The financial services industry is undergoing a significant digital revolution. Fintech companies are disrupting the market with innovative methods for people to bank, invest, and manage their finances. Meanwhile, traditional firms are striving to catch up, undergoing extensive digital transformations. However, as they shift focus, many local banking branches have been vanishing from our high streets at an alarming rate.

Banks attribute this to a rapid increase in online and mobile banking usage and a sharp decline in physical branch visits. Nonetheless, not everything can be managed online. So, what can banks do to support those customers in a cost-effective way? In this blog post, we’ll update you on the evolution of banking and how banks can practice effective branch and workforce management to support customers in person while staffing their branches and contact centres appropriately to meet demand.

Since January 2015, banks and building societies have shuttered 6,055 branches, averaging about 53 monthly closures, according to a report by Which?. During the Queen’s Speech in May 2022, the government committed to introducing a Financial Services and Markets Bill to ensure that access to cash remains safeguarded.

The aim of the Financial Services and Markets Bill is to ‘enhance the United Kingdom’s financial services sector, making sure it benefits everyone and every community. A key objective is to guarantee seamless access to cash for individuals across the UK.

The government has announced that the Financial Conduct Authority (FCA) will be granted new powers over major banks and building societies in the UK to preserve cash accessibility. These enhanced powers will enable the FCA to tackle issues related to cash access on both national and local levels. However, distinct rules will apply in Northern Ireland due to its unique banking landscape. So, what can banks and building societies do to support consumers in person cost-effectively?

Many banks have found ways to support consumers in person after closing branches through remote, touring banks. For example, NatWest Group deployed ‘Community Bankers’ who travel to areas without branches and meet customers in shared local spaces like libraries and council buildings. They discuss financial issues, provide banking assistance, and offer face-to-face support.

Barclays offers ‘Barclays Local,’ a network of alternative branch formats in over 200 communities. These include town halls, libraries, mobile vans, and banking pods, where customers can access digital banking help, financial reviews, and basic banking services. Barclays also operates mobile banking vans, adding six electric vans in 2023 to serve remote areas.

NatWest Group and Lloyds Banking Group also offer mobile banking vans that visit rural and semi-rural communities weekly, providing services like cashing cheques, deposits, withdrawals, and bill payments.

Many banks help customers with mobile and online banking. RBS has TechXperts in branches to assist with setting up online and mobile banking, while Barclays’ Digital Eagles help with broader tasks like online shopping, setting up email addresses, and online safety.

Amidst the various of ways to bridge the in-branch gap, banks and building societies are finding it increasingly challenging to allocate their employees optimally. One of the key areas where Calabrio excels is in branch and contact centre workforce management. Here’s a simplified breakdown of how it works:

• Demand Forecasting: Utilising Calabrio’s WFM software, customer demand is predicted through historical data and upcoming events. This foresight enables branch and contact centre managers to foresee busy periods and plan staff allocation accordingly.
• Scheduling: With precise demand forecasts in hand, Calabrio generates optimised staff schedules. This ensures adequate staffing during peak hours while preventing overstaffing during quieter times.
• Employee Engagement: Calabrio’s workforce engagement tools afford staff more predictable and equitable schedules, boosting job satisfaction and decreasing turnover rates. Employees can also exercise some control over their schedules via self-service portals, facilitating shift swaps and time-off requests.
• Performance Analytics: By tracking KPIs, Calabrio analytics solutions aid managers in pinpointing top performers and those who might require additional training. This continuous feedback loop nurtures a culture of continuous improvement and excellence.
• Resource sharing: Facilitate comprehensive planning for both front-office and back-office teams to optimise resource allocation during peak periods. This ensures consistent, high-quality service levels across all organisational functions, enhancing overall efficiency and customer satisfaction.
• Integration capabilities: Calabrio offers robust financial services integration capabilities, including third-party payroll systems. This integration streamlines payroll processing, ensures seamless compatibility with existing financial workflows, and enhances data accuracy and operational efficiency. By automating and simplifying these processes, Calabrio helps organisations reduce administrative overhead and focus more on strategic initiatives.

In the evolving financial services sector, institutions are under mounting pressure to deliver exceptional customer experiences while upholding operational efficiency and strict compliance standards.

Calabrio’s Financial Services solutions empower banks, credit unions, and other financial entities to stay ahead by offering a comprehensive suite of forecasting and scheduling tools, robust back-office and branch workforce management capabilities, and precise call recording and analytics. Our cutting-edge quality management tools uphold high service standards, while our security and compliance features ensure data protection and regulatory adherence.

By leveraging our AI-driven insights and real-time data, financial organisations can adeptly navigate the complexities of contemporary finance, enhance customer satisfaction, reduce operational costs, and maintain competitiveness in a challenging market.

For further details about Calabrio ONE for Finance and Insurance, please visit calabrio.com/uk/finance.