It is always super cool to see businesses/organizations proactively improve their customers' experience and in this case, Stanbic IBTC changes the game for the banking industry in Nigeria!
About 2 weeks ago, I got a pop up message saying; "Avoid filling deposit forms, just walk straight to the teller and speak your transactions. Call 01-4222222 for more"
Out of curiosity, I went to a branch of the bank and requested for a deposit slip. The security officer in the banking hall asked if I needed to make a cash transfer and on confirmation, I was told that the bank no longer requires deposit slips and I could simply speak with a teller and they will handle my transaction. At this point, I knew I had to explain my objective and requested to see the branch/operations manager. I gave him my business card, explained what I do and why I needed to try out both services to ascertain the impact on my experience as a customer and he had to dig in to get me a deposit slip so I could validate this initiative as an experience improvement initiative.
My Experience Using The Deposit Slip
In summary;
In summary;
Total time spent making a cash deposit using a deposit slip was cut by 3 minutes! Rather than spending 5 minutes in the banking hall making a cash deposit, I can actually have my cash deposit transaction done in 2 minutes in a typical scenario i.e. with no queues and of cause this is may/may not also dependent on how much cash you are depositing.
How Do I Feel About This As A Customer?
Great! And the truth is, I feel like the improvement is all about me and my time. I may be wrong, but my perception is Stanbic IBTC Nigeria did their homework and sort a way to not only please me as their customer by reducing my time spent depositing cash (customer effort), they also have given me 3 extra minutes to spend doing something else or just chilling😎!
How Does This Impact Stanbic IBTC As A Business?
Having worked in 3 major banks in Nigeria over a 10 year period (FCMB, Zenith and UBA) with specific reference to my role in customer service operations at the branch level, the paper work required per transaction can be a whole lot and the justification is "that is the process". Major challenge when dealing with customers that are not literate. In my specific case, I was working in a branch at the centre of a major market in Lagos, Nigeria (Balogun) so imagine how I had to scrutinize every document filled by a customer or had to write for customers and have them sign off on what I had written. Please do not add the times I got into trouble because I did not capture some vital information and had to go through the uphill task of begging customers to come back to the branch to complete their documentation😓.
What Stanbic IBTC has done here in my opinion is demystify that illusion of having paper documentation for cash transactions (PS; noticed that FX deposit slips still exist) by leveraging customer engagement and technology.
How;
About 2 weeks ago, I got a pop up message saying; "Avoid filling deposit forms, just walk straight to the teller and speak your transactions. Call 01-4222222 for more"
My Experience Using The Deposit Slip
In summary;
- I filled out the deposit slip and was ready to approach the teller in 3 minutes
- It took the teller 2 minutes to process my cash deposit transaction
- Teller printed out 2 copies of a receipt, handed them over to me to sign off on and then I was given my copy while she kept a copy
- In total, time spent making a cash deposit (in an uncrowded banking hall) was 5 minutes
In summary;
- I did not have to fill out any deposit slip but went straight to the teller
- Teller asked for my account number and the beneficiaries account details
- Teller printed out 2 copies of a receipt, handed them over to me to sign off on and then I was given my copy while she kept a copy
Total time spent making a cash deposit using a deposit slip was cut by 3 minutes! Rather than spending 5 minutes in the banking hall making a cash deposit, I can actually have my cash deposit transaction done in 2 minutes in a typical scenario i.e. with no queues and of cause this is may/may not also dependent on how much cash you are depositing.
How Do I Feel About This As A Customer?
Great! And the truth is, I feel like the improvement is all about me and my time. I may be wrong, but my perception is Stanbic IBTC Nigeria did their homework and sort a way to not only please me as their customer by reducing my time spent depositing cash (customer effort), they also have given me 3 extra minutes to spend doing something else or just chilling😎!
How Does This Impact Stanbic IBTC As A Business?
Having worked in 3 major banks in Nigeria over a 10 year period (FCMB, Zenith and UBA) with specific reference to my role in customer service operations at the branch level, the paper work required per transaction can be a whole lot and the justification is "that is the process". Major challenge when dealing with customers that are not literate. In my specific case, I was working in a branch at the centre of a major market in Lagos, Nigeria (Balogun) so imagine how I had to scrutinize every document filled by a customer or had to write for customers and have them sign off on what I had written. Please do not add the times I got into trouble because I did not capture some vital information and had to go through the uphill task of begging customers to come back to the branch to complete their documentation😓.
What Stanbic IBTC has done here in my opinion is demystify that illusion of having paper documentation for cash transactions (PS; noticed that FX deposit slips still exist) by leveraging customer engagement and technology.
How;
- Teller is now compelled to have a conversation with you as a customer rather than just saying hello and have a great day at the beginning and at the end of your transaction. They have to ask you all the questions and build rapport with you making you feel special #personalizedserviceinasense
- Life has been made easy for the tellers! They have less paper work at the end of the day to balance out
- The bank saves money in printing this batch of deposit slips, improves customer experience, has an increased customer satisfaction/retention and more revenue is recorded so in the end it is a win-win situation! Imagine my next rating when i am asked to rated my experience and yes, I will keep banking with Stanbic IBTC
I do applaud this innovation and will definitely try to reach out to the bank to see if I can have an interview with the bank to get more insight into how they came up with this innovation and what else their customers should expect!
I also humbly encourage all Nigerian banks to look inwards, understand their customers and leverage customer behavior and data to proactively improve service experience from an outside in perspective.
Have a good one!
deBBie
This is a good innovation but I'd like to know if this applies to making deposits alone or withdrawals as well
ReplyDeleteThanks Chiwuikem for reading the post. I do not know if it applies to withdrawals as that may require a different approach? Not sure but thinking through it, an account holder would either have a cheque book or a debit card? If no rather than using withdrawal slips, my guess is the same process i.e. talking your transaction may apply
Delete