In The Age of Technology, Should We Still Wait in Line?
You decided to take advantage of your lunch break and visit the nearest bank branch to get a new credit card. You walk into the bank with a limited amount of time. Within moments of entering the branch, you can see it directly in front of you. The queue.
A long line of people is waiting in front of a counter, and you are supposed to join them. This will take you at least 20 minutes of waiting time. According to a study, the average bank queue is between 20 and 40 minutes.
The question is now, in the age of technology, should we still wait in line? With all the digitalization happening around the world, shouldn’t there be other ways to overcome queues in a bank branch? The following article discusses the issue of queueing in banks and the solution to it.
A Long Wait Has a Lasting Negative Effect
Waiting is an inevitable part of life. Every one of us has experienced the frustration of a long wait, whether it is at a grocery store, a doctor’s office, or a retail store. But what impact does this wait time have on our level of satisfaction?
A study reveals that wait times are one of the most significant factors in customer satisfaction. In general, customers are 18% less satisfied with their overall experience if they have to wait longer than expected. And according to statistics, customers are willing to wait only 14 minutes before they are served.
It is essential to note that this dissatisfaction does not simply vanish once the wait is over. According to a study, customers continue to feel the adverse effects of waiting long after leaving a store or service provider. Basically, a negative customer experience (CX) will be remembered for a very long time and will likely be passed around to others. A study found that customers who are unhappy share their bad experiences with others in 95% of cases.
Your Business Loses Sales if You Have Long Waiting Times
A long wait and subsequently a negative CX could have a negative, even neck-breaking effect on your business. Survey results indicate that businesses lose 75% of their customers due to waiting times. And when customers leave your branch with nothing but frustration in their hands, your chances of them returning are very low.
The Bank of The Future: Modular Service Kiosks
Now let’s take a moment to imagine what the future bank will look like. You take advantage of your lunch break to get a new credit card. You enter the nearest mall. Walk through the door. After a couple of meters, you can immediately see it. The Modular Service Kiosk (MSK). But there is no queue!
You walk up to the machine and select the service you want. Let’s consider getting a new card. You validate your identity with the bank and then choose the card product you are approved for. Once selected, it takes less than a minute to print your card. And you are done.
If you require any further transaction or service, you just go ahead and select it from the many services included in the machine, such as:
Banking could never be easier and faster than this!
Customers Expect Personalized, Fast, and Convenient Banking
According to a survey, 96% of respondents say customer service influences their choice and loyalty to a brand. Hence, a great CX not only leads to happy customers, but also impacts the bottom line. In general, CX-focused businesses are likely to grow their revenue faster than those that don’t.
Nowadays, people no longer compare their experiences between competing banks; they compare the ease of their experiences across all industries.
In an era where tech companies set the bar for customer service, it’s no surprise that customers want their banking experiences to be as personalized, fast, and convenient as their online shopping and streaming platforms. And all of this can be achieved with an MSK.
Boosting Customer Satisfaction and Improving Resource Management with an MSK
Using an MSK, customers can self-serve and perform tasks that would have traditionally required assistance from a staff member. This can include tasks such as making payments, opening a bank account or doing yearly KYC.
MSKs allow customers to complete these tasks quickly and efficiently without waiting in a long line for staff assistance. As a result, there are fewer people in line, resulting in shorter wait times and higher customer satisfaction.
Additionally, kiosks can also help businesses manage their resources more efficiently and reduce staffing costs. By digitalizing certain tasks, businesses can free up staff members to focus on other areas of the operation, such as customer service or order fulfilment.
Toppan Gravity offers Modular Service Kiosks as an innovative solution to satisfy your banking customers and to overcome the age-old problems of slow customer support and long queues. The so-called “Branch-in-a-Box” allows a wide range of customizations to meet any need, whether it’s improving the customer experience or reducing lines in the bank’s branch.
Click here to know more about Toppan Gravity’s Branch-in-a-Box.
About Toppan
Established in Tokyo in 1900, Toppan is a leading and diversified global provider committed to delivering sustainable, integrated solutions in fields including printing, communications, security, packaging, décor materials, electronics, and digital transformation. Toppan’s global team of more than 50,000 employees offers optimal solutions enabled by industry-leading expertise and technologies to address the diverse challenges of every business sector and society and contribute to the achievement of shared sustainability goals.
For more information, visit www.toppan.com/en/or contact www.linkedin.com/company/toppan/
About Toppan Gravity
Toppan Gravity is a subsidiary of Toppan Leefung, serving as the international development arm of the Toppan Group in the security domain. Being part of the most prestigious conglomerate in the industry with decades of experience and multiple well-known references, Toppan Gravity benefits from Toppan Printing’s strong market position and extensive expertise.
As a global solutions provider primarily focused on the payment and Identity industries, Toppan Gravity aims at developing the next generation of virtual and physical security documents. With the vision of becoming the forerunner in the secure ID and payment industry, the company focuses on driving synergies within the Toppan Group, through strategic acquisitions. Toppan Gravity empowers promising companies having state-of-the-art technology or businesses in emerging markets, including Asia, Africa, and Latin America to enhance their overall performance. Furthermore, the company enables its acquisitions to take advantage of the opportunities presented by its large, diversified group having numerous resources and extensive know-how.
For more information, visit www.toppangravity.com or contact info@toppangravity.com
