Changing the Face of the Bank Branch With Self-Service Banking Solutions

The evolution of consumer banking is rapidly changing. With new technological advances such as Personal Teller Machines to staff changes, the face of the traditional bank branch is changing.

Regular Visits to the Branch

Prior to the popularity of mobile and online banking, customers visited traditional branches to conduct banking transactions. We would walk into the branch, wait to be greeted by a personal banker if we needed assistance, or head straight over to the teller line, where we would queue behind others who needed to conduct their own routine transactions. This was the way daily consumer banking was done for 30+ years.

The Changing Bank Branch

In recent years, financial institutions of all sizes have spent a great deal of time and resources to provide online and mobile banking channels to their customers, who can now transfer money, check balances, get statements and deposit checks using a computer and/or smart phone. With such a rapid consumer movement to online and mobile banking, some in the industry theorized over the past few years that the humble bank branch might be becoming obsolete. What we know today is that the branch isn’t going anywhere, but it is changing. Financial institutions have been right-sizing the number of branches they operate, and tailoring the branch to the market appropriately using self-service banking solutions. An institution may operate a large flagship branch for one of their largest markets, or setup a micro-branch with kiosk machines for locations where they don’t see as much traffic. The push to change the branch from transaction-centric to sales-centric is driven by the high cost of maintaining a traditional brick-and-mortar banking channel.

Empowering the Changing Branch Staff with Self-Service Banking Solutions

If online and mobile banking has resulted in less branch traffic, staff members must make the most of every customer interaction to cross-sell, up-sell and provide outstanding service. The role of the teller is changing dramatically from conducting routine transactions to handling loan inquiries, demonstrating technology or answering financial questions. As financial institutions move toward this “universal banker” concept, there must be technology in the branch to handle the simple transactions. The Personal Teller Machine, a self-service banking solution, supports the Universal Banker concept by equipping the customer to handle 90% of transactions traditionally handled by a teller without teller assistance. As the role of the bank teller changes, technology providers must provide the solutions to help financial institutions implement new staffing strategies.

Improve Your Bad Credit History And Get Better Interest Rates, But How?

Why Credit History Is Important?

You are in need of an urgent loan and the bank is reviewing your application. Well, that’s procedure and every lender will do the same thing. But what they are also going to evaluate is how your past history has been, regarding the payment of loans. Have you paid your bills on time, how long have you been using credit, how many credit cards have you obtained in a specific period of time and what is the current amount of your credit? These are some common questions that your lender might ask you when you apply for a loan.

The lender will then use your credit background and the credit scores to help determine whether you are eligible for a loan or not. So having a good credit background is critical if you plan on applying for a loan in the future. You would need to work on your habits to ensure that your credit background remains good but if there are some flaws in your credit background, there’s no need to worry. Although they cannot be completely erased; but with time, your good credit scores will cancel out the negative aspects.

But what should you do to ensure that your credit history remains untainted?

Review Your Credit Reports

The credit reports can be changed once they have been made so just go through the whole document and look for any errors. There are chances that some information might have been missed. Rectify any errors by notifying the authorities.

Get Rid of Bad Credit Habits

Some of these habits affect your credit more than others, but it’s better that you avoid them all. Indulging in these activities is going to do nothing but lower your credit scores. So Beware!

Delinquent Payments even only for a few days will reflect badly on your credit history.

Missed Payments will lower the FICO Scores and it’ll take some time increasing the scores, so it’s better to set up payment reminders to keep you from missing any payment.

Using credit cards will ultimately increase your debt and if you are not able to pay it off on time, the scores on your credit history will become quite low. So avoid using credit cards. Instead use cash or debit cards for purchases. Cancelling them will only decrease the amount of available credit, so it’s better to just keep them safe at home.

Changing your money habits might be tough work but you’ll need to distinguish between the things that you really need and the things that you just want. Adding expenses into an already crammed budget will only increase your debt. So keep your unnecessary expenses to the minimum so that it doesn’t reflect negatively on your credit history.

Building good money habits will surely change your bad credit history and put you out of the financial depression that you were sinking in. So improve your credit history and get better quotes for your loans. Best of luck!

Tips On How To Have Your Bank Loan Approved

There are many reasons why people want to take out a bank loan. For one, they may need some money to do some repairs in their home or have their car fixed. A bank loan can also help greatly in paying off some unpaid student loan. Additionally, it can also be used to pay for your child’s tuition or school fees and for any medical emergency or hospitalization bills you or a family member may have acquired.

Whatever reason you may have for applying for a bank loan, if it is crucial that you get one, there are some tips you can follow or employ to make sure that your application does not get rejected. Below are some useful tips on how to have your bank loan approved:

Be ready to share to all of your true financial information. Don’t try to hide any financial information from your bank; more often than not, they’ll get all the details anyway. A bank will always verify all information you have provided in your application sheet. During the application process, the bank will call you to verify all your personal data. The more personal and financial details you provide, the easier it will be for your loan officer to get your loan approved.

Maintain a savings account. Whether you need the loan for a particular purpose or for emergency reasons, setting up a savings account is always a good start. Make sure that you contribute regularly into it. When you do this, you are proving that you are capable of managing your loan repayments.

Set your sights on a realistic loan principal. Apply for a loan amount that is realistic based on your monthly cash flow. Your chosen commercial bank will check your current standing from all the documents you are going to send them anyway so it wouldn’t make sense for you to apply for a large amount that is incongruent to your present financial status. The bank can grant you the loan but possibly lower than what you wanted if they think you cannot repay it. The bank can even decline your application if you are aiming for a big loan amount.

Maintain a good credit history. Lastly, your credit history will be the solid proof of your repayment behavior and practices. A good credit history will give you nothing but benefits even if you think you are not getting a loan now or you think you would not require one in the future. Unpaid loans, bounced checks, credit card payment delinquency, and dishonest loan purpose, among others, are red flags that could ruin your application process.