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Independent Banker Article Features FMSI

By Jennifer J. Salopek

Independent Banker Article: Traffic Report

Integrated teller and queue management systems that harness data for greater branch efficiencies

"Research has shown that branch transaction volumes have declined by 45 percent since 1992. Studies by Knowledge@Wharton, the industry research arm of the Wharton School of Business, have revealed that, as recently as 2011, 82 percent of consumers use branch banking services—but the nature of many of their branch visits is changing.
“The emerging class of digitally savvy bank customers, including small and medium-size enterprises, increasingly wants to use bank branches more for sophisticated financial advice, support and products, and less for conventional transactions like cashing paychecks,” write the authors of the Knowledge@Wharton/Wipro Industries white paper, “New Contours for Bank Branches as Customers Get Digitally Savvy.”
So with customers, especially business customers, still seeking advice and complex financial solutions in person, the decision by some banks to close branches could result in longer waits for service at other branches that remain open. But this potential challenge also brings an opportunity: Integrated software solutions can help community banks manage lobby queues and, in the process, glean valuable data to inform their staffing models and resource planning.
This approach is consistent with one of four major trends shaping the future of business identified by the Wharton/Wipro researchers: “increasing use of business analytics to draw insights for optimizing delivery channels, launching new products and extracting savings, among others.”
The biggest surprise? These systems are surprisingly affordable and accessible."

Read the entire article here