In the wake of the COVID-19 pandemic, financial industry technology advantages are becoming more important than ever before. As more and more banks, credit unions, and other businesses look to reopen, it’s crucial to continue building on the improvements to ease of use and accessibility that both customers and employees alike have grown accustomed to.
Reimagining Digital Banking Using Technology
Most businesses already have an automated phone system, where customers or members are able to check their balances, view cleared checks, transfer funds, and more. In the wake of closed lobbies and other pandemic restrictions, the adoption of Remote Deposit Capture (also known as a mobile deposit) has soared. People have gotten used to not needing to show up in person in order to deposit checks, and there are even more enhancements to the customer experience we can make.
Other technology-enabled improvements include online chat support for answering questions or even applying for a loan, as well as the widespread use of video banking platforms, like Invo or PopIO. These platforms allow customers or members to work with financial staff to open new accounts, secure a mortgage, discuss products and services, apply for and close a loan, and more. As we move into widespread reopening, customers can use these platforms in the branch to get help even if staff is not available. Video banking also has benefits for employees and staff, allowing them more flexibility to work remotely and allowing them to help more people more quickly.
Digital loan closing is now common, with many financial institutions adopting platforms that allow customers or members to send secure documentation, obtain signatures, and get the loan closed without ever having to show up in person.
How Financial Technology Advantages Can Impact the In-Person Experience
The ATM was revolutionary technology for its time, allowing customers to quickly get cash or perform basic transactions even when their bank wasn’t open or the drive-thru lines were down the street. ITMs (or Interactive Teller Machines) take that even further, allowing customers to get help from staff via videoconferencing to complete even more complex transactions that may be unavailable to navigate to on a touchscreen. They can:
- Make loan payments
- Account transfers
- Discuss loan applications
- Go over credit options
- Payment deferrals
Staff can be located anywhere, giving you the ability to offer more flexibility and work-from-home options.
Inside their branches, many financial institutions are using Teller Cash Recyclers (TCRs) or Teller Cash Dispensers (TCDs) to increase operational efficiencies for their staff when customers or members make cash deposits or withdrawals. Not only does this speed up interactions but it also greatly improves accuracy.
The Check 21 Act, passed in 2003, allows financial institutions to deposit their batch of checks remotely using a check scanner on a daily basis rather than having to place them outside in a locked box and have a courier pick up the checks at night, which can take days for the actual deposit to go through. Some financial institutions have a general check scanner for all tellers to use, and others have check scanners at each teller station in order to create more operational efficiencies for their staff. Multiple scanners enable them to add new checks throughout the day to their batch, helping with the accuracy of deposits and the overall teller drawer when balancing at the end of the day.
More Ways to Use Financial Cards
Many financial institutions are now accepting credit card payments for loans. There are many different platforms available that make this possible. making payments easier for customers and decreasing loan delinquency for creditors.
Instant issue debit cards are a new option to save time and get something in the hands of a new customer or member as soon as possible. Checking accounts are considered a “sticky” product—once a customer has one it’s difficult to move from one financial institution to another. You have to reconfigure auto withdrawals, direct deposits, checks, debit cards, and more, so getting customers or members set up with their debit card as quickly as possible means they’re very likely to stick around.
The Financial Industry Technology Advantages from Equips.com
The Equips.com portal not only lists all financial industry equipment but also provides a complete history of service events. When budget time comes around, it helps to know everything about equipment performance. Some questions you should ask yourself include:
- What units are performing well?
- What units should we look at replacing?
- What the age of the units you have currently deployed?
The Equips.com portal is a one-stop shop for customers to place service requests, providing you with a user-friendly website that allows you to not only report issues with your equipment but also complete tasks that benefit your organization on a daily basis.
Branches no longer have to pick up the phone to report an issue or follow up on a service event. Instead, you simply log in to your user account and view all open or closed requests. You can submit a brand new request in a matter of seconds, or escalate or cancel a request just as easily.
Make the switch to Equips today and reap the benefits of new financial industry technologies today.
Equips is revolutionizing how Banks and Credit Unions manage, maintain, and protect critical branch equipment. Equips can leverage a network of 500+ vendors, experts at Equips help Financial Institutions respond to equipment problems quickly in one place: Equips.com. Active management allows Financial Institutions of all sizes to improve operational efficiency, cut costs, and streamline equipment inventory and vendor management. Our groundbreaking solution provides clients across 45 states with better insight and transparency into their critical equipment and enables employees to do their best work. To learn more visit equips.com.