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New Study Reveals Importance of Tracking the Right Metrics in the Modern Branch

May 22, 2018

A new study has the cure for management teams at financial institutions who sometimes struggle to understand the actual performance of their branch lobby. While poor visibility into important sales and service metrics can hinder management’s ability to establish performance goals, it also hurts productivity and can negatively impact the bottom line.

The FMSI 2018 Retail Branch Lobby Study examines 715,000 interactions collected through the Kronos FMSI Lobby Tracker, which encompass all types of service and sales exchanges between accountholders and credit union and bank employees that took place on the platform side of North American financial branches in the third quarter of 2017. The analysis finds that financial institutions have room for significant improvements across a few key areas.

  1. Lobby wait times: The study shows that Top 10 financial institutions have whittled their average lobby wait time down to just over two minutes, while in comparison, the average national wait time is more than three times higher. So what can you do to improve your wait times? The key is to use the detailed data you’re collecting at your branch to identify performance and service issues and adjust employee schedules, offer to retrain staff, or update your procedures to improve this critical service metrics.
  2. Duration of assist time: The study looks at average assist times at a Top 10 financial institution compared to the overall national average as well as the Bottom 10 financial institutions, offering an industry benchmark to help management set goals. But keep in mind that although longer assist times are not necessarily a sign of worsening service (in some cases it may indicate that frontline staff are doing a better job of cross-selling, which is a big positive), it could signal excessive socializing, declining employee performance or deficiencies in coaching or training. Alternately, short assist times might at times yield careless errors, so in either case it’s certainly an important metric to watch.
  3. Product vs. service interaction ratios: Current findings from the study reveal that, overall, financial institutions are on average missing the mark when it comes to balancing product and service lobby interactions . Kronos recommends credit unions strive for a 60/40 split, respectively. Download the full study to see how today’s financial institutions stack up, including prior year comparisons leveraging data from 2015, 2013 and 2011. With sizeable room for improvement, keeping an eye on this ratio is vital if you expect to operate a high-sales-performing lobby.

Learn more about these key areas for improvement and check out all 2017 data sales and service metrics captured in the new FMSI 2018 Retail Branch Lobby Study. Download now.

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