You may have the world’s best banking services in your branches, but if consumers have to wait in long lines to use them, they’re likely to go to a competitor.
Why banks need Queue Management Software
The current banking landscape is defined not by products, but by experiences. To succeed over the competition, banks need to do everything in their power to enhance their in-branch services.
One of the simplest changes banks can make to revolutionize the in-branch experience is to get rid of physical queues. With virtual queuing, customers receive real-time wait updates via their phone. As such, they’re a lot more likely to return for service, as opposed to simply going to another nearby bank for advice. They’re also much more likely to enjoy the wait experience – driving the return rate up substantially.
What is the customer journey like without virtual queuing?
Without a Virtual Queuing System in place, the customer journey looks a lot like this:
Angela wants to get some mortgage advice from her local bank. She’s struck at once by how busy the store is–there’s a line of customers coming out of the entrance. She also sees lots of customers getting fed up and leaving the queue
However, Angela ultimately decides to stick it out and wait in line. A branch host comes around and informs her that she should expect service within 15 minutes. She’s happy with that time frame so she continues to wait.
After 20 minutes, Angela is becoming irritable. There are still several people in front of her and she’s not close to entering the store. She’s cross with the branch host for underselling the wait time.
Angela looks across the street and sees another bank without a queue. She leaves her current queues and heads into the new, queue-free branch.
How does a Queue Management Software improve the banking experience
Banking Queue Management Systems eliminate many of the pain points your walk-in customers experience in-branch.
Let’s take another look at Angela’s customer journey at a bank with a software system in place.
As soon as Angela enters the branch, she’s immediately greeted by a branch host. She’s pleased to see there isn’t a queue. The branch host adds her to the queue, gives her a wait time estimate and informs her that she’ll receive real time wait updates by SMS.
Angela’s thrilled–she can see she’s 7th in the queue for service. She decides to nip to a nearby coffee shop and enjoy the wait. Just as she’s finishing her coffee, she receives a text message requesting that she return to the branch for service.
Angela is also amazed that she doesn’t have to explain why she’s visiting the branch to the branch expert. All the information she shared with the store host is already on her customer profile.
In the end, Angela is so happy with her mortgage service experience that she decides to give the bank a shoutout on Twitter.
What results can you expect with Qudini’s Virtual Wait line Banking System?
There are three areas that our clients see great results in:
Sales
- 62% less walkouts
- 33% rise in average transaction value (ATV)
- Significant increases in foot traffic
Loyalty
- Stronger and more positive online presence
- Increased number of returning customers
- Record-high Net Promoter Score (NPS)
- Reduction in customer complaints
Productivity
- 27% service speed increase
- 13% reduction in branch team idle time
- Greater data insights
Do customers want virtual queuing services in banks?
Yes, customers want Virtual Queuing Systems in banks. As we revealed in this whitepaper on post-pandemic customer behavior, when banks offer virtual queuing in-branch, customers are:
- 47% more likely to visit your branch
- 46% more likely to get a product in-branch
- 46% more likely to get a product online
- 51% more likely to return to branch
- 48% more likely to tell their friends about the bank
- 46% more likely to choose the branch over a competitor
Learn more about our market-leading Retail Choreography Software suite
Find out why international banks like NatWest and Standard Chartered use our software solutions like:
