RFID and the Bank Branch of the Future

Posted by Ken Lynch on Mon, Nov 22, 2010 @ 12:33 PM

Tags: RFID, Service Delivery, Banking

Solution Enables Personalized Banking Services and Process Automation

Yes BankI remember the pre-ATM days, when all personal banking was done in the bank, face-to-face with a teller or financial specialist.  No bank cards, PIN codes or touch screens.  I also remember having to wait in long lines, so I’m sure reducing customer wait time was one of the primary reasons banks began adopting a variety of technologies to automate customer experience and drive efficiencies into their process.

It is interesting, however, to see how some banks today are beginning to market in-person service as a differentiator; pointing out how customers are fed up with talking to machines, ATM scams and endless phone calls into phone banking systems that have no escape in order to speak to a real person.  In fact one bank in my local area recently started offering free coffee and doughnuts on Saturday mornings in an effort to connect on a personal level with its clients.  For as many banks as there are touting simplicity and in-person customer service as the future of banking, there are probably just as many exploring how they can leverage emerging technologies to further automate their customer service.

YES BANK of India, for one, prides itself on achieving several market firsts and delivering innovative banking solutions to its customers.  YES proudly claims to be among the first banks in the world to create a Wi-Fi banking network, and the first in India to create an automated teller cash dispenser system and offer speech enabled voice recognition phone banking services.  Building on its technology vision, YES BANK’s South Extension Branch in New Delhi has also introduced an RFID-enabled system that automatically identifies its branch customers in order to enhance their banking experience and provide a new level of personalized service.

By strategically placing RFID readers throughout its facility and providing RFID-enabled banking cards to customers, bank employees are able identify and greet clients by name and have their account information available as they walk through the door.  When customers are done with their banking, the system also captures when they exit, indicating that transactions have been completed and feeding an analytics system that allows the bank to evaluate how long a customer waited before being helped and how long the client spent completing individual transactions.

Spread across 10,000 square feet and billed as the 'Bank Branch of the Future', the South Extension Branch also offers an automated teller cash dispenser machine, touch-screen internet kiosk, speech enabled voice recognition phone banking, Wi-Fi connectivity and a Knowledge Café.  The branch’s YES Lounge extends the exclusive banking experience by delivering a level comfort and privacy not typically found in traditional ‘desk’ banking.

Is banking better off with high-tech services or do you prefer coffee and doughnuts with your teller on Saturday mornings?  Let us know your thoughts about which delivers a better banking experience.

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