The emergence of FinTech – or financial technology – has vastly impacted the banking experience. Banking and financial institution clients now expect to be able to do their banking however and whenever they wish – during their lunch break at their local branch, online at home in the evening, or via mobile app while on the go.
FinTech may have disrupted conventional banking, but banks still have the upper hand in personalized customer relationships. Many clients still prefer in-person advisory services when it comes to managing their money. However, they also expect the same flexible online experience while in the branch.
By prioritizing digital investments across all channels – including in-branch – brick and mortar banks and financial institutions can better meet customer expectations and drive business growth.
Major North American bank with 40,000+ employees and 1,000+ locations leverages Datavalet’s managed Wi-Fi solution. READ CASE STUDY HERE.
In-branch Wi-Fi means bank customers can use their mobile devices, the branch’s tablets, or kiosks to access their financial information, apply for new services, and complete transactions to make the best use of their wait time.
Digital signage can also help them know how long their wait time will be, direct them to the correct location, promote new products, etc.
Banks can also arm their employees with tablets or mobile devices so that they can move around the branch freely with all the information they need at their fingertips. Being able to meet and fully serve customers – whether it is in a shared space or in the lounge area – creates a more flexible, customer-centric environment.
Financial institutions are rethinking the role of the branch as a place to deliver high-value interactions, specialized products & services, and expert advice.
Banks can turn the customer convenience of in-branch guest Wi-Fi into a driver of business growth by integrating powerful tools into the Wi-Fi network:
The bank can use its branded Wi-Fi login page to collect the personal information of users, promote new products and services like credit card offers, mortgages or auto loans, etc. – or even provide value-added educational content.
The bank can use the information collected from its Wi-Fi login page to detect a customer’s physical presence in the branch. The tool can be configured to greet the customer with a welcome message, alert the appropriate staff member that the customer has arrived for their scheduled meeting, prompt the receptionist to greet the customer by name, etc. It can also track the customer’s actual location inside the branch and instantly use these insights to promote special offers based on recent interactions, inform them of digital services, and push satisfaction surveys as they leave. This personal touch will make customers feel valued and appreciated.
The bank can use analytics tools to better know its clients – who they are, which days and times they are most likely come to the branch, how long they stay, etc. The bank can take these insights further by creating customer personas to better target customer communications. For example, the bank can identify all clients who come to the branch more than once a week to do simple transactions and send them communications on how to use its online banking platform.
The bank can then feed this information into its marketing, loyalty and operational applications for immediate or future action.
Not all IT teams have the resources to deploy and maintain an enterprise-grade wireless network.
From an IT and cost perspective, it often makes more sense for large, distributed enterprises such as banks or insurance companies to outsource the management of their Wi-Fi network across all branches and offices to a managed services provider operating at scale. This ensures the network is centrally managed and performing as required with zero involvement from IT or branch staff.
Outsourcing this role to a reputable managed services provider with experience in the financial sector offers the added guarantee that the network will adhere to wireless best practices, including the latest security signatures, protocols and infrastructure. The MSP will ensure that:
The MSP can also configure the network to allow for different levels of network access:
Banks and financial institutions are aggressively pursuing digital transformation initiatives to digitize low-value transactions and attract high-value operations to branches.
The right managed Wi-Fi solution will allow them to seamlessly and securely connect customers, prospects, employees, sensors and IoT devices in a way that drives business growth, not just in-branch convenience.