Predictions for 2023 are in. From the rise of chatbots to tougher consumer privacy regulations and embedded finance, these predictions point to one thing—the need for banks and credit unions to be nimble in the face of certain change. Without the optimal level of operational and technological readiness, financial institutions will be less capable of making the right strategic moves.
Banks and credit unions of all sizes need expert insights and guidance to evaluate opportunities and flawlessly execute their strategies.
From understanding new technologies or business models, to choosing and implementing new technology, training staff and reallocating resources, banks and credit unions can benefit from a technology partner. This partner can offer these key services to help organizations tackle what may be on the horizon while executing on current initiatives:
Operational Advantage 1: Professional Services
A technology partner who serves leading banks and credit unions can help your organization keep pace with innovation and navigate complex challenges specific to your business operations and goals. For example, the capabilities a trusted partner can bring to a large-scale technology conversion or upgrade can be very valuable. Consider the challenge facing a bank that’s upgrading teller capture systems and converting to a new core system across multiple branches and regions.
Your bank or credit union needs its fleet of teller check scanners and printers to work seamlessly in the background while tellers complete transactions, get to know customers and pursue upselling opportunities. Technical glitches contribute to longer lines, associate discontent, and poor customer service.
The 30 seconds that's spent clearing a jam or restarting a scanner casts a shadow on your branch. A customer or member may wonder if the funds they’re depositing will hit their account; they may question the competence of your staff; and they may start thinking about alternatives—such as banking services offered at the big-box retailer they frequent.
Many leaders at banks and credit unions have never fully explored the advantages of purchasing refurbished banking equipment. However, in today’s business environment, this option must be considered, especially as you strive to keep your branches running smoothly and stay on track with new technology rollouts, conversions or upgrades that modernize your financial institution and enhance its competitiveness.
For every bank or credit union, having the right hardware is business critical, whether it’s scanners, teller printers or signature pads. You need to make sure every device functions effectively every day so that customer interactions happen seamlessly. Malfunctioning or insufficient quantities of equipment can frustrate tellers and customers, taking the focus away from the customers’ needs and hampering operational efficiency and growth.
However, with supply chain challenges caused by the ongoing pandemic and inflation, it might be harder to acquire devices that were easy to find a year ago. Plus, prices and surcharges are increasing at dizzying rates. Competition for new equipment is heating up, with some organizations hoarding equipment by acquiring a “just-in-case” supply. The good news? Buying new is not the only option.
The Power of Managed Services: 3 Advantages of Outsourcing Help Desk Services for Banks and Credit Unions
Like many banks and credit unions, you may have considered outsourcing help desk services in the past. Now, with the ongoing labor shortage impacting the availability of seasoned IT professionals, this option may be more strategic than ever for your organization.
The Value of Outsourced Help Desk Services
Help desk services impact both employee and customer satisfaction. We all know that a customer who is dissatisfied with banking services is likely to leave. So too is the case with employees who are consistently dissatisfied and frustrated with IT support. After too much frustration involved with broken applications or equipment, they may have a reason to leave.
In these times of limited resources, one key imperative of corporations everywhere is retention -- of both employees and key customers. Improving help desk services will have an incremental impact on both priorities.
There seems to be no end in sight to the current labor shortages in banks and credit unions. This labor challenge can negatively impact a financial institution's operational performance. The intense competition for workers and high turnover rates suggest hiring new people might not be the only solution to today's workforce challenges. Ultimately, banks and credit unions should find ways to make work easier and require fewer people. That means they should examine existing processes and identify those that are ripe for automation.
A good place to start is cash management.
Automating cash management can help busy branches maintain operational efficiency despite the labor crunch. Cash automation removes the hassle of counting cash. There's no need for dual counting and recounting because the solution quickly and accurately counts and secures cash and helps tellers stay in balance throughout the day. As a result, this solution helps your financial institution adapt to today's ongoing labor shortage, which many believe is part of a larger demographic shift.