Why digital appointment booking will be commonplace in three years
2015/09/15
A friend of mine is a successful small business owner in his forties. Like so many in his demographic, Bryan developed a longing to own a Harley Davidson. He could easily afford a Harley, but chose to seek financing instead. Getting this business should have been a walk in the park for his bank. Bryan is a digitally-driven consumer who values convenience. With some frustration in his voice, he shared with me his disappointment that he couldn’t simply arrange for a loan on his bank’s mobile app. With resignation, he stopped by a local branch only to find the staff members engaged with other customers. After a few moments of impatient waiting, he chose to leave and return the following day. His second trip met with an identical outcome. With increased frustration, Bryan called his bank while en route to a business appointment, hoping for a straightforward way to quickly close on a loan. Instead, the cheerful staff member explained that Bryan could simply visit any branch at his convenience to close on the loan in about an hour. Bryan’s bank lost his business to a credit union. Bryan’s experience is probably not unique. His bank would have won his business easily – had they simply offered him an opportunity to engage with them on his terms. While certainly no panacea, digital appointment booking would have been exactly that. And, it would have been exactly what Bryan expected from his bank. After all, he makes appointments to see his accountant, healthcare provider and barber and books dinner reservations similarly. But, few financial institutions offer their customers this ability (Figure 1). The idea has recently caught on among the largest North American banks, while 40% of surveyed midsized institutions say they are “considering” the idea. Meanwhile, 70% of community banks (assets less than $1 billion) have no plans to implement. That’s going to change. Source: Celent survey of North American financial institutions, October 2014, n=156 The benefits of digital appointments are manifest. Among them:
- Convenience: Customers avoid unnecessary waiting for service by scheduling an appointment on their terms and at their convenience while online – where much shopping occurs. A worst case scenario is the customer who, after a lengthy wait, discovers the bank resource with the requisite skills and licensing to meet their needs is not on site.
- Capacity planning: Sales and service interactions have historically been more difficult to forecast than teller transactions. Digital appointment booking provides a much-needed view into future demand for sales and service resources and improves an institution’s ability to plan accordingly.
- Sales impact: Automated product origination platforms have been effective at facilitating self-service enrollment of simple products, such as checking and savings accounts. But many institutions see an opportunity to improve close rates of more complex sales such as mortgage loans or investment products that began with customers interacting with the bank online. Knowing that many customers would be more comfortable with in-person discussions in these cases, digital appointment booking offers a concrete next step for interested prospects.
コメント
-
Thanks for your comment, Shree. I do think so! In fact, Celent will be publishing a report shortly that looks into best practices among digital appointment booking early-movers and what results they have achieved. Not every customer will want or need to make appointments for branch sales and service conversations. Those that do, however, will likely be greeted more promptly by staff already acquainted with them and their needs. The experience will be superior for both the bank and its customer. Customer satisfaction and sales results bear this out.
Hi Bob,
This is a good way to stream line the branch visits especially in country like India. Branches do play a important role in the entire omni-channel customer experience, but in todays digital banking experience where we are planning to reduce the physical branch presence do you think that banks would be ready to take this kind of digital technology ?