Evolution from Tellers to Universal Bankers: A Work in Progress
- The "Universal Banker" concept is still in development
- Declining branch traffic and digital banking growth have created need for universal banker approach
- Remote connections via video are one alternative
The Financial Brand reports that, more than a decade after banks and credit unions began rebranding their tellers as "universal bankers," the model continues to be a work in progress across the financial services industry. The goal of this transformation is to turn tellers into "jacks-of-all-trades" who can handle a wide range of customer needs, from basic transactions to product recommendations and digital banking support.
The post goes on to explain that the universal banker model has emerged as a response to declining branch traffic and the rapid adoption of digital banking. As fewer customers visit physical locations, banks and credit unions are looking to maximize the value and capabilities of their frontline staff. Universal bankers are expected to be knowledgeable about deposit accounts, loans, investments, and other products, allowing them to serve as primary points of contact for customers' everyday banking needs.
"Tellers really need to become generalists. We want them to know a little bit about all the products," says Chad Maze, EVP and chief operating officer at Meriwest Credit Union, noting that the goal is for tellers to help identify products that align with customer needs.
A Slow Transition
However, the Financial Brand observes, the transition to the universal banker model has been gradual, especially for smaller financial institutions. Many are still working to integrate their legacy core banking systems and customer data platforms, which is necessary to provide universal bankers with a unified view of each customer's accounts, transactions, and product holdings.
Experts say the goal of turning the universal banker into a one-stop shop for all things banking remains aspirational for smaller institutions. Many are still working to reconcile data across systems — so tellers can see what customers see, review accounts to recommend products, or troubleshoot problems.
The Financial Brand further notes that, in order to address knowledge gaps, some banks are exploring the use of generative AI tools that can help universal bankers quickly find relevant information and provide step-by-step guidance to assist customers, even in complex situations. Video member advisors are another way institutions are extending the capabilities of their in-branch teams, allowing customers to connect with specialists remotely.
Pressure to Maximize Human Resources
As digital banking continues to grow in popularity, the pressure is on for banks to generate a stronger return on investment from their physical branch networks and frontline staff. This economic reality could be a major driver for universal banker strategies going forward, as institutions seek to maximize the value of their human resources.
"Financial institutions are like, 'Listen, how do we make things work in this new world?' They need to get more efficient," says Ashish Garg, co-founder and CEO of banking technology firm Eltropy. "It's the economics of this that's going to drive it."
Conversely, while financial institutions are looking to maximize the ROI from their front-line staff and ensure that they are providing initial and on-going training for their employees, technology is necessary to alleviate the manual burden and ensure customers queues do not affect the experience. This include check transactions -- everything from ease of depositing checks accurately to ensuring that front line staff can identify fraudulent checks and communicate with customers to ensure that they are not being scammed.
The banking industry continues to evolve, but it cannot ignore the human element that builds relationships with its customer base.