As technology evolves and financial institutions move to digital formats, customers are using retail branches less. For hundreds of years, the retail branch has represented the physical security and reliability of the financial institution, making it a safe place for customers to store their hard-earned money. 

But technology is ever-changing and affects how people access their money and use it. As the role retail branches play in financial transactions is reevaluated, Convergint and Axis Communications have partnered to offer video analytics and audio solutions to help understand the customer experience better, and to improve the operational efficiency of financial institutions.

The Challenges Financial Institutions Face

Retail branches still play a vital role in representing their brand as well as remaining a physical touchpoint for customers. 

The biggest challenge financial institutions face is developing and implementing strategies for service delivery, as well as offering technologies that efficiently serve all their customers.

Because of this, they must focus on remaining competitive by focusing on providing great customer service and space utilization. Surveying customers can provide some of the answers that financial institutions need to refine services as consumer data and research defines what the retail branch experience should be.

Using video analytics in combination with customer data helps banks optimize the customer experience in branches by increasing the efficiency of operations as well as reduce wait times. Branches can also use audio to create and enhance a pleasant environment that makes customers want to visit.

Today, retail branches play three crucial roles in modern banking:

  • The advisory hub: Branches offer advice and information on long-term financial planning, complex products, and other specialized services.

  • The digital ambassadors: For customers who aren’t tech-savvy, physical branches can help while increasing the customer base and reducing overall costs.

  • The problem solver: Retail branches act as the primary point of contact for many services and customer questions.

Increasing Operational Efficiency with Smart Security Solutions

As more financial services become digitized, fewer people find it necessary to visit retail branches. However, there are still plenty of transactions that require customers to visit a branch location. 

Using Video and Audio to Increase Efficiency and Enhance Customer Experience

Analytics can help financial institutions understand customer traffic to figure out staffing strategies. This data can also show which areas customers use the most, how people respond to campaigns, and when traffic is busiest. As a result, branch locations can be staffed with enough people during high traffic times, improving operational efficiency.

Understanding where data is located and how to interpret it helps optimize performance. This optimization enhances the customer experience with less time spent waiting in line. Another way to optimize the customer experience is with audio. Network audio systems don’t just play background music to enhance the customer experience. They can also help notify staff when the floor is busy so more employees can respond to help. Separate audio zones can be set up to play different announcements in defined zones in each branch, as well as be connected and managed remotely for convenience. This helps provide a consistent experience across all branches. Music also increases confidentiality, as it covers conversations making them more difficult to listen to and follow. 

By using video analytics and audio systems, banks can still cater to customers who visit bank branches while simultaneously offering convenient digital financial services for those who prefer online options. For more information on how Axis network solutions can help secure financial institutions, contact Convergint Technologies.

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