The Universal Banking Model
Universal Banking has transformed the way financial institutions serve customers and members. Rather than focusing solely on cash automation and operational efficiency, today’s banks and credit unions strive to deliver a seamless, full-service experience. The Universal Banking model helps reduce wait times, encourages deeper customer conversations, identifies financial needs, and connects customers with the right solutions during a single interaction.
Understanding the Universal Employee Role
For decades, banks relied on specialized positions to serve customers. Tellers handled deposits and withdrawals. Account representatives opened new accounts. Customer service representatives resolved account issues, while lenders focused on credit and loan products.
Today, the Universal Employee combines many of these responsibilities into a single role. Universal Employees process transactions, open and close accounts, assist with loans, recommend products and services, and resolve customer concerns. As a result, customers receive more personalized service without being transferred between departments.
Because Universal Employees can handle a broad range of needs, they help create a more efficient and consistent customer experience. In addition, financial institutions benefit from improved staffing flexibility and stronger customer relationships.
- Reducing the number of employees within the branch, minimizing staff shuffle when several employees are on vacation or sick days.
- With less employees the cost of salary and benefits decrease.
- Improve staff workload and give employees the ability to tend to their customers or members.
- The Universal Banker has the expertise to help customers with online resources as well as with technology equipment.
- Improved retention of branch staff due to more growth and job flexibility.
- Attentively greeting and assisting a customer, thereby reducing long lines and wait times.
- Improve overall customer/member satisfaction and a better customer/member experience
Technology as the Enabler
Technology plays a huge role in the Universal Banker Model. It is used to compliment the Universal Banking Employee and enables the full-service experience for the customer/member. A cash recycler is one of the most exciting banking technologies introduced in the industry. It handles cash coming in and cash going out, vault buying and selling, and the documentation of each transaction for end-of-day balancing and audit. Because it’s a recycler, managing and counting the vault is simple and efficient. Most Teller Cash Recyclers (TCRs) are set up with cassettes that can be added based on the transaction volume. No more dual control counting of a vault in the beginning and close of each day. The recycler is built to drive efficiency and can maximize the technology’s ROI quickly when commissioned with the appropriate middleware software.
Middleware applications such as DynaCore™ empower the Universal Banker model and simplify the workflow between the TCR, Universal Employee, and the institution’s core application. It can easily integrate into any branch environment without modification to the institution’s core due to its agnostic communication style. DynaCore has many key benefits that enable the Universal Employee to handle a wide variety of tasks.
- Supports up to six concurrent Universal Banking employees
- Hotkeys make it easy for the user to process the transaction accurately and efficiently
- No double keying of the transaction eliminates errors and waste.
- Flexibility: a manager can control everything from the PC without affecting teller totals
- Advances many of the TCR features such as audit and the addition or removal of cash inventory with special cassettes
- Effortless Balancing: typical balancing takes 3 minutes
- Streamlined Auditing through electronic journals which can be accessed for up to 3 months directly from the DynaCore SD card
- There is never a need for the manager to interact with the DynaCore™ controller
- Flexible robbery duress and built-in alarm contacts promotes security
Both DynaCash and DynaCore focus on helping financial institutions obtain an overall ROI offering world-class delivery of integration, without the logistical worries a third-party source can bring. Implementing the Universal Banking Model along with the technology needed to achieve overall customer satisfaction is one of the reasons thousands of DynaCore™ and DynaCash™systems have been installed in financial institutions throughout the United States. Their main focus is enabling cash handling equipment to enhance the Universal Banking Model.