December 22, 2016

Jumping on the Digital Banking Wave

Earlier this month, the Gryphon team attended the Retail Banking 2016 Conference in Las Vegas, where we witnessed the intersection of data and digitalization. The show floor was buzzing about how this trend is shaking up the banking industry. It was great to share perspectives and experiences with retail banking executives about how data-driven strategies are improving operational efficiencies.

The theme of this year’s conference was ‘Embrace the Revolution.’ With the number of bank branches declining (40% since 1991 and projected declined of 25% by 2018) The concept of digital; or “FinTech”dominated both conversations and keynotes at the conference. What we found particularly interesting about this was that executives are aware of this disruption while at the same time stressing the importance of in- person interaction and its impact on the customer experience. But how exactly can banking executive capitalize on the digital opportunity as opposed to getting swept away by it?

Let’s take a look.

As fewer customers conduct business in a physical branch, the challenge (and yes, opportunity) lies in the ability to master phone conversations to maintain efficient and effective customer connections and selling opportunities. A big part of this, however, is efficiently tracking and accurately managing call activity so that banking executives can rest easy knowing their agents are delivering superior customer experiences while maximizing sales opportunities.

That’s where sales intelligence and the ability to use data comes in. One of Gryphon’s customers, Belmont Savings Bank, is a good example of how financial institutions can become data-driven to improve sales effectiveness and management operations. Using sales intelligence software, Belmont is capturing detailed activity of every sales telephone call to provide managers with visibility and context into phone-based customer interactions so they can see the sales behaviors that matter.

This is the “opportunity” I mentioned above. Gaining a deep level of insight into the activity of sales agents—like Belmont is—is a huge competitive differentiator. Bankers perform at a higher level due to increased accountability, and managers can set performance standards to which they can manage and train bankers—a win-win.

What trends do you see in retail banking? How are you maintaining quality customer interactions in today’s digital economy?