Retail branch operations
Management can take several steps to drive efficiency and lower operating costs in the retail distribution channel. One way is by evaluating and closing low-performing offices with limited upside market potential or locations that are too close to other offices.
Management also can reconfigure roles, duties and staff within physical branches by combining teller and platform roles to increase operating flexibility. Teller transactions have fallen substantially over the past decade as digital transactions increased, but customers still expect access to fast and effective human services when they need it.
Inbound calls is another task that can contribute to inefficiencies and poor service. Sending general inbound calls to a call center allows branch personnel to focus on walk-ins, existing customers who have direct dial numbers and outbound call programs. However, weak contact management systems can contribute to an inability to track and monitor inbound call resolution between call centers and support departments.
A growing number of banks are fully automating new deposit account opening, taking advantage of electronic forms and signature features now available with most core and retail platforms. Another area ripe for adaptation is automating wire transfer processing, direct from the retail banking system to the wire processing system.
Executives should especially consider automating services that enhance staff productivity, freeing up branch staff to make outbound calls and improve the face-to-face experience with walk-in customers.