ST. LOUIS — When it comes to enhancing the member branch experience, a new white paper from NewGround, a full-service design and implementation company, suggests that the future lies in Radio Frequency Identification technology.
The Introduction of RFID Technology into the Branch Environment: Tailoring the Customer Experience finds that introducing RFID into the branch retail environment is the latest innovation to advance and improve points of experience for financial service customers.
"Society's shift to an 'experience economy' creates a need for a more personal connection between the consumer and service provider. Emerging technologies like RFID offer great potential to further develop and heighten these relationships," said NewGround Senior Vice President of Retail Jim Kueneke.
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According to the BAI/NewGround research study The Relationship Experience, financial institutions will need to focus more on retail practices and less on banking transactions to increase market share. More than half of respondents to the BAI study (55%) said that branches in the future will be more dynamic and multisensory in order to promote stronger customer ties and raise the game of relationship banking.
RFID is an automatic identification method that relies on storing and remotely retrieving data using devices called RFID tags or transponders. It is basically a technology that uses radio waves to automatically identify individual items.
According to NewGround, RFID technology is breaking open a higher quality of sales and service in the financial industry providing a more personal and engaging customer experience.
The paper finds that early adopters of RFID are commonly using the technology within their financial centers for customer recognition and tracking. For this purpose, RFID tags are embedded in credit or debit cards. As a customer enters a facility, the reader recognizes the customer and triggers a notice on a financial representative's computer screen, alerting them to the customer and possible ways to tailor their sales and service based on the customer's profile.
NewGround says by using this technique, employees are able to greet customers by name and have immediate access to the latest information on the customer's relationship with the financial institution and learn more about their financial needs, creating a more personal experience.
"RFID technology has the capability to allow the financial industry to customize the banking experience to be so completely in tune with the individual's needs that it could transform the banking process as we know it today," said Kueneke.
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