The development of the universal banker model has been one of the biggest recent shifts in the retail banking industry. As banking has become increasingly automated during the last few decades, the average client visit to the branch has become more complex than a simple teller transaction. Gone are the days of long teller lines […]
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The development of the universal banker model has been one of the biggest recent shifts in the retail banking industry.
As banking has become increasingly automated during the last few decades, the average client visit to the branch has become more complex than a simple teller transaction. Gone are the days of long teller lines at the bank on paydays. Direct deposit, automatic loan payments, ATMs, and Internet banking have greatly reduced the more basic transactions from our day-to-day branch customer traffic. Some clients still need basic teller transactions, but the typical client who steps into a brick-and-mortar branch has more in-depth needs that are beyond the scope of an app. Client-facing digital tools have raised the bar considerably for prompt service: if it’s possible to handle most day-to-day banking business from a smartphone, why wait in line at the teller window?
In response to this, the specialized roles that typically defined bank employees are becoming less relevant. Clients look to bank employees as experts. They might not always understand the difference between a traditional teller and a personal banker. The universal banker model is designed to meet that level of expectation, empowering bank employees to confidently perform a wider range of services.
The role of the universal banker is a hybrid of several functions — a branch employee who can run a teller window, open personal and business accounts, and provide cash-management services to commercial clients, while also performing general customer assistance. Universal bankers train to become lenders for personal loans and home equity loans. These versatile bankers also look out for any financial-planning needs their clients may have, and make recommendations to the appropriate wealth advisor on the branch team.
Any dramatic structural shift in the way a workplace operates involves challenges in transitioning away from a more traditional banking model. Team members who are accustomed to more defined specializations can sometimes feel as though their familiar roles are being threatened. Team buy-in is key.
Many employees who work with customers have already begun to recognize the shifts in client expectations; with this in mind, the universal banker model can be presented as a dynamic response to a shifting business landscape — not eliminating roles, but redefining them.
With the right team and the right training, the universal banker model can be a very effective and proactive approach to the new requirements of retail banking.
Tompkins Trust Company has begun to adopt the universal banker model, and our experience has been very positive overall. With the needs of our average client moving toward in-depth service and away from basic cash transactions, we have recognized the need for branch staff to be able to handle a wide range of tasks. Our branch staff is now made up of several employees who can handle cash transactions, new accounts, loan requests, and more. As a result, the focus of our branch has become more service-related and less based on cash transactions.
The training involved in the universal banker role has been particularly rewarding for our younger team members. Hired as entry-level tellers, these employees first master teller work and handling branch cash; they quickly become eager to learn new account work and the lending function. These new, young bankers aspire to become universal bankers. It is a challenge to learn the retail banking business, as client-service needs are wide-ranging and diverse, but in our experience, our trainee team members have enjoyed the challenge and celebrated their achievements as they work toward becoming universal bankers.
Today’s bank customers continue to enjoy all the modern technologies available for managing their finances. However, we’ve found that many of our customers still like having a branch office in their neighborhood, or at least within a reasonable driving distance. By and large, customers expect two things when they come into their local branch — personal service and dependable guidance. The universal banker model provides a framework for meeting and exceeding those expectations, while at the same time empowering our employees to be as versatile as possible.
Matt Valaik is the VP and branch manager for the Triphammer branch of Tompkins Trust Company in Ithaca. Contact him at mvalaik@tompkinsfinancial.com