Opinion: Bringing digital banking, customer service together

Penny Lacy

For many people, the latest technology is part of their daily routine. It’s wireless, wearable and integrated into everything, from phones and watches to homes and vehicles.

In general, technology makes life more efficient and helps increase productivity. Remote meetings often save time for co-workers who cannot meet in person, and online ordering can save time during one’s lunch break. Thank goodness for the ease e-commerce and mobile order pickup have brought to the world.

Digital banking technology provides customers with a banking experience that can be as easy as ordering a cup of coffee from their phone. Mobile banking applications are one of the most commonly used forms of banking tech, increasing convenience and efficiency for users. Many banks’ mobile apps let customers check their balances, deposit money, monitor activity, schedule payments and transfer money.

One of the most visible examples of new consumer banking technology is the evolution of interactive teller machines. An ITM works like a traditional ATM but has the added value of video conferencing technology. Customers who use ITMs have the option to video chat with a bank employee who can assist them. Similar to how self-checkout works at the grocery store, ATMs are great for transactions customers can handle on their own. But if a customer needs or prefers to see a live banker face-to-face, ITMs offer the best of both worlds.

ITMs first arrived in the financial sector in 2010, and the technology’s popularity has only grown since then. While ITMs are typically more costly than traditional ATMs, they can make banking operations and service much more efficient. They can even help expand banking hours, an important convenience for those needing to conduct financial transactions outside traditional banking hours.

Not only is the new technology easier and more convenient for customers, it’s also more cost effective for banks. One associate can now serve customers in several places at once, eliminating the need for an additional individual associate at each location.

ITMs also proved to be timely investments for many banks prior to the pandemic, including Arvest. During the height of the pandemic, ITMs provided social distancing for many banks’ employees and customers, allowing them to continue operating while helping keep everyone safer and healthier.

ITMs continue to be a popular business model for many banks, allowing customers the ability to conduct several transactions, such as making credit card payments, bill exchanges, safe deposit box payments and consumer and mortgage loan payments, outside of traditional bank operating hours. Many ITMs open before and close after bank branches do, accommodating customers’ busy lives and work schedules.

For banks today, there is no question that many customers need to have digital banking options. Offering ease and convenience now means having both digital and traditional channels available, and customers need reassurance that their digital banking experiences through mobile apps and ITMs can be just as good as or better than the traditional in-person banking experience. Banks need to continue providing quality customer service in every aspect of the banking experience, and providing convenient, efficient digital banking technology is becoming more crucial every day.

Penny Lacy is the sales manager for Arvest Bank-Springfield Region and can be reached at placy@arvest.com.