p1a5no2u3f39hl3iu4t1m5g18pr6.jpg
Banks have a lot of work to do to modernize branches and keep their technology on par with other businesses' digital tools. Here are some ideas worth borrowing from retailers, restaurants and consumer electronics makers if banks haven't adopted them already, says appointment-software firm Financial Management Solutions.
p1a5no2u3o1hr4u2ef2u2vbscm7.jpg

Location, Location, Location

Clothing stores are using cameras to track interest in items so they know what should be displayed prominently. Banks can use the same sort of technology to optimize the layout of their branches. For instance, they could put complimentary coffee in a high-traffic area.

Related Article: The Spark that Led to a Branch Reinvention

p1a5no2u3q1ldr5spd4a171ovk38.jpg

Beacon Technology

Shoppers who have downloaded the Target app onto their smartphones receive product suggestions and coupons when they are in or near its stores. Banks can use similar technology to personalize branch visits or cross-sell customers while they are standing in teller lines.

Related Article: How B of A Plans to Personalize Mobile Banking

p1a5no2u3v17thra9ndq11jb7e39.jpg

Predictive Analytics

When a consumer buys a TV from Amazon, the retailer suggests a wall mount and an HDMI cable. Banks could use the same sort of analytics to identify customers who would more likely be interested in certain products.

Related Article: Tracking Bank Customers Online: Necessary, Stalkerish, or Both?

p1a5no2u43g651eml1ne4n0b4hba.jpg

Stealing Some Apple Genius

Apple has built goodwill with customers by staffing its in-store"Genius Bars" with highly trained employees. Universal bankers — branch employees who can handle most issues for customers — could learn a lot from Apple's value-added tech-support service.

Related Article: Community Banks Face Tests Implementing Universal Banker Models

p1a5no2u461aec28l1kts1atk1006b.jpg

Ubiquitous Gadgets

The Chili's restaurant chain has embraced tabletop tablets as a way for diners to order, play games as they wait for fajitas, and pay when they are done. Branch banking is already becoming more automated, but perhaps banks could use tablets to engage customers as they wait to meet with employees.

Related Article: The Trials and Potential Triumphs of Tablets in Branches

p1a5no2u481lega86vr71ssa1im5c.jpg

Pampering Preferred Customers

Hotels and airlines offered their VIPs lots of perks, like priority lines. Bank branches could perhaps benefit from offering "white glove" service to their best clients.

Related Article: Banker of the Year: First Republic's James Herbert

MORE FROM AMERICAN BANKER