inside a bank branch Source: Germanii/Shutterstock.

Member expectations have been evolving, but the COVID-19 pandemic shifted them into overdrive. As their expectations have changed, your delivery of products and services must change as well. In a time when social distancing and masks will likely remain the norm in public, have you considered the impact to member experience as they begin returning to your branches?

A Kiran Analytics study found that whether a financial institution has more than 100 branches or fewer, the No. 1 priority of financial services providers was to improve the in-branch experience. And if you aren’t looking to improve members’ branch experience, your competitors are. The study found financial institutions are looking to technology to improve customer experience and drive efficiencies.

Interestingly, branch wait times have increased over time rather than decreased, and prior to the pandemic, credit unions’ branch transaction volume increased as opposed to banks’ decreasing, according to Kronos. At the same time, productivity at credit unions decreased 9% as costs increased. Tips for improving these ratios include scheduling appointments (which many of you have been doing since the pandemic), optimizing staffing to transaction volume, incorporating universal associates who can handle multiple different types of transactions, and analyzing technologies to help get members in and out efficiently.

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