Financial Execs Weigh In: Top 10 Most Wanted Tech Upgrades
What tech elements were voted “most likely” to be added to branches? Check out the list below:
1. Cash Recycling
Coming in at No. 1 is cash recycling, ranked by 89 percent of panelists as a “highly or extremely likely” element in future branches..
For greater efficiency and effectiveness with your cash recyclers, DBSI offers a number of solutions from our sister company, CFM, including real-time integration of your core and all your teller applications, recycler analytics, and a secure way to process any transactions from anywhere in the branch (RTA).
92 percent of financial industry panelists said they expect tablets to be highly or extremely likely to be used by front-line staff in the future, with an average likelihood rating of 4.5/5.
Tablets may replace some or all desktop computers in branches, reducing costs and creating a more open and inviting space. A branch could use tablets in number of ways, from digital onboarding to appointment booking.
3. Digital Signage
Digital signage takes the third spot, with an average likelihood rating of 4.4/5. According to DBSI’s Digital Signage Survey, nearly 77 percent of credit unions and 55 percent of banks said they already use some type of digital signage in at least one of their branches. Video screens, Interactive screens, video walls, and tablets are being used by banks and credit unions to increase awareness of products and services.
4. Wi-Fi for Clients
When clients are forced to wait, free Wi-Fi can really help make their time spent in the branch a little better, and it looks like most future branch plans will include it, with an average likelihood rating of 4.4/5. If you plan to promote and onboard clients to your digital channels on their mobile devices, a good Wi-Fi connection can also help provide a smoother experience.
5. Paperless Deposit Account Origination
As more institutions set up digital channels to originate accounts, clients will expect a more efficient paperless process when they visit a branch as well. 78 percent of financial execs expect this to be a highly or extremely likely element in future branches.
6. Paperless Loan Origination
Automated origination systems are low cost, less error-prone, and fast, something most clients will appreciate, ranking in as a highly or extremely likely element by 78 percent of execs.
7. Assisted Self-Service Devices
The idea of self-service devices in the branch is becoming more accepted—especially with staff nearby to assist as needed. 69 percent of execs rank it as a highly or extremely likely element in future branch designs.
Assisted self-service devices can potentially provide cost savings, sales growth opportunities and even improved client engagement. If your institution considering adding self-service options, make sure to check out Genix .
8. Video Conferencing with Remote Experts
When a client needs access to one of your remote subject matter experts, video conferencing can provide quicker answers than waiting for an in-branch visit. 62 percent of execs ranked it as a highly or extremely likely element of future branches. You can check out DBSI’s video conferencing solution Expert Nearby at our Ideation Center.
9. Interactive Walls or Surfaces
Interactive features appear to be more accepted on a smaller scale with tablets at No. 2 on the list, but interactive solutions are having an impact on those using them. About 75 percent of financial institutions surveyed said interactive/touchscreen technology helped improve their sales efforts, according to DBSI's Digital Signage Survey.
10. Video Teller Machines
Survey participants were not as confident that video teller machines would be likely in new branch designs, with 46 percent saying it would be a highly or extremely likely element of future branches and an average rating of 3.3/5. These types of machines may be more useful in an after-hours, drive-through setting, but clients are still more likely to want more personal service during business hours.