Teller Cash Recycler (TCR) machines have been installed in a third of First Horizon National Corporation’s (FHNC) financial centers. Why TCR? It was first an efficiency plan. With fewer transactions coming into the branches due to customers using online technology, the branches did not need as many tellers. This new technology would allow the bank to reduce its overhead. The issue was how to do that without affecting FHNC’s goal of a differentiated customer experience.
In response, FHNC’s Center for Learning & Performance (CLP) worked with consumer retail management in innovation sessions to design the “branch of the future,” which included the TCR as a key component. The plan included the elimination of the traditional “Teller’s Row.” Customers entering the branch would be greeted and directed to a self-serve kiosk or a universal banker (UB), who could open an account or complete a teller transaction.
The theory behind the redesign was that customers initially would go to the UB for a transaction, but while they were there, the UB would be able to upscale the service encounter by cross-selling additional products and services. The effort resulted in a sweet-spot formula that created efficiency in the number of transactions the UB was able to process, reducing the number of employees, while improving the service experience.
Program Details
TCR training provided both technical and soft skill training to prepare users to work in a financial center equipped with TCR technology. First, users attended a kick-off meeting to understand the strategy and how the TCR helps provide a better customer experience. All employees in the financial center learned about the READ model (Receive, Engage, Assess, Direct). This model was developed in the innovation meeting and became a non-negotiable for greeting customers.
To learn how to use the TCR, all employees completed a series of short online demos that provided information on the various features. The employees then rotated to other locations, already equipped with the TCR, to learn best practices. The curriculum timeline was 60 days to allow plenty of time for employees to complete all training, attend all meetings, and become comfortable with using the machine on day one of rollout.
Results
Year over year, performance in TCR centers vs. non-TCR centers have seen as much as 78 percent sales improvement. J.D. Power Customer Service scores were the highest of any on record in 2015.
In addition, the TCR training and new process was awarded the Firstpower Award, which is FHNC’s highest honor and a way of recognizing employees for outstanding examples of Firstpower in action (Firstpower is the name of FHNC’s employee-friendly culture).
