Other parts of this series:
In the first blog in this series, we looked at banks’ need to obtain more data (leading to better insights) about the customers in their bank branches: Who they are, what draws them in, and how they behave once they are in the branch. Physical and online retailers have pursued this information rigorously and are now able to obtain metrics in many areas.
For example, current technology using aggregated data can yield what are called “non-exhaustive behavioral metrics” including:
- Hovering and wait time
- Foot traffic in and around the branch at different times
- Speed to answer for employees
- Length of meetings with customers
- Number of customers waiting at any given time
- Number of customers in the branch at any given time
Similarly (subject to consent and data privacy) banks can access non-exhaustive emotional metrics such as:
- Emotions of customers walking in
- Emotions of customers walking out
- Emotions of customers waiting
- Emotions talking to staff
- Empathy shown by employees
- Demographic-related data including age and gender of customers
The data for these metrics comes from multiple sources such as cameras, infrared sensors, Bluetooth beacons, and social media activities. Each technology source provides data that can help digitize branches. However, the level of digitization may vary from one branch to another and may also vary based on the bank’s appetite for investing in making the branch cost sustainable. The level of sophistication should be fit for purpose but can increase over time as needs arise and as new technologies mature.
In the next blog, we will look at the first of two scenarios based on different levels of technology and sophistication and see what impact digitizing branches can have on customer and employee engagement.
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