To remain competitive in 2022, traditional financial institutions are seeking ways to elevate their customer experiences as alternative lenders continue to gain new customers in the business banking segment.
Banks and credit unions have proven their ability to quickly transition to online alternatives to visiting the branch over the last few years. Today, they face a new challenge. With most of the restrictions from the pandemic lifted, lenders are now deciding how to utilize their branches moving forward.
Although the way consumers choose to interact with their branches has changed, they are still turning to the branch for assistance and advice from their trusted advisors on more complex transactions, like small business loans. This provides a unique opportunity for traditional financial institutions to create a distinct competitive advantage that will be difficult for online only lenders to duplicate.
Historically, banks and credit unions have been known for the white-glove customer service they provide to their customers. In 2022, they recognize this service is no longer enough to remain competitive, but when combined with best-in-class technology, they can create an outstanding experience allowing customers to choose how they interact with the institution, whether it’s in-person, online, or both.
Implementing a strategy that combines digital and people isn’t an easy task for many financial institutions and typically requires lenders to transform the way they operate at the branch level.
Branch transformation is a concept that is top of mind for many lenders this year. Branch transformation means balancing digital and people by creating a customer experience that incorporates both technology and best-in-class customer service.
Earlier this year, we developed the Digital Transformation Curve to help financial institutions better understand where they’re at in their digital transformation journey and the steps they need to take to move to the next level.
The Digital Transformation Curve includes the following levels:
Level zero, legacy, is the starting point for every bank that’s beginning their transformation journey. Each of the following levels represent an increase in technology adoption on the path towards digital maturity.
During a recent webinar session, we surveyed our audience to find out which level of transformation they believe their institution is at today, and 91 percent of respondents reported that they’re at either level one or two. Lenders in these levels have seen efficiency gains from digital transformation and many of them are choosing to expand their use of the Numerated platform to leverage more solutions within the next 12 months.
Pairing an expanded use of the Numerated platform with their best-in-class customer service has led institutions to experience higher levels of customer satisfaction across the institution. No matter what level they are at, the balancing act between in-person customer service and technology advancements still exists.
Some of the ways lenders have successfully balanced digital and people include:
Effectively balancing the relationship between technology and people will create an invaluable competitive advantage for financial institutions allowing them to drive profitability within the branch and secure new customers in the small business segment.
To achieve this level of branch transformation, lenders need to focus on choosing the right technology partners. Banks and credit unions leveraging the Numerated platform have seen value from their investment in as few as 72 days.
Learn more about how you can get started with Numerated by registering for our upcoming webinar session where we will take you through our product roadmap for the next 12 months, here.
Can’t wait until the webinar session? Contact our team to learn more about how your institution can make business banking easy with Numerated.