar situations in the mind of many a consumer.

The bank’s response, “We can cancel the card right now and have a rush put on a new one. Your daughter will receive the new card by express mail at the dorm in approximately four days or so.!”

Mercator Advisory Group’s view is the branch exists as a physical manifestation of the capabilities of the bank, and the article accurately portrays a situation where those capabilities are shown to be limited when compared to experiences consumers have with other service providers. Now, while a point’s play card in the example may be a bit simpler when compared to a FI-issued Debit Card (with a tip of the cap to EMV), the question the consumer will ask themselves regardless is “what good is a local branch if they cannot meet my service needs there anyway.” Consolidation of branch networks necessitates making the branches that remain truly full-service locations to fulfill and meet customer expectations.

Overview by Joseph Walent, Associate Director, Customer Interactions Advisory Service at Mercator Advisory Group

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