By Keith Hamilton | March 28, 2018
Globally, organizations are embracing digital transformation at an increasing rate. In part because of the proven benefits it offers that early adopters tout, but mostly because digitizing every part of our businesses has become the new standard. From a parochial view, when our industry peers and competitors are moving to digitize their entire businesses, transforming the way they operate (favorable to both costs and income impacts) in the process, transforming your business becomes operationally imperative. Banks and credit unions are included in this branch transformation initiative.
Many retail banking and credit union leaders are just beginning to participate in branch transformation initiatives. For some, bank branch transformation is becoming an operational imperative in response to intense competitive pressures waged by big banks and revolutionary leaders of smaller institutions, who began innovating years ago and are experiencing success.
What do these revolutionary leaders know that others, who take a “wait-and-see” position, don’t? They have a perfect understanding of what branch transformation is about for both short-term viability, long-term sustainability, and relevance of their institution:
It’s all about the data.
These leaders began with the end in mind – asking themselves, ”At the end of this project, what do we want our branches to be for our customer and for this institution? In five years and in 10 years?”.
Answers to the current project will be clear. However, answers for the long term are impossible to answer now because technology and this digital world of ours will continue to change things at an increasing rate – including customer preferences! The art and science behind digital transformation and enabling a branch of the future rests in the ability to respond to changing customer preferences. Making decisions about how to best serve customers now and in the future are made possible with data.
In a recent study*, Gartner, Inc. predicts that by 2019, the analytics output of business users with self-service capabilities will surpass that of professional data scientists. Translation: the rapid advancement of AI (artificial intelligence) and other smart data will enable “non-specialists to perform effective analysis to better inform their decision making." *
Three trends emerging for in-branch self-service banking that yield quality data:
Digital transformation initiatives that include in-branch self-service banking have the best opportunity to be successful when they deliver on desired branch objectives today – convenience-oriented customer experiences, optimized operating costs and increased income, for example, and, deliver quality data from digitized transactions that will inform future decisions based on customer preferences and behaviors.
To learn how to integrate self-service banking into your branch transformation initiatives, reach out to Source Technologies today!
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