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Post-COVID Banking – Evolution or Revolution?

January 5, 2022

Have you noticed that since COVID, more bank branches are closing? In the ones that are still open, it takes forever to get an appointment or reach a representative. Eventually, you find yourself waiting all day just to straighten out a few things, but why?

Part of the reason is that post COVID, banks face the same challenges as other organizations – staffing concerns, determining “new normal” customer needs, and finding digital solutions that work across multiple audiences.  

Banks identified serious concerns if they changed direction too quickly and didn’t find solutions that work for the wide range of bank and customer needs. By limiting the physical presence of convenient locations, banks jeopardize their community value, including:

  1. Reduced access and less personalized attention, which in fact may put the bank at risk of losing their elderly clients – in many cases, seniors are the ones who hold the most money at local banks
  2. Decreased trust within the community since bank customers lose the personal interaction with their favorite bank representative to welcome and help them
  3. Loss of trusted and long-serving employees, which is a result of bank consolidations or closings

Some banks initially considered a strictly digital approach but found they lost popularity and risked losing customers because local marketing and advertising support was hindered by fewer eyes actually seeing those cool signs, banners, and enticing offers.

Banks are rethinking a strictly digital approach. We agree, and I’m sure in retrospect, banks would like to take a step back, too, and more easily find comprehensive solutions that work for their customers.

Finding optimal solutions is very difficult – finding a sustainable hybrid banking solution is like finding a needle in a haystack. But if banks aren’t careful, it could cause more harm than good.

Now here’s where Q-nomy steps in. We don’t want to say goodbye to our favorite bankers. Instead, we want people to keep feeling special by working with the professionals they know and trust, whichever branch they decide to go to, even if they can’t get there physically.

Wait, what? How?

Imagine you’re a student applying for a loan, a couple applying for a mortgage, an elderly person having trouble getting to your branch, or even a teenager sitting next to your parent and asking for them to transfer over some money to you so that you can buy something. The banker you know, love, and trust can be right there assisting you in the comfort of your own home.

One man said it best:

“It's not a faith in technology. It's faith in people.”
Steve Jobs, Co-founder of Apple.

Enter generation 1.5, the perfect balance of people and technology. Among the cornucopia of banking solutions Q-nomy has developed, we connect the branches to digital channels in such a way that a branch employee is taking care of both walk-ins from the community and digital customers. We connect local bank representatives to the digital service network to expand their customer reach. When it comes to service and efficiency, nobody optimizes customer journeys better than Q-nomy.

As you will see in this video, the local banker seamlessly handles both walk-in appointments and customers entering the bank digitally via video. This is just one of many scenarios Q-nomy supports at bank branches to improve customer flow – and satisfaction.

Furthermore, we provide robust back-end solutions that keep efficient and effective processes top of mind, including planning, marketing, and connectivity to banks’ legacy systems.

Talk to our Q-nomy team to find out how we can help you determine the most powerful banking solutions for your needs.

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