Video Banking is a great concept, but if it doesn't transform your business then what's the point. Your business situation is unique and ultimately you'll want to engage with us to talk through how a uGenius solution can be tailored to meet your needs. To get your thinking started, check out some of the ways that the Genius Personal Teller System is revolutionizing the industry.
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Place Convenience—"Hub & Spoke" Retail Distribution
uGenius video banking technology can be leveraged to create multiple smaller branches offering extended service hours offering extended service hours.
Business Impact
- Shrinking the size of branches lowers real estate, construction, fixture, equipment, and labor costs.
- Multiplying your number of transaction locations will build your brand and market visibility.
- These new locations will increase overall deposits and net income as the additional convenience attracts and retains customers and these customers increase their transactional volume.
Key Questions
- Are there target customers that you would like to reach with more convenient services and yet you cannot justify building a traditional branch to service their needs?
- Are there high traffic areas such as malls, grocery, universities, corporate offices, and transportation hubs where you could leverage a small footprint Video Banking branch?
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Time Convenience—Extended Service Hours
uGenius video banking technology can be utilized in branch vestibules and drive-through lanes to extend real teller service hours up to 24 hours a day, 7 days a week. Research reveals that consumers are most likely to use video banking services on weekends, holidays, and outside of normal banking hours. Additionally, when members from Coastal FCU in Raleigh, NC were asked what hours they would visit a PTM if Coastal began offering PTS services 24-hours a day instead of 12, many respondents indicated that they would likely use the PTS during extended hours. This matches with data from actual PTS transaction frequency data taken from 14 PTMs at Mid-Hudson Valley FCU in Kingston, NC which shows that 39% of transactions occur before or after normal banking hours. Click here to download Video Banking Consumer Research white paper.
Business Impact
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Offering extended hours increases overall deposits and net income as the additional convenience grows and retains your customer base and these customers increase their transactional volume.
Key Questions
- If you could cost effectively and safely extend branch service hours, would your customers value this added convenience?
- Do you have existing branches that would accommodate a uGenius Video Banking enabled machine either in an after hour accessible vestibule or in a drive-through lane(s)?
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Branch Focus & Efficiency—Teller Line Alternative
uGenius Video Banking technology can be used to centralize tellers across multiple branches while still providing one-on-one personal service to customers. Current PTS user consumer research from 2010 revealed that Video banking ranked higher than traditional tellers as a preferred banking channel indicating that video banking is a viable alternative to traditional tellers. Click here to download Video Banking Consumer Research white paper.
Business Impact
- Branches that do not need to focus on managing the teller function can turn their entire attention to developing customer relationships around a broader set of financial solutions. This will increase share of wallet and net income per customer.
- Centralizing teller and some platform resources allows for instantaneous load balancing of labor between busy and slow branches improving efficiency and lowering labor costs by up to 50%.
- Centralizing tellers and some platform resources removes the costs and management burden of hiring, training, and staffing these employees at each individual branch which lowers overall operating costs.
- Centralized staffing improves overall service consistency and quality.
- Removing the traditional teller line improves branch security and safety.
- Centralized tellers enjoy high job satisfaction in a safer and less stressful work environment.
Key Questions
- Do you have underperforming branches that could benefit from lower labor costs and an increased focus on selling your broader set of financial services?
- Do you currently use pneumatic tube based remote teller units in any of your branches? If so, would it make sense to replace those units with uGenius Video Banking technology and centralize your tellers?
