Research estimates that more than half of banks and credit unions have adopted a universal banker model in their branches as a part of their overall branch transformation strategy. The universal banker model requires financial institutions to evaluate their approach to staffing in branches by hiring employees that are well-versed in the institution’s product and service lines, and can complete multiple tasks that were previously segregated into separate departments and employees. Universal bankers are meant to work in conjunction with new devices and technology to create a better customer experience and build stronger relationships.
As the universal banker model continues to be adopted by financial institutions, I wanted to do a deeper dive into two ways the model is changing branch cash management for financial institutions and how to implement a successful universal banker model:
1. Streamlines branch cash management operations
Implementing a universal banker model means that your branches are operating with new devices and software to help streamline transactions and customer requests. New interactive teller machines (ITMs) and the introduction of artificial intelligence (AI) allows the universal banker to focus their skills on other tasks, such as business development, and not on simple transactions that are easily completed by technology.
2. Reduces cash management time commitments
Changing an institution’s staffing approach to the universal banker model isn’t always an easy decision, but after evaluating the pros and cons many institutions realize a significant time savings for their employees. When a universal banker model is implemented alongside new technology, universal bankers spend less time on helping with cash transactions and processes, and can focus their attention elsewhere. For example, head tellers and branch managers spend time trying to solve for overall cash usage in their devices, as well as placing accurate and timely money orders. Instituting software, like logicpath’s C3 Financial, delivers overall cash usage and accurately predicts usage down to the denomination based on historical data.
So how do you implement a successful universal banker model when thinking about branch cash management?
1. Find the right people
It’s no secret that finding the right employees to fulfill the universal banker model isn’t easy. The universal banker must be knowledgeable about all the products and services available at your institution, as well as be able to understand how their role and technology comes together to provide the best experience for their customers. The universal banker’s main goal should be business development, cross-selling and helping customers find the financial products and services that best fit their needs, while using new technology, like ITMs, to help them accomplish these goals.
2. Find the right branch cash management software solution
The right branch cash management software is an important consideration for a successful branch transformation strategy that includes the adoption of the universal banker model. Make sure your new branch cash management software integrates with new and old devices, as well as determines your branches’ overall cash usage down to the denomination and accurately forecasts your demand. Ensure your new universal bankers understand how the software helps streamline the cash ordering process. They will be thankful they can focus their attention on their customers and not on a spreadsheet.
The universal banker model and branch cash management together create a seamless experience not only for the customer, but also allow for the branches’ staff to use their skills for business development. Universal bankers must have a deep understanding of the financial products offered by the institution and how devices function within the branch. It is the combination of new technology, devices, and knowledgeable bankers that equate to a successful implementation of the universal banker model when it comes to branch cash management.