Banking by Appointment – Bring it On!

Celent will help qualify your requirements and introduce you to the vendor
Spotted a missing vendor? Use this form to alert a vendor to the Celent service
Create a vendor selection project & run comparison reports
Register to access this feature
Click to express your interest in this report
Indication of coverage against your requirements
Vendor requires PRO subscription to activate this feature
Requires research subscription, contact Celent for more info
13 March 2014
Bob Meara
Last week, Wells Fargo promoted new banking by appointment via outbound e-mail marketing. I say it’s about time! Here's how it appeared: Wells bank by appointment Online appointment booking is just plain smart. It’s also overdue. For years, consumers have been able to schedule appointments with healthcare providers, hair dressers and restaurants – why not banks? The idea makes sense for several reasons: • It provides an easy call-to-action as part of marketing communications. • It helps banks balance staff capacity with sales and service demand. • It allows front line staff to be prepared for customer meetings, rather than reacting on the spot as customers approach. • It is clearly preferred by some consumers and minimizes wait times. Celent surveyed US and Canadian consumers on two occasions in 2013 and found them highly digitally-driven – except when they had something substantive to discuss. Then, they preferred face-to-face interaction. Preferred method of engagement Source: Celent US consumer survey, June 2013, n=1,033 Q: "If you had an important topic you would like to discuss with a banker, how would you prefer to do so?" In my opinion, effective online appointment booking capabilities would be: • Omnichannel – offered in multiple channels for engagement via multiple channels, not just the branch • Integrated to existing calendaring applications to be low-friction for both consumers and staff • Set up to automatically remind consumers of their appointment and easily revisited in case a change was needed. This should minimize no-shows. • Tracked – rigorous measurement of appointment booking and subsequent results is key to continual improvement. I’m wondering why this functionality remains a rarity among retail banks.

Insight details

Sector
Content Type
Blogs
Location
Asia-Pacific, EMEA, LATAM, North America