The Wait is Over as Brazilian Banks Look to Technology to Improve Customer Experience
BROOKFIELD, Wis. & SÃO PAULO, June 11, 2019 – Customer expectations are advancing faster than ever. Fortunately, new technologies and a growing preference for digital interactions can help financial institutions meet these expectations. Technology can help financial institutions operate more efficiently, differentiate from competitors and better serve customers by streamlining interactions such as branch visits.
Brazilians regularly encounter lengthy waits at their banks, and almost 50 percent have been late for work because of lengthy bank queues, according to a new survey.
The survey of 600 Brazilians, commissioned by global financial services technology provider Fiserv, Inc. (NASDAQ: FISV) and carried out by Toluna Insights, revealed that 47 percent of Brazilians have been late for work because of lengthy wait times at their banks, and more than one of every three respondents have also been late for a medical appointment or social meeting with friends. A further 15 percent have been late for a job interview.
According to Rodrigo Silva, vice president, Latin America, Caribbean and Canada at Fiserv, the Wisconsin-based company that entered Brazil in 2009, those numbers should act as an alert for banking institutions. Financial institutions that focus on technology and digital transformation have an opportunity to reduce wait times significantly, he said.
“By using technology, various processes are automated, freeing up employees to better serve their customers in a timely and efficient manner. There are many solutions already in place and more coming to market every day, so banks have numerous ways to improve their services and make life easier for people.”
Fiserv digital technology helps automate banks’ processes while elevating convenience and easy usage for customers. The company’s digital experience platform offers a secure, intuitive and easy-to-configure access point for both personal and business customers, online and in person through a sophisticated and sleek interface. Following industry standards, the Fiserv platform puts digital banking in the hands of the customers allowing them to manage their finances whenever and wherever they are.
The survey also found that more than 45 percent of Brazilians have waited an hour or more to be assisted at their local financial institution before leaving without assistance. Given changing expectations, it is important that banking methods are modernized. Only one respondent aged under-18 was willing to wait more than an hour.
“Our survey shows that Brazilians are very patient when it comes to visiting their local banks,” said Silva. “However, customers aged under 18 show markedly less willingness to wait for service. There is a clear opportunity for banks to differentiate and attract new and younger customers by introducing more efficient in-branch processes and offering enhanced digital capabilities so that customers can complete more banking tasks online or via mobile devices.”
“Brazilian youths are constantly connected, so a stronger digital footprint will enable customers to do more without visiting the branch,” adds Silva. “Enabling more interactions via digital channels is mandatory to meet customer expectations at this point.”
In a world moving faster than ever before, Fiserv helps clients deliver solutions in step with the way people live and work today – financial services at the speed of life. Learn more at fiserv.com.
Fiserv, Inc. (NASDAQ: FISV) enables clients worldwide to create and deliver financial services experiences in step with the way people live and work today. For 35 years, Fiserv has been a trusted leader in financial services technology, helping clients achieve best-in-class results by driving quality and innovation in payments, processing services, risk and compliance, customer and channel management, and insights and optimization. Fiserv is a member of the FORTUNE® 500 and has been named among the FORTUNE Magazine World's Most Admired Companies® for six consecutive years, recognized for strength of business model, people management, social responsibility and innovation leadership. Visit fiserv.com and follow on social media for more information and the latest company news.
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