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Tagged: universal banker

Millennials Want Universal Bankers

June 14, 2017

Millennials expect better customer service than past generations, and universal bankers offer a unique and valuable perspective of their needs and wants.

 

The universal banker, or a multi-functional, jack-of-all-trades combination of a traditional teller and a personal banker, helps retain and solicit millennial customers. As highlighted in this Forbes article, millennials seek out convenience and personalization in the brands and companies they do business with, and the universal banker addresses these deeply embedded preferences for financial service providers.

Customer experience.

Millennials expect better customer service than past generations, and they consider good customer service a form of reciprocity for their choice to do business with the brand. They know they are valuable to a business, and they want to see that value reflected in the service they receive. Furthermore, they are highly aware of competitor options, and are more likely to be deliberate about the brand they choose to support, especially for major, ongoing relationships, like their bank or credit union.

A universal banker satiates millennials’ thirst for quality customer experience by providing a single human touchpoint during an interaction with their financial institution. Working with a single representative prevents millennials from repeating information or restating their wants and needs to multiple representatives. It reassures the millennial of their financial institution’s competence when the sole representative they interact with shows expertise on a variety of topics and questions. Additionally, millennials are exceedingly informal, and like to avoid navigating an impersonal hierarchy of different financial services departments.

Personalization.

Universal bankers offer a unique and valuable perspective of the millennial customer by having a holistic view of their needs and wants. Consider the following scenario: A millennial goes to her financial institution and explains she needs to open several savings accounts for different savings goals. Traditionally, she may have been redirected to a new accounts specialist, and would have to explain her needs all over again. The universal banker addresses her needs without redundancy, and answers her questions in a consultative way. Are there any other accounts she should open for long-term savings goals? What are the minimums required for each account? Instead of the client restating her need and getting frustrated, the universal banker provides expertise and make recommendations. For more complex requests, the universal banker quickly establishes rapport and understands the client’s whole financial picture, rather than being isolated to specific services.

Why are universal bankers valuable to financial services providers?

The universal banker is a product of the increasing demand for customer fluency and one-stop financial solutions. With more banking occurring online and being conducted by customers via apps, the moments of interpersonal interaction with millennials are unique chances to delight them with a seamless experience. Universal banking requires minimal preparation on the part of the client, and creates a chance for the financial institution to address their needs/problems quickly and painlessly. Additionally, the opportunity for one representative to become an expert on the individual customer enables the universal banker to recommend additional services or accounts the customer hadn’t considered. When all goes well, these customers leave a branch, phone call or chat window having worked with one representative and feeling happy they reached out to their financial institution. Clients become enthusiastic advocates for the brand, and remain loyal to the institution that values their business.

Welcoming the Era of the Universal Banker

January 14, 2015

Innovations in mobile and digital platforms have influenced significant paradigm changes in how bank and credit union customers interact with their institutions in the virtual space. Now that wave of change is bleeding over into the physical world, with the invention and adoption of the universal banker.

The future and function of the brick-and-mortar branch continues to be a subject of debate, especially as digital solutions have taken their toll on teller transactions and branch foot traffic. Universal bankers are one response to this, with the potential to not only affect the customer experience, but address some of the challenges of staffing and workforce management across bank networks.

The title “Universal Banker” first started catching the industry’s attention in 2015. That year, BAI named increased implementation of universal bankers as one of the most anticipated trends in retail banking. Job listings seeking universal bankers spread rapidly across online platforms among banks big and small.

What is a universal banker?
universal banker

In a nutshell, the universal banker role is a hybrid of the traditional teller and the personal banker. Their specialty is being unspecialized – or, maybe more accurately, specializing in everything – and they can be found everywhere on the sales floor, rather than chained to a desk or booth.

Universal bankers take staff roles out of their silos to function across multiple tasks: basic transactions, new accounts, loan applications, and general customer service, to name a few. The degree of universal function will likely vary from bank to bank, but cross-training is the common theme.

How does a universal banker make a difference to customers?

No one likes being given the run-around, whether it’s for a simple transaction or a more complex situation. Handing off a customer from one specialized-but-limited employee to another is not only frustrating for the customer, but has implications for productivity and resource utilization behind the desk.

Universal bankers can handle a customer request from start to finish. Certain sensitive or complex tasks, like mortgages and business loans, may eventually require involving someone higher up the chain, but the average customer can expect a universal banker to take them all the way through the interaction.

In a way, you might consider the universal banker as an accessible middle ground between the convenience and flexibility of automation and the nuance and additional context of personal customer service.

What are some of the challenges of introducing the universal banker?

The universal banker may be agile and adaptable, but that doesn’t mean this model will be appropriate to every institution and every branch.

Implementing universal bankers is not a silver bullet to increase branch traffic, but rather serves to better meet the needs of those customers already coming through those doors. Banks considering this model will need to closely examine just how appropriate it is for each branch.

The other major hurdle is getting employee buy-in. The daily routine at the branch may not be so routine anymore. Training programs and resources will need to be updated, most likely on an ongoing basis, to accommodate this role and its demands. Some long-standing employees may feel threatened by this new breed of coworker.

This isn’t just another position at the bank; it’s a paradigm shift within both customer experience and employee qualifications. The implications for the internal culture cannot be downplayed or dismissed.

What will be the impact of universal bankers?

As banks begin experimenting with universal bankers, ongoing measurement of their internal and external impact will be critical.

That’s why this new trend in retail banking interests us at CSP – we’re passionate about improving the customer experience, and the first step to that improvement is measurement. Voice of the Customer programs like ours can be customized and optimized to capture insights into the effectiveness of universal bankers.

For more information on our VoC and Customer Intelligence solutions, explore our website or contact us. You can also follow us on Twitter@csprofiles – for regular updates and insights on customer experience management.