4 signs of “basic fatigue” in the banking industry (and what to do about it)

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When you describe the basic technology of your establishment, what words or phrases come to mind?

If “easy to use”, “easy to learn”, “user friendly”, “efficient” and “consumer oriented” are first on your list, the following information may not be the most useful to you.

On the flip side, if “boring”, “hard to use and learn”, “slow”, “siled” and “frustrated customers or members” are your first thoughts, you’ve come to the right place.

Welcome. We are about to turn your world upside down.

The biggest problem :

“Basic fatigue” is an often overlooked or unrecognized problem. This hidden affliction has infiltrated the banking industry for decades. Perhaps you felt it yourself but never had the vocabulary to describe it.

Customer relationship management that uses outdated manual processes has been accepted as the norm by banks and credit unions. But, are they obligated? And if there is a better way, why is no one talking about it?

Spoiler alert: We have a solution but we do not want to go beyond ourselves. First of all, we need to dig deeper into the signs of core fatigue to really understand what’s going on below the surface. Then we can demonstrate the transformation we see every day with our banking partners and credit unions.

4 symptoms of central fatigue

1. Training: We’ve heard that on average, onboarding a new hire can take six months or more – and learning ends up being a never-ending cycle.

  • How long does it take to train new hires in your organization?
  • Do new hires usually complete the entire onboarding process?
  • What is the turnover of recent hires like at your financial institution?

2. Documents, documents, documents: We have seen user manuals that are hundreds of pages long, detailing every step and selection that needs to be made for common banking functions.

  • How many pages does your documentation contain for tasks like opening an account, maintaining, opening a credit card, etc. ?
  • Have you gotten faster at browsing dozens of windows out of necessity, but it’s still a painful process to make sure you don’t make a mistake?

3. Customer service: With a high level of service comes the responsibility to know the preferences of consumers in banking matters.

  • When someone walks into a branch, how quickly is they identified?
  • If a person prefers to work exclusively with a certain team member, how is this information shared among employees?

4. Disconnecting from the call center: Often times we see a gap or time lapse with the sharing of information between call centers and retail branches – if the information is shared.

  • If someone calls a contact center with a request to maintain an account and a case is opened, what if they then decide to go to a physical branch?
  • Do your call centers have visibility into branch activity and vice versa in near real time?

If one or more of these situations is part of your daily life, you are probably familiar with basic fatigue. However, just because you’ve done things a certain way doesn’t mean you need to continue on this path. Do not worry. We don’t all speak. We can help.

How Financial Institutions Can Overcome “Fatigue”

Shorten the training schedule: CRMNEXT is a platform that connects your siled banking applications to your core business with a single, easy-to-use interface. Learning a single platform rather than dozens significantly reduces training time. More than a third of bank and credit union employees quit in the first year due to lack of training. CRMNEXT supports increased employee retention with condensed ramp time for new hires as well as providing frontline employees with the information they need to be successful, right at their fingertips.

Less documentation: Each instance of CRMNEXT has built-in guardrails and only displays the fields necessary to accomplish each task. This way, you don’t run the risk of missing a step when setting up a complicated business account or changing your social security number when you actually wanted to change your phone number. CRMNEXT remembers that, so you don’t have to – helping eliminate the need for endless paperwork and empowering your frontline bankers to resolve cases efficiently.

Personalized customer service: CRMNEXT can help your customers and members have the best possible experience when you have a 360-degree view of their information, right at your fingertips. Notes can be easily viewed by any member of the team. For example, a person can swipe their debit card when entering a branch and bring up their profile, including any special accommodations they might need. This personalized experience helps CRMNEXT users reduce interaction times with services by up to 90%, resulting in a 60% increase in the promoter’s net score. Happier customers and members lead to happier, more efficient employees.

Connection to the call center: In a typical financial institution, call centers and retail banking services operate on completely separate systems, so one person’s records and notes are not shared with the other. This can lead to a lot of tagging and phone transfers, as well as confusion among customers. CRMNEXT is customer relationship management software that focuses on transforming the financial institution as a whole instead of being limited to a single department. Statuses and case notes are updated in near real time so employees can provide almost any answer a customer is looking for. Want to see if a lead has been followed? Easy. Need to check the status of an audit? You got it!

After reading this article, you may have realized that you actually suffer from central fatigue. Don’t worry, we’re here to support you.

If you’re as excited about it as we are and want to jump into action right now, let’s have a chat. Here is a demo order form to make sure we respond to your specific challenges immediately.

Additional Resources:
How CRMNEXT Solves Fundamental Problems – One Pager
Hear From A Real Customer – SSSCU Case Study
Appointment with a CRM – Get to know us better with Banklorette

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