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Benzi Axelrod, VP Business Development in US, with the new Odysii system at Metropolitan National Bank
 
 
 
 
Banking Teller Solutions Bring Brick and Mortar Banking Closer to the Online Model
As we are pulling out of the great recession and shifting efforts to a growth mode, banks realize that they need to transform their network of branches from transaction focused to a selling machine.  Most retail banking organizations have a fresh appreciation for their traditional retail banking network.  This is not to say that the online channel is less relevant for customer acquisition and cross selling of products and services, but that it is not the only effective channel.  In addition, what the recent economic downturn has taught us is that customers need to “touch and feel” their financial service provider’s brand.  What a better place to satisfy these needs than at the branch where customers can connect with bank employees and brand identity.

Executing against strategic business objectives - Marketing campaigns must reflect the organization’s strategic objectives and communicate a consistent message across channels.  This requirement is becoming more challenging due to ongoing changes in banks’ goals and external forces.
Customer expectations – Major online players such as Google and Amazon increased customer expectations of relevant offers based on their recent purchasing behaviors.  Bank customers are bombarded with communication from multiple sources and expect relevant messages like they’re experiencing online.

Regulatory and compliance requirements – Regulatory and compliance changes are a major challenge to marketers where new and revised T&C force organizations to reprint offers and re-communicate with their customers (not to mention ensuring that “old” messages are removed on time from all branches).
Surprisingly enough, most retail banks still use the same marketing approach used 10 – 15 years ago and by and large, use the following channels to market their products and services:
Print – Direct mail and in-branch pamphlets are very common with most banks. The line of pamphlets promoting services found at the teller counter and the waiting area is similar to what banks have used for the last decade. Direct mail campaigns continue to miss their target audience with an alarming decline in response rate.

Teller – The teller is one of the most critical assets of any bank (you can go to a credit union branch and understand what I mean). However, in many cases, tellers are not motivated or trained to promote the right products to the right customer. Their goal is to process a transaction fast with no errors. Cross-selling is not top of mind for most tellers especially when offers constantly change.

Digital signage – This is by far the most advanced marketing change we have seen in the retail banking. Companies use digital signage to present fresh content and communicate relevant messages to all of their banking customers. Is the message, however, relevant to individual customers? Most likely, it is not. Although digital signage is a major improvement from static/print communication, it is in many cases nothing more than digitized static content.

To address the above challenges, Odysii developed its Retail Banking Teller Solution which was installed at the Metropolitan National Bank of New York and its CashZone subsidiary.

The Teller Solution provides a customized relevant message to the individual via a customer facing screen at the teller station. The customer receives relevant cross sell messages in real time. For example, while the teller puts in John Smith’s account information, Odysii’s system recognizes that Mr. Smith does not have direct deposit with the bank; hence, a message promoting direct deposit is immediately featured on the screen facing Mr. Smith. At the same time, Ms. White gets a message promoting the bank’s credit card since Odysii’s system recognized that she does not have a credit card with the bank and she is pre-approved for one. Again, it is the use of relevant, targeted messaging in real time.

At Metropolitan National Bank, Odysii implemented a screen scraper at the teller station which reads an identifier provided by Metropolitan bank and is updated at the end of each day. Each identifier represents a match between a customer’s current set of products with the bank and what additional products the bank would like to cross sell to that specific customer. Once Odysii’s system reads the customer identifier, a customized message is shown on the screen facing the customer. At a high level, the process is as follows:
A. Bank is loading a file with its customer base and each customer receives an identifier (for example, identifier A – Direct Deposit; identifier B – Pre-approved Credit Card, etc.,) This is done at the local teller station level.
B. Odysii has an agent on the teller station that reads the identifier of the person seen by the teller.
C. Odysii adapts the content displayed on the screen facing the customer based on the customer’s identifier.
 D. Odysii does not violate privacy or banking confidentiality rules. No individual’s identifiable information is received by Odysii. No communication is sent outside the bank’s environment.
 
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Odysii’s Teller Solution brings the brick and mortar retail banking environment closer to the online model by providing relevant, customized messages in real time based on the customer’s current level of relationship with the bank.
We at Odysii believe that the teller solution will assist in transforming the retail banking environment to a selling machine by cross selling the right product to the right customer at the right time.