Is your customer able to order checks online? Are your customers able to easily locate and place an order on your mobile site? If your answer to either of those questions is no, you might want to spend some time looking at this experience from your customers perspective.
It might seem like a bit of a disconnect, having a digital option for something as traditional as ordering paper checks. But digital banking channels are where it’s at these days. Customers expect digital options and that means financial institutions (FIs) will have to reconsider how customers order and reorder everything…including their checks.
Deluxe, in conjunction with Javelin Strategy & Research, completed a study exploring the subject of customers’ check ordering preferences.. It’s really about getting in touch with customer banking preferences in general. Are they “branch first” people? Online first? Mobile first? Learning customer preferences allows FIs to develop strategies for how to enhance and enrich the relationship, while empowering more traditional branch customers to use new channels.
Knowing those preferences also allows FIs to optimize the check ordering process for each channel.
The study found these top benefits of ordering checks online or on mobile:
Convenience of reordering
More than seven out of ten (72 percent) people surveyed say convenience is the main reason for using a self-service, digital channel for reordering their checks.
Simplicity of the ordering process
This appeals to most customers as well. It’s a quick and easy way to get the job done.
Not having to interact with a bank agent
Not to take anything away from front line bankers, but customers are saying that, for transactions like this, they don’t need face time. This can lead to a whole different discussion about AI, enhancing the customer experience and the future of the branch, but we’ll leave that for another time.
Reduction of errors
Using self-service ordering online or via mobile is the best way to minimize errors on check information like name and address. Sometimes, bankers get it wrong and then you’re dealing with customer dissatisfaction and the expense of reordering.
This goes hand-in-hand with error reduction. If there are fewer errors, which is typically the case when customers order themselves, that means costs are lower.
Shorter teller lines, shorter wait times
If customers use self-service options for things like check ordering, branch staff has more time to spend on higher-priority branch relationship business.
Comparison shopping online transforms the check reordering process into an experience that customers are used to getting from online retailers like Amazon. It’s one of the experiences FIs can offer customers that mimics retail shopping, and it typically leads to higher average order values.
By offering online and mobile ordering options, FIs are responding to customer preferences, especially those of digital natives like Gen Y. It’s also an opportunity to turn the check ordering process into a shopping experience, increasing the likelihood of customers adding more items in the shopping cart. And, ironically enough, it also enhances the branch experience. Making available options such as tablets or kiosks in the branch where customers can self-serve, not only does it help shorten teller wait times, but it provides an “express checkout lane” type shopping experience.