Best Practices in Digital Appointment Booking: Learning from the Early Movers

by Bob Meara, January 29, 2016
Case Studies
Global

Abstract

In financial services, most consumers research products online, but prefer to purchase in person. Digital appointment booking is a practical and powerful way to connect digital and physical channels for customers, a capability most financial institutions lack.

In the report Best Practices in Digital Appointment Booking: Learning from the Early Movers, Celent offers a primer on digital appointment booking and explains why every bank and credit union should offer the capability. Through examples of how the capability is being effectively used among early mover banks and the results they’re obtaining, the report distills best practice suggestions for institutions seeking to maximize their return on technology investment.

Celent finds that early mover institutions enjoy a number of compelling benefits from digital appointment booking, namely: increased customer engagement, sales growth; more effective frontline staff; improved marketing campaign effectiveness; and improved customer satisfaction. The strongest results occur among institutions combining digital appointment booking with lobby management systems to optimize both the digital experience and the branch (or contact center) experience for customers.

With such compelling reasons to adopt digital appointment booking and a number of relatively easy to implement solutions available, one might think these solutions enjoy widespread adoption. Such is not the case. Through 2014, barely a third of the largest US banks offered digital appointment booking, and adoption among smaller banks and credit unions is rare.

“Digital appointment booking is a no-brainer, and is increasingly expected by consumers,” says Bob Meara, senior analyst with Celent’s Banking practice and author of the report. “With digital appointment booking increasingly prevalent in other retail segments, banks need to get onboard quickly if they are to reap the benefits early-mover institutions have enjoyed.”

The report begins with a primer on digital appointment booking, including common solution capabilities, deployment rationale, and a vendor listing. An adoption snapshot based on surveys conducted in 2014 and 2015 follows along with case studies of implementations at Bank of America and BMO Bank of Montreal. The report concludes with a summary of best practice advice and includes vendor profiles in an Appendix.

This report contains 18 figures and 12 tables.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned subsidiary of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

1

 

Key Research Questions

1

Digital Appointment Booking

3

 

What Is Digital Appointment Booking?

4

 

Why Invest in DAB?

5

 

Solution Offerings

7

Adoption Snapshot

9

Learning from the Early Movers

12

 

Bank of America

13

 

BMO Financial Group

19

Best Practices

23

 

Generating Appointments

23

 

Appointment Administration

24

 

Appointment Follow-Through

25

Appendix: Vendor Profiles

26

 

Better Branches Technology

27

 

BookingBug

28

 

FMSI

30

 

TimeTrade

31

 

Q-nomy

33

 

Skedge.me

35

Leveraging Celent’s Expertise

37

 

Support for Financial Institutions

37

 

Support for Vendors

37

Related Celent Research

38

Sign in to download reports and access personalized information