Commerce Bank: Putting Fast Food in Banking
Some banks are using iPod's instead of toasters to encourage new accounts. Michael Fitzgerald reports in CIO Insight on Commerce Bank's strategy uses advanced IT to help drive quick responses for customers in branches.
This is fast-food banking, and it's impossible without effective back-office processing. Despite Commerce's growth in transactions, it's been able to keep staffing per branch flat. IT systems are a big reason why. It used to be that tellers took an average of 57 seconds to cash a check; now, thanks to seven years of effort, three iterations of its teller system and adoption of new cash-dispensing technology in Commerce's busiest branches, customers can cash their checks in ten seconds (though quieter branches must still count cash by hand).
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