We are living in a time where people have can make requests of, and have full conversations with, the computers they carry around in their pocket. From the iPhone’s Siri, to smart speakers like Google Home and Amazon Alexa, technology has become an integral and constant feature in our everyday lives.
But there is more benefit to tech than the convenience it provides or its assistance in assembling your grocery list. For many decades, technology has been a turning point in business helping companies, large and small, grow by cutting costs.
There once was a time when bank tellers had to manually count dollars and cents for every single transaction made. This means each time a server or bartender would come in to deposit their weekly tips a line of anxious customers would form behind them as a teller would count each dollar, one by one. Now, of course, we have machines that automate the process. But automation has also led to huge advancements in banking efficiency, accuracy, and convenience.
I frequently see local community banks push back against the applications, tools, and technologies that are infiltrating the banking industry. There are many reasons why this is resistance is inadvisable. Here are some of the basic, positive influences of automation in banking.
There are entire cities across the country, and even in the State of Florida, that have banned drinking straws and plastic bags because of their impact on the environment. That should give you an idea of where we are headed when it comes to “going green.” Banking applications and updated communications (through systems like email and text messaging) have reduced our need for paper mail and even allow customers to transfer money in and out of their accounts from the comfort of their own homes.
By streamlining banking processes and moving time-consuming, manual tasks online, your staff is able to turn its attention to more important issues. With their newly freed time, they can take on more essential roles that will help drive your business to the next level. Now you can focus on hiring more high-level team members whose expertise will change your company for the better.
There is no question that the future of the financial industry is online. So much of our services have already moved in that direction. Whether you or I like it or not, banking customers are expecting more and more automation and convenience all the time. You know they can get it to form the big box bank in your town. When you invest in new technology you provide your customers what they want so they’ll keep coming back.
The implementation of automation and new technology can be highly profitable for a financial services business. Just as importantly it can drive your team closer toward your mission. We all want to provide exceptional customer service, make our customers’ lives easier, and help provide them long term security. These days that takes a lot more than a free lollipop at the counter. If you’d like to learn more about how technology has changed the role of Surety Bank in our customers’ lives, contact me today.
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