Customer service, or more so customer expectations, have changed faster than Yadier Molina throwing out a player stealing second over the past years. The pandemic forced businesses, especially banks, to find new and creative ways to maintain their same levels of customer service in a safer environment. Stores may add additional self-checkout lanes, banks may add ATMs for basic transactions but it sacrifices the face-to-face contact customers crave.
As new generations enter the economic sector, the demand and necessity for digital resources increases. Community banks now offer strong digital platforms, online account creation, money transfers and various applications that can be accessed and completed in the blink of an eye.
While these are indispensable tools for community banks, they do not provide for the community bank magic many customers still expect. This digital push has presented a new danger to the traditional customer service enjoyed by community banks’ long-time clients. Banks that push too far digitally, that close low traffic branches, that outsource many of their functions, are appeasing part of their clientele while alienating another. It can be a dangerous cycle.
Enter the next modernization for ATMs, Interactive Teller Machines (ITMs). These innovative machines allow customers the flexibility to use a traditional ATM or the option of engaging with a bank representative via video screen. Through these video interactions, clients can make balance inquiries, deposits, withdrawals, even sign documents. Customers no longer have to wait on tubes (and banks no longer have to install them), tellers are allowed to focus on a single client instead of juggling multiple lanes, and the machines are able to create checks for withdrawals, removing that task from in branch staff.
Customers know who they are working with and are also able to ask questions from a face they trust, which is where the community bank magic can meld with the digital world. Banks may choose to route these videos through a call center but a greater opportunity lies within the option to redistribute the call to their own staff.
This may seem a large undertaking as you would need multiple staff to cover, however it provides multiple opportunities for banks. At Royal Banks of Missouri, the ITM center currently employs six dedicated staff. Each of these staff process nearly 1,700 transactions per month for a total of over 10,000 transactions per month. This does not even take into account the transactions completed through the traditional ATM.
As the need for trained workers grows or changes (such as a world-wide pandemic that forced lobby closures), additional tellers can be outfitted with the appropriate software, training and a camera to function provide assistance during the high traffic times.
Considering this from a human resources perspective, there are additional benefits to having an internal staff for ITMs. With longer working hours and weekend shifts available, ITM positions have the flexibility to be full or part time, evening or weekends. These positions are attractive to students, those new to the workforce, or those looking to obtain a start in a banking career. This allows for a staff to train and learn the many facets of banking, while building a team of knowledgeable staff that are available to grow into other positions within the bank.
The customer service needs and requirements from our community banks for personal and financial matters will only continue to change and evolve. Embracing digital resources is pivotal for community banks, as is retaining that magic that comes with having a face-to-face conversation with our clients. We must continue to discover and implement innovative ways to preserve that magic and our satisfied customers.
At Royal Banks of Missouri, investing in our communities is our first priority. For nearly 60 years, Royal Banks of Missouri has proudly served the St. Louis community. We are locally owned and offer a full range of banking services to individuals and business clients in St. Louis and Illinois.
