Surviving attrition at the branch

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Surviving attrition at the branch How a retail bank evolved to serve the customer of the future

Millennials are doing more online. Shopping, banking, investing—you name it. A large, well-established banking institution with 2,600 branches and 9,000 ATMs in 19 states was steadily losing brick-and-mortar branch customers.

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With one change in the right direction, wireless technology solutions helped to create a better experience when customers visited the branch. By integrating more self-service options and engagement opportunities, this bank was able to bring back the lost sheep and attract new customers.

• Branches with either no connectivity or weak Wi-Fi with low bandwidth • No way to extend business connectivity at events outside the branch

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Seventy-one percent of millenials surveyed said they would rather go to the dentist than hear what banks have to say.1

Being there is better. Innovative mobile technologies helped customers bank in totally new ways: • 4G LTE-powered tablet kiosks loaded with apps made it easier for customers to: ®® Help themselves and fill out applications. ®® See product demos and learn about bank offers. ®® Customers can also receive mobile notifications on their device when new offers are available. • 4G LTE-powered tablets helped extend connectivity offsite for new-customer acquisition at events and maintained continuity of operations within branches if primary connectivity slowed or stopped. • Logistics technologies helped improve awareness—take ATM integration, for example: ®® When clients took out $500 or more, a manager was notified and reached out to discuss account status, investment direction and other customer needs face to face.

Who is this customer of the future? Millennials, a generation born between 1981 to 2000, are more than 84 million strong in the U.S. alone. A recent study done by Viacom Media revealed the following millennial attitudes:1 • Fifty-three percent said they didn’t think their bank offered anything different than a competing bank. • Seventy-three percent would rather handle their financial services with Google, Amazon, PayPal, Apple or Square than from their own nationwide bank.

Overcoming strong objections. To get customers back in the branch, the bank had to face some serious facts: • Declining sales and low adoption of service and portfolio products • Long lines in branches that discouraged customers from visiting physical locations • Lack of customer engagement



Use case

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Sixty-eight percent of Millennials say that in five years, the way we access our money will be totally different.1

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Ninety-eight percent of the Fortune 500 rely on our services and technologies.2

Results Working with Verizon, the bank was able to come up with a way to keep Millennials interested in what the bank had to offer and make sure they are more satisfied with their experience. This solution checked all the boxes: • Efficient • Secure • Profitable • Smart By integrating innovative technologies into retail banking locations, this bank experienced: • Cost savings/efficiencies. • Increased sales/revenues. • More engaged customers. • More self service. • Increased adoption of value-added products and services. • Better high-value customer management. • New customer acquisition.

1 The Millennial Disruption Index, Viacom Media Networks. http://www.millennialdisruptionindex.com/ 2 Internal Verizon research. 3 Results based on an independent research study of 8,497 businesses. Telephone interviews were conducted between 1Q 2015 and 4Q 2015 with the employee most knowledgeable of telecommunications service. 4 Based on RootMetrics® 2015 2nd Half US National RootScore® Report: Jul-Dec 2015 for mobile network performance test result of four mobile networks across all available network types. Results may vary. The RootMetrics award is not an endorsement of Verizon. See www.rootmetrics.com. Network details & coverage maps at vzw.com. © 2016 Verizon. UC2630316

Why Verizon When it comes to banking, the network matters. America’s largest, most reliable 4G LTE network can help you deliver a better customer experience. That’s one of the reasons why more businesses choose Verizon than any other wireless carrier.3 Our network was rated No. 1 in overall network performance for the fifth consecutive testing period among the four national wireless companies in the United States by RootMetrics in its National RootScore® Report.4

Learn more. To find how Verizon can be your innovation partner and help you better serve the customer of the future, contact your Verizon business representative.