Nathan Moore, CTO
The need to produce a frictionless and awe-inspiring experience is intense in every industry, and banking is no different. Digitally empowered clients have high expectations, adding pressure to the banking industry—which is already facing stringent compliance regulations. With growing market competition, banks and credit unions are searching for multi-pronged transformation initiatives to optimize their retail spaces. Strategies such as the universal associate (UA) model and size-optimizing branch networks with micro branches have become hot topics with financial institutions (FIs) that want to remain agile and competitive by reducing friction in the client experience. But executives struggle to align their retail strategy with the technology because of all the variables getting in the way of a frictionless service experience.
• Security uncertainty
• Risk analysis
• Regulation restrictions
• Core platform limitations
At this crucial juncture, what they need is a trusted partner who can guide them through proper planning and decision making, enabling them to provide their clients with a choice and convenience for every part of the experience.
Aware of this difficult situation, sister companies, DBSI and CFM, created a suite of solutions that fuse together technology, design, people, and process to optimize branch banking and drive an impressive client experience. Together, DBSI+CFM cater to the holistic needs of the industry, ranging from strategy, planning, architecture, design-build, technology development and integration, strategic training, and support.
“The fusion of strategy, design, build, technology, integration, and delivery is what makes a truly innovative, successful initiative and what drives our company,” says Nathan Moore, CTO of DBSI+CFM. “We are focusing on all aspects of the branch experience to drive lasting transformation and relevancy.”
A Proven Process
Team DBSI+CFM does branch transformation in a unique way with a proven process called 6d. The first step in the process is DISCOVERY, where an FI’s target audience, brand promise, branch strategy, barriers, scope, and budget are all uncovered through an in-depth interview. Post-discovery, the DBSI team DEFINEs the strategic intent, current and future business state, and steps to achieve the ultimate goal. In the DESIGN stage, the expert team delivers a well-thought-out design based on 28 best practices developed after years of practice in the banking industry. Then, 3D renderings are used to present the designs that portray the strategic intent and the requisite technologies to deliver visuals of the branch’s future look. The DOCUMENTATION phase includes engineering and city permits. It is also the stage where having a design-build firm makes a difference. Typically, some confusion happens after this stage when the plan goes to construction. But having all the experts in-house means the communication and transition to construction (DELIVERY) is smooth.
DBSI+CFM caters to the holistic needs of the banking industry, ranging from strategy, planning, architecture, design-build, technology development and integration, strategic training, and support
Finally, in the DEBRIEF phase, they review key learning, progress to success metrics, outcomes, and client satisfaction.
A well-designed branch with the right technology is the perfect place for a UA to WOW clients. DBSI+CFM’s proprietary technical architecture helps UAs deliver efficient and quick services for a better client experience.
“The average consumer expects that the first person they encounter in a retail establishment can solve their needs. Because of the separation between transactional, sales, and service, the first person a consumer encounters may not be the right person. This must be rectified for FIs to remain relevant,” explains Moore. “Our innovative nature and proven ability to get things done has led us to solve real problems in our industry that prevent many from providing the most effective sales and service. It is imperative for our industry to transition from transactional to advisory. Technology can be a large barrier in this regard, but we have broken many of those key barriers by creating game-changing solutions backed by effective and proven core integration.” mentions Moore.
Where it All Connects
CIOs of FIs must identify ways to adopt the emerging retail strategies and technologies as most of their IT environments are highly complicated with older systems. “With our strategic planning expertise and advanced technological know-how, we understand banking IT environments comprehensively so we can guide our clients in overcoming their operational impediments,” says Moore. “By integrating automation, kiosks, peripherals, tablets, cores, and other 3rd party systems, we bridge the gaps CIOs are trying to fill. To deliver an unforgettable experience for our client’s audience, we create strategies in retail store-like environments, break down the barriers for exceptional service delivery, and reduce operational costs.”
Navy Federal Credit Union worked with DBSI+CFM to develop a go-to-market strategy in just three months. Cash recyclers replaced the teller drawers to help make the shift from transaction-focused tellers to universal associates focused on advisory conversations. Then, with DBSI+CFM’s queuing solution, RTA (Remote Transaction Assist), universal associates were free to help clients from anywhere in the branch with full access to the cash recycler. Staff also encouraged clients to use alternate channels such as mobile and self-service to complete their simple, low-value transactions.
The DBSI+CFM difference is their focus on the fusion of technology and banking strategy to create an unforgettable and frictionless experience for clients and employees. “Execs want their branches to be convenient for their clients where they work, live, and play. A network of branches (including micro) with a fusion of technology, design, people, and process is the best way to achieve that goal,” adds Moore. DBSI+CFM’s strategy continues to evolve and grow as the market changes expectations.