4 Digital Branch Transformation tips to attract millennials to your bank

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4 Digital Branch Transformation Tips Attract Millennials Your Bank

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Jan 20, 2022

Banks

4 Digital Branch Transformation tips to attract millennials to your bank

Millennial customers have certain expectations when it comes to banks and customer service. Unlike baby boomers who prefer to have face-to-face interaction with tellers inside branches, millennials are perfectly happy completing transactions on their smartphones or through an interactive banking machine, as they do not like to wait, and constantly choose the fastest and the most convenient services.

Banks need to consider the different types of customer behaviors based on their demography and to have the right combination between different service channels in order to increase their market share. In this article, we will be talking about four digital branch transformation tips that attract millennials to banks like a magnet.

Elevate Millennial Customers’ Experience

63% of financial institutions have developed or conceptualized future branch models to handle nowadays-occurring challenges by embracing the latest digital transformation technologies like self-service solutions, transforming their branches into smarter ones. This will not only elevate the millennial customers’ experience, but will subsequently reduce bank branch sizes, and operating costs.

1 . Virtual Queuing Solutions

Almost eight people out of ten have a smartphone with them all the time. Thanks to virtual queuing systems, banks can give mobile users plenty of time to schedule their journey. Customers can book appointments in advance, get e-tickets, and join virtual queues through an appointment booking app.

Providing mobile appointment booking empowers the millennial customer while enforcing social distancing. On top of that, customers can receive SMS notifications when their turn is about to start to ensure a pleasant and safe interaction while the bank controls branch capacity at the same time.

2 . Automate Banking Services

Banks can add value to the millennial customer experience by introducing self-service banking. Self-service solutions inside and outside the physical branches reduce operating costs. Additionally, self-service kiosks are readily available anywhere and at any time, allowing customers to interact remotely with bankers for assistance via a video call 24/7.

Automating different kinds of banking services- such as opening a new bank account, issuing instant banking cards, printing checkbooks, money exchange, and many other services- is not only convenient to millennials but also helps banks increase their market share and boost their revenues.

Banking machines can support customer authentication, including national ID and passport readers, fingerprint scanners, mobile authentication, digital signature verification, and even face recognition.

3 . Omnichannel Marketing

Banks can benefit from omnichannel marketing across all touchpoints to increase cross-selling and highlight promotions. In this way, the digital content allows for effective marketing campaigns that target interested millennial customers.

On average, customers go through 5 to 7 touchpoints[1] before making a final decision. Meanwhile, the omnichannel marketing engine can unify all of the bank channels into a single unified solution, allowing banks to reach millennials with targeted content through digital screens, mobile app, websites, and self-service machines. Customer engagement and retention rise as the efficiency of the marketing strategy improves.

4 . Smart Customer Feedback Channels

Millennials, more than previous generations, expect the ability of constant feedback. They demand a responsive bank management style, and they are ready to abandon the bank if those expectations are not satisfied.

Therefore, banks should consider giving the millennials the power of feedback, where they can evaluate the service or the employee on different kinds of smart channels such as:

Self-service kiosks inside or outside the bank branch.
The bank’s mobile app, a cost-effective channel for a touchless customer experience.
SMS messages, a reliable channel to get feedback even from new visitors who don't have the banks’ mobile app.
The bank’s website.

In addition, customer data can be used to create insightful reports to help banks craft excellent strategies and reach more happy customers.

Attract Millennials with SEDCO’s Digital Branch Transformation Solutions

Integrating digital branch transformation technologies within your bank’s services can allow you to differentiate your business and offer more value to customers. SEDCO can empower you to evolve into a digital branch, making sure to offer convenient journeys to millennial customers, even beyond your working hours through self-service solutions.

More importantly, SEDCO's branch transformation solutions, including an advanced queuing system and self-service kiosks, are powered by business intelligence tools including powerful dashboards to track employees and branches in real-time, and advanced reports to assist the bank in gaining in-depth insights on performance, workload, resources, and usage to make informed business decisions.

Furthermore, SEDCO's self-service banking machines can integrate with the queue management system allowing for smart routing. For example, if a customer needs to issue a banking card, the system can lead him to the self-service machine rather than the teller desk, ensuring a smooth client journey.

Adopt the latest digital branch transformation technologies today. Get in touch with us for more info.