Bank Lobby the Banking Industry

¶ … Bank Lobby

The banking industry is one of many service-centric industries. Like any service firm, if customers have to wait for service, chances are they may turn to competitors that can provide better, faster service. This is especially true in today's world, where time is a most precious commodity. Long lines in a bank lobby can spell failure for that branch, especially considering the mature industry and the readily available competition.

The causes of these long lines can vary. Perhaps the branch is understaffed for the volume of customers it receives. Customers may be ill prepared when they reach a teller, wasting valuable time doing preparatory items that could be completed before reaching the teller window, such as filling out deposit slips. Finally, customers may not be aware of, or may be uncomfortable with, alternatives to live service.

To combat these causes, banks need to be staffed properly. This includes increased staffing during peak times, such as Friday afternoons and lunchtimes. Also, customers need to have access to areas and supplies to complete preparatory items, as well as being reminded verbally and signage to have these items completed prior to coming to the window. However, the best solution to reducing lines in the bank lobby lies with technology.

Thanks to innovation and technology, it is no longer necessary for customers to wait in lines to do their banking. Technology has taken "consumers out of lines, reducing their wait times, and giving them control" (DeMarco, 2004). ATMs have been around for decades, and have made routine withdrawal and deposit transactions easy to conduct without teller assistance. Today, this has expanded to online banking.