5 Creative Banking Ideas to Watch for in 2020

What Are 7 Biggest Technology Trends Disrupting Banking & Financial Services In 2020

The modern bank is evolving. As branch managers know, customers don’t use the branch the same way they did even a few years ago, because they have so many more options for handling transactions. Today, people can do most of their banking from their phones while they’re on the run.

There are still many reasons people may pop into the branch. Providing an exceptional experience when they do step over the threshold is key, so bank branch managers are rethinking how they deliver services. They’re even rethinking what services they offer.

To provide a better experience, branch managers have had to get creative. As you head into the new year, think about some of these creative banking ideas for your own branch. They could help you deliver the kind of experience your customers are looking for.

1. Offer New Services

One of the most creative banking ideas has to be rethinking which services a bank even offers. Since customers no longer need the branch for the routine day-to-day transactions they once did, bank branch managers have found their time freed up.

That means they can focus on offering new services. What do your customers want? You might offer your customers workshops on debt management or a class designed to increase their financial literacy.

Some banks are looking beyond the traditional scope of banking and finance. They’re teaming up with coffee shops and other brands to offer better in-branch experiences to customers.

2. Do Away With the Teller Cage

As bank branches evolve in terms of the service they provide, they’re looking at the best way to deliver those services.

If you’re going to install a small coffee kiosk or shop in your branch, you need to rethink the physical space.

And if your tellers are also offering different services, it may be time to rethink the traditional branch set-up. Tellers have almost always been physically walled off from customers.

The bank branch of the future is bringing tellers and customers closer together by doing away with these barriers. It makes for a friendlier, more comprehensive service experience for your customers.

3. Offer a Queuing App

Bank branch managers are also innovating to make in-branch banking a more streamlined process.

Enter the virtual queue. Customers can enter themselves in a line from their smart devices before they even arrive at the branch. Nobody likes waiting around, and the virtual queue ensures no one has to. They can be in and out, with the same ease that mobile banking provides.

4. Provide Interactive Tools

Today’s customers are more self-sufficient than ever. Providing them with interactive tools is one of the creative ways branch managers are letting them help themselves.

The use of tablets, Internet searches, and computers means customers can seek answers on their own or with the guidance of your helpful staff. Once the customer has completed their research, they can ask more insightful questions. With this combined approach, there’s no doubt that someone who enters your branch will leave with the answers they were seeking.

5. Deploy Fintech

Almost all of these creative banking ideas are supported by new technology designed for the branch. The fintech revolution doesn’t need to end with the devices your customers hold in their hands.

Coin and banknote recyclers can assist as you redesign your branch, creating new, open teller kiosks. They also help your team complete routine tasks and free up time so they can focus on delivering better customer service.

Other technology could streamline services, improve speed, and even reduce costs.

With these creative banking ideas on the horizon, the future of the bank branch is bright.


Source: Andrea Lombardi