Advice for Starting a Virtual Branch

Posted on: 29 January 2021

If you already have a banking branch, at some point, you may want to go virtual as to provide customers with more convenient banking services. You may not want to completely adopt this form of banking just yet, but if you're implementing it gradually, these tips can help you find success in a short period of time.

1. Start Local

Before you start incorporating virtual branch solutions all over the country, you might want to just start local. Focusing on customers in your local area will give you the chance to better serve them digitally, whether customers need to open a loan or need advice managing their bank accounts.

After you have a feel for how virtual branch solutions work, you can start taking a broader approach and have the resources to fully manage everything thanks to the local experience you gained with these solutions. 

2. Focus on the Individual User

Although it's more efficient to take a general approach to communications when implementing virtual branch solutions, it has been found that taking an individual user approach can yield greater experiences. Customers that go to use your virtual banking solutions will feel like they truly matter to your branch because you're tailoring conversations and promotions around them. Then they'll be more likely to use virtual banking solutions in the future as they have a personal feel that makes them feel more welcome and valued.

3. Make Sure Contact Points are Gathered and Updated 

Since you'll be engaging in banking activity through a digital medium thanks to virtual branch solutions, you need a way to always reach customers conveniently. There won't be in-person interactions, so gathering points of contact is key in staying in touch with your customers to handle their concerns or questions appropriately. These contact points include emails, cell phones, video calling platforms, and home phone numbers. Once you do have these contact points, make sure to keep them updated by asking customers regularly if any of their information has changed. That will help you effectively facilitate virtual branch solutions.

A lot of banking institutions are starting to go virtual, at least in some capacity, as it lets them provide convenient services. If you know how to approach virtual branch solutions correctly from the start, you'll run into fewer problems and get more out of your investment. You can learn more by contacting companies that offer virtual branch solutions.