Tracking Sales, Service and Productivity in the Lobby
Business intelligence, obtaining actionable insight from the information credit unions already collect and store, is often presented as the solution to a world of sales, service and productivity issues. BI can be just that, but too often a lack of understanding of its benefits, difficulty in extracting it or insufficient follow-through, affects the ability to affect meaningful change.
BI solutions implementation is straightforward and the value is quickly evident in the lobby. Systems that track sales, service and productivity in the lobby provide meaningful data and a clear path to improvement.
A lobby tracking system (LTS) is a computerized application that captures lobby performance information in real-time. Optimally, these solutions collect information through self-service technology or greeters and then process and analyze it, providing both initial benchmark reporting and ongoing updates. Using this trending data, credit unions can easily identify performance-improvement opportunities.
LTS solutions replace sign-in sheets and showcase the credit union as innovative and professional. There are three key periods where information can be collected and analyzed to provide a complete picture of lobby performance: sign-in, wait period and assist period.
During sign-in, either a greeter or a kiosk collects the member name, arrival time and purpose for visit. A notes section can include as much information as appropriate that can be used to engage with the member.
While the member awaits service, the system tracks wait time. In a best-practices solution, the system will also alert member service representatives and management, especially when wait times exceed designated thresholds.
When a service representative approaches the member, the system status changes and begins collecting assist time. This data as well as anything else discussed is captured by the system for further analysis. When the member’s questions have been answered and needs met, or the member transitions to another service entity, the representative closes the session and the assist timer stops.
The real power of an LTS lies in the analysis and reporting. In addition to compiling data, well-built LTS solutions also present it in a user-friendly format, such as an online dashboard, on an individual basis (per representative), across each branch and across the entire organization.
Using real-time reports, management should be able to determine when the credit union fails to meet its own sales and productivity goals as well as to identify potentially costly service mishaps and prevent them from occurring, which helps shrink wait times.
Over time, the system will continue collecting and reporting its metrics, enabling insight into whether changes are having the desired result. Having access to this timely trending data empowers management to analyze detailed performance quickly.
When utilizing a manual tracking process, performance issues can often go undiscovered. For example, underperforming individuals can remain hidden among a group, especially if that group has a couple of star performers. The difference in average assist times per lobby representative might be imperceptible with a casual glance, but over time the LTS will note and report on them, enabling management to take action through targeted coaching.
A comprehensive, detailed solution can be created in-house, although it’s only cost effective for the largest financial institutions. As with every software application, it is less expensive and easier to implement a solution built by a provider. If you want to attempt in-house development, some of the most important metrics to track, aggregate and analyze, per lobby employee, include member wait time, member assist time, cross-sell ratios, count of services provided or products sold, purpose for visit and account holder traffic trends for scheduling purposes.