Invest in a New Toolbox; and Curate its Contents Carefully

by La Macchia Group

Consumers want it all, and because competition is intense, they seldom have to settle for less. Financial institutions that use that reality as motivation to evolve vs. fuel for defeat are far better poised for growth opportunities.

While there are go-to resources and approaches that will always hold value, to stay ahead of competitive demand, it is likely your toolbox needs an upgrade. We’ve established that serving over selling is a game changer for financial institutions - but what if you took what is largely relational and backed it up with some tech tools?

Lift and Shift

By leveraging technology to streamline operations, you build efficiencies that create space and time for staff to focus on relationship-building beyond the transaction. Ever wonder how your staff spend their time, and what aspects of their work bring the most value to your consumers? Ask! Consider:

  • What tasks are your team members doing now that are not directly consumer-facing that could be done more efficiently through an investment in new or even fintech-driven tools and technologies?
  • What functions of the transaction itself could be automated without compromising the human element?
  • Is there an investment to be made in software, platforms, or web-based tools that empower your staff to be more present and attentive when interacting with individuals in-branch?

We’ve seen many financial institutions find success in offering value-added technological support that doesn’t replace human contact, but creates space to make those interactions more valuable. Examples include incorporating artificial intelligence (AI) like chat box functionality and machine learning that automatically learns insights and recognizes patterns to proactively present consumers with helpful resources based on their actions. Great examples of the practicality of this technological evolution in practice are Coastal Credit Union and Eglin Federal Credit Union. Both financial institutions have even added ITM-only branches to maximize consumer convenience.

Ready to upgrade your approach? Our team of experts is ready to help.



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