Adrenaline’s technology partner releases “The Business Value of Branch Modernization” white paper, taking an in-depth look at ROI after branch transformation efforts
Tuesday, April 11, 2023 – Each year, Adrenaline’s partner Fiserv engages research firm IDC to assess the effectiveness of branch transformation and modernization initiatives by financial institutions across the country. Through surveys and interviews, the research assesses the ROI of investing in upgraded experiences that “blend the digital with the physical while providing their employees with modern tools to support new preferences,” according to Fiserv. These branch upgrades are targeted toward evolving the entire customer experience.
The latest research finds that institutions that upgraded their experiences boosted satisfaction scores among key stakeholders, namely customers and employees. For customers, self-service technology tools drive efficiencies and speed for transactions and make staff available for more in-depth consultations that address more customized consumer needs. In total, satisfaction levels among customers jumped 28% following modernization and transformation efforts, up from 66% before updates to 84% following the upgrades.
Staff had an even greater appreciation of the enhanced experiences at the branch. The adoption of new customer-focused solutions resulted in employees that not only were more satisfied, but were more effective in their roles, as well. Through improved branch layouts, new workflows further empowered staff to deepen engagements with customers. In full, satisfaction levels among staff members increased 36% following branch transformation and modernization efforts, rising from 59% before upgrades to a staggering 90% following them.
As outlined in her Future Branches presentation, Adrenaline’s Chief Experience Officer Gina Bleedorn says that while transactions are important, the core function of the branch channel – even among digital natives – is advice. “Digital channels transform transactions for customers, but the branch is where they turn to have their deeper financial needs met.” She notes that the pandemic actually increased monthly visits to the branch by eight percentage points, levels that remain steady today. “I believe that’s because people truly value consultation with experts.”
Adrenaline and Fiserv partner on a Branch Evolution Roadmap that helps financial services clients evolve and grow their institutions. The roadmap employs a “data-driven approach to branch network design and market selection” and leverages Adrenaline’s deep expertise in branded environments, network transformation and branch design to develop meaningful customer and staff experiences in the retail banking environment.
To learn more about branches that deliver greater customer satisfaction or to speak with one of Adrenaline’s retail network experts, contact us at firstname.lastname@example.org. Be sure to stay tuned in to Believe in Banking as it spotlights industry information and insights for banking leaders and Adrenaline’s Insights channel featuring bank and credit union strategies for success.
Adrenaline is an end-to-end brand experience company serving the financial industry. We move brands and businesses ahead by delivering on every aspect of their experience across digital and physical channels, from strategy through implementation. We create brands people love and engage audiences with story-led design and insights-driven marketing; and we design and build transformative brand experiences across branch networks, leading the construction of physical spaces that drive business advantage and make the brand experience real.