UKG 2021 Appointment Study - Valuable insights into appointment trends at banks and credit unions - Kronos
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UKG 2021 Appointment Study
Valuable insights into appointment
trends at banks and credit unions
TABLE OF CONTENTS Introduction 3 COVID-19 accelerates technology adoption 4 The branch endures, but its role is changing 4 Keeping pace with consumer expectations 5 Appointment scheduling study findings 6 Best practices to optimize appointment-setting technology 9 Management tip #1 9 Management tip #2 9 Management tip #3 10 Management tip #4 11 Management tip #5 11 Management tip #6 11 Management tip #7 12 Conclusion 12
Introduction
The UKG 2021 Appointment Study, which highlights proprietary data on 121,869 appointments
scheduled at 1,434 financial institution branches located across North America during February 2021,
provides a snapshot into consumer behavior that financial institutions can use to improve overall
branch service and performance. Available only from UKG, this data offers valuable insights into when
and why consumers are scheduling appointments at bank and credit union branch locations.
Financial institution leaders can leverage this exclusive data to:
• O
ptimize frontline resources to maximize sales, productivity, and service
at branch locations
• Enhance their branch appointment programs with benchmarking data
• A
dapt the branch experience to align with consumers’ technology and
service expectations
This report discusses how the COVID-19 pandemic accelerated digital transformation, how technology
continues to change the retail banking experience, and what financial institutions can do to keep pace
with consumers’ ever-increasing service expectations. It also highlights key appointment study findings
and examines what they mean for banks and credit unions looking for ways to improve the branch
experience. Finally, it provides best-practice management tips for leveraging appointment scheduling
software to optimize sales and service at retail branch locations.
Even as financial institutions invest
in digital solutions, the branch
continues to be a valuable channel for
financial advice and consultation.COVID-19 accelerates technology adoption
The COVID-19 crisis accelerated the rate of digital adoption across industries, including financial services,
triggering changes in consumer behavior and compelling banks and credit unions to embrace new ways of
working.1 Even before the pandemic, consumer expectations were evolving, and financial institutions were
undertaking digital and technology transformation initiatives to change the way they delivered products and
services to customers and members.2 COVID-19 shifted these efforts into high gear, with banks pivoting and
innovating to maintain service levels even as health and safety concerns shut down lobby access or limited
traffic to accommodate social distancing.
With consumers’ rapid and widespread migration to online channels during the pandemic, businesses
responded by speeding up the digitalization of customer interactions. According to a 2020 McKinsey Global
Survey of executives across industries, respondents were three times likelier now than before the pandemic
to say that at least 80% of their customer interactions are digital.3
Financial institutions were no exception, with banks and credit unions ramping up digital offerings that extend
well beyond mobile banking. In order to fuel profitability and growth, banks and credit unions are investing
more in technologies that enhance the service experience by enabling account holders to access financial
services where, when, and how they prefer. For example, during the pandemic, many financial institutions
expanded their consumer-facing digital tools, including apps, virtual assistants, and video conferences.
The branch endures, but its role is changing
Even as financial institutions invest in digital solutions, the branch continues to be a valuable channel for
financial advice and consultation. According to a recent Bain global study on customer loyalty in retail banking,
more than 60% of banking customers in the U.S. and Canada think it’s easier to purchase through a human
channel or prefer to speak to an employee before buying a product.4 In addition, prospects and customers who
suffered financial strain during the COVID-19 pandemic will likely seek a human touch when dealing with their
financial institution. According to an Accenture study, nearly two-thirds of bank executives believe that the branch
is the most effective channel for helping financially distressed customers resolve their challenges.5
Some financial institutions, including Cullen/Frost Bankers Inc., Gate City Bank, and Pinnacle Bancorp, opened
branches in 2020, and JPMorgan Chase is continuing with plans to open about 400 branches over a five-year
period ending in 2022.6 At the same time, 97% of banks agree that the branch will
need to be redesigned in the next one to two years to meet shifting consumer
expectations and priorities.7 Technology will play a key role in these
redesigns to make the account-holder experience as seamless as
possible. For example, some financial institutions are arming branch
universal associates with tablets so they can work side by side with
account holders, reviewing their financial needs and delivering a
heightened level of personal service.
4Keeping pace with consumer expectations
With the rise in digital banking, consumers have more sticky options available to them, which means
that financial institutions need to deliver seamless, efficient, and convenient service to earn their loyalty.
Consumers are demanding that banks and credit unions provide omnichannel solutions such as digital
appointment setting, online banking and documents, mobile access, and on-premise solutions such as
lobby queue management tools — all of which simplify engagements, maximize efficiency, and enable
account holders and prospects to take more control of their experience.
In the financial services industry, appointments are no longer “white glove” services for specialty banking
products such as mortgages, IRAs, and business loans. Appointments have become a common practice for all
general banking services — and the COVID-19 health crisis caused them to take off like never before. In fact, the
UKG study found that appointments increased a staggering 1,000% from the start of the pandemic (see Figure 1).
Figure 1: Appointment growth of 1,000% in one year
Monthly Appointment Activity
2018 2019 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb
2020 2021
Today’s consumers are accustomed to going online to book appointments at the Apple store, check the
wait at their favorite restaurant, or reserve a parking space at the airport. Now they expect the same level
of convenience from their financial institution. By investing in technology such as appointment-scheduling
solutions, banks and credit unions can make it easy for customers or members to book a virtual, phone, or
in-person meeting with a knowledgeable staff member. The ability to schedule an appointment in seconds —
for a time that is convenient for the account holder — starts the interaction off on a positive note for a more
rewarding service experience.
Appointment-setting technology modernizes how account holders engage with branch staff by letting them
schedule their preferred type of appointment directly from their smartphone, tablet, or computer to avoid long
wait times and get access to the specialized assistance they need. This technology is not only a time-saving
and convenient option for account holders, but it also helps branch management boost operational efficiency
by staffing the optimal mix of employees to drive service and sales.
5Appointment scheduling study findings
UKG collected data on 121,869 appointments scheduled by consumers in February 2021 at 1,434 branches
of financial institutions that use UKG Appointments. The nonappointment visit data was gathered from
financial institutions that use both UKG Lobby and UKG Appointments and was specifically pulled from
the lobby interactions that occurred in February 2021 — the same period during which the scheduled
appointment visit data was collected in UKG Appointments. The study findings provide practical insights
for financial institutions that want to improve staff scheduling and deliver a superior branch experience
to account holders and prospects.
Figure 2: Total visits to the branch by hour
% of total visits with appointments
% of total visits without appointments
25%
20%
15%
10%
5%
0%
9 a.m. 10 a.m. 11 a.m. 12 p.m. 1 p.m. 2 p.m. 3 p.m. 4 p.m.
Figure 2 shows total visits — both with and without appointments — to bank and credit union branch locations.
As the data illustrates, walk-in traffic toward the end of the COVID-19 pandemic held steady throughout the day.
People tended to make appointments earlier in the day, with booked meetings peaking in the first two hours
after opening. This data indicates that account holders and prospects generally prefer to schedule appointments
first thing in the morning, and walk-in visitors with more general inquiries tend to start arriving midmorning
and remain steady throughout the business day.
This visibility into branch visit data can help guide branch managers in making more effective staffing
decisions. For example, the data suggests they may want to schedule associates with sales experience
and in-depth product knowledge at the most popular appointment times, while taking into consideration
forecasted walk-in traffic to ensure they have enough staff scheduled to cover demand.
It can also be helpful to look at appointment data as part of the omnichannel journey to see where sales
opportunities start as well as where they are closed. For example, an account holder may visit a financial
institution’s website to learn about a credit card and then make an appointment at the branch to get more
details and sign up. Another account holder may receive an email from an institution’s marketing department
promoting a low-interest auto loan and go online to make an appointment with a loan specialist at a local
branch. Campaign tracking capabilities enable banks and credit unions to monitor each step in the account
holder’s journey — from the specific source of interest to whether they keep their appointment to the outcome
of the meeting. This insight helps financial institutions learn which investments are paying off and where they
need to take steps to nurture interest or improve closure rates.
6Figure 3: Total visits to the branch by day
% of total visits with appointments
% of total visits without appointments
30%
25%
20%
15%
10%
5%
0%
Monday Tuesday Wednesday Thursday Friday Saturday
Figure 3 shows total visits to the branch — both with and without appointments — by day of the week. The
data indicates that there was not a huge variance in branch traffic by day, except for Saturdays when there was
a slight increase in both appointments and nonappointment visits.
These findings suggest that account holders appreciate the flexibility to schedule an appointment for a time
that is most convenient for them. Specifically, they want to schedule appointments on Fridays and Saturdays,
when they expect higher traffic and want to avoid long wait times — further highlighting consumers’ evolving
service expectations. Once consumers become accustomed to the convenience of booking appointments via
web or mobile, chances are they won’t be interested in going back to the old ways of interacting with their
financial institutions. With insight into which days are more popular for booking appointments, financial
institutions with appointment software are better equipped to staff branches with the right number and
mix of employees to meet service demands and drive sales.
Figure 4: Appointment status
77% Assigned/Completed
10% No-shows
13% Canceled
Figure 4 shows the percentage of account holders with scheduled appointments who 1) met with a branch
employee; 2) canceled their appointment; or 3) failed to show up. This data reveals that the vast majority
(76.9%) of account holders who scheduled appointments showed up and met with a branch employee.
7In addition, the 13% cancellation rate suggests that account holders will take advantage of features within
appointment-booking solutions that make it easy to cancel or reschedule meetings, thereby minimizing no-
shows. By offering technology solutions that allow account holders or prospects to book, cancel, or reschedule
appointments quickly and efficiently, banks and credit unions will have the information needed to make
staffing decisions that effectively balance cost and service.
Figure 5: Top appointments by product or service requested
Consumer Loans
New Customer/
Member Checking
Account Services/
Maintenance
Notary/Signature
Guarantee
Business Checking/
Loans
Credit Card
Other Service
Wire Transfer
Mortgage
IRA
0% 5% 10% 15% 20% 25% 30% 35%
Figure 5 shows the purpose of consumers’ scheduled branch appointments — whether to get a document
notarized, open an account or membership, ask a question about an account, sign up for a credit card, or
discuss a product or service. The data suggests that making the most of branch appointments really matters
because many of them represent significant revenue-generating opportunities. Study findings show that 16.2%
of the appointments scheduled were related to consumer loans and another 16% were for new customer/
member checking accounts. With personal loan rates starting at 10.3%,8 these appointments can add up to
a substantial amount of business if handled successfully.
By capturing the reason for an appointment at the time of scheduling, financial institutions can match
the account holder or prospect with the most appropriate employee based on expertise, experience,
and availability to take full advantage of revenue-generating opportunities and drive better sales and
service results.
8Best practices to optimize appointment-
setting technology
Management tip #1
Give account holders appointment preference options from which to choose
Offer appointment technology that allows account holders to select how they would like to handle their
banking needs. As consumers make widespread use of technology in their daily lives — for everything from
making restaurant or rideshare reservations to booking hair or auto service appointments — they expect to be
able to schedule meetings with bankers, mortgage officers, and wealth advisors with the same speed and ease.
By offering options for phone, virtual, or in-person meetings, your bank or credit union can provide account
holders the convenience and choice they demand, while allowing the most appropriately skilled employee to
prepare for the appointment and drive better outcomes.
Management tip #2
Optimize use of resources to drive service and revenue
Lobby management technology tracks branch service levels, wait times, and abandonment rates, giving your
financial institution critical visibility into acceptable wait thresholds and helping your branches operate
within those guidelines. When analyzing data for this study, UKG found the overall industry average branch
wait time was three minutes and 37 seconds — with the highest abandonment rate occurring at between three
and five minutes. As shown in Figure 6, the vast majority of abandons occur within the first five minutes of
wait time. Appointment software can help your financial institution reduce lobby abandons by empowering
account holders to book a phone, virtual, or in-person meeting at a time that is most convenient for them.
When account holders book appointments in advance and specify the reason for their visit, your branch
managers can make sure frontline staff with the right skills and knowledge are available to service their specific
needs. With qualified staff ready to meet with account holders and prospects, branch managers are better able
to reduce lobby abandons and increase sales closure rates. In addition, appointment-setting solutions can help
them optimize overall productivity by cutting down on the time employees spend waiting around for work.
Figure 6: Abandons by wait times
65% 0 to 5 minutes
32% 5 to 10 minutes
3% 10+ minutes
9Further analysis of lobby management data can uncover abandonment patterns (see Figure 7) that branch
managers can use to guide staffing adjustments and inform employee training programs designed to keep
account holders satisfied. For example, your branch staff should always engage in conversation with the
account holders in the lobby — especially if they’ve been waiting longer than the average wait time of 3:37 —
thanking them for stopping by and giving them a clearer picture of expected wait times.
Figure 7: Left without assistance hour by hour
% abandon
3.00%
2.50%
2.00%
1.50%
1.00%
0.50%
0%
9 a.m. 10 a.m. 11 a.m. 12 p.m. 1 p.m. 2 p.m. 3 p.m. 4 p.m.
Management tip # 3
Review appointment activity to help increase branch staff productivity
The UKG 2021 Appointment Study revealed that a greater number of no-shows occurred in the morning than
in the afternoon. As shown in Figure 8, no-shows were highest for in-person appointments, peaking before
10 a.m., while the highest percentage of successfully completed appointments occurred after 3 p.m. Review
your appointment activity throughout the day to identify patterns, and consider adjusting the times offered
for retail appointments to reduce no-shows — especially since industry activity reveals that afternoon
appointments are successfully completed at a significantly higher rate.
Figure 8: In-person, phone, and virtual appointment no-show rate
16% In-person no-shows Average no-shows
Phone no-shows Average no-shows
14% Virtual no-shows Average no-shows
12%
10.7%
10%
8%
6% 6.0%
4%
2% 4.4%
0%
9 a.m. 10 a.m. 11 a.m. 12 p.m. 1 p.m. 2 p.m. 3 p.m. 4 p.m.
10Management tip #4
Utilize specific marketing campaigns
Utilize campaign tracking capabilities, such as those in UKG Appointments, to guide and monitor activity
across the prospect journey — from initial marketing touch to appointment booking. Embed unique campaign
URLs within marketing and social media campaigns that drive targeted prospects to schedule appointments
as a call to action. Campaigns are a highly effective way to generate quality leads for high-revenue products,
including mortgages and wealth management offerings, and to ensure that the account holder is meeting with
the right resource once an appointment is booked.
Management tip #5
Block certain appointment periods to optimize service in branches
Utilize lobby data to identify days of the week and times of the day when your service levels are consistently
challenged and block appointment availability during those periods. Offer appointments during slower days
and times to help even out the workload of your branch staff throughout the week. This best practice can
help your financial centers minimize service issues and improve the overall sales and service experience. For
example, if your financial institution experiences lower service levels on Fridays — even when your branches
are fully staffed — consider offering appointments only on Mondays through Thursdays to help optimize the
account holder experience.
Management tip #6
Take a phased approach to appointment-setting solution rollout
A phased appointment-scheduling solution rollout can help alleviate concerns about the impact the software
will have on your organization. Because every financial institution is different, it’s important to work with a
vendor that adapts your deployment project to get you off to a strong start for early success — and rapid time
to value. While implementation plans vary, make sure yours takes both employee and account holder adoption
into consideration. Some effective approaches include:
• Conduct a soft internal launch before a hard external launch
• Pilot the solution with a lead branch or region before launching to the entire organization
• Roll out the solution to two or three departments prior to a complete launch
• Hold internal and external webinars to educate users before you go live
• ffer online scheduling for phone appointments first, followed by
O
virtual and in-person meetings
11Management tip #7
Use analytics tools for actionable business intelligence
Gain insight into appointment activity across the entire organization using analytics tools. Data-driven
analytics — whether you use an existing integration with Google Analytics, Google Tag Manager, Adobe
Analytics, Tableau, or another solution — will help you better understand the needs of your account holders
and prospects. Easily identify trends in your phone, virtual, and in-person meetings, and take action to ensure
you consistently meet or exceed your financial institution’s service standards.
Conclusion
For today’s financial institutions, the pressure to offer innovative services is greater than ever before. After all,
consumers’ service expectations are on the rise, and the COVID-19 pandemic highlighted the need to offer new
levels of flexibility and convenience. While banks and credit unions continue to lag behind their tech-savvy
customers and members, appointment-setting technology designed specifically for financial institutions is
helping them catch up. These tools are not only closing the gap between what account holders expect and what
is delivered, but they are also proving highly effective for increasing branch efficiency and bottom-line results.
The UKG 2021 Appointment Study findings suggest that account holders and prospects continue to embrace
branch appointment-booking solutions to schedule meetings — phone, virtual, and in-person — at times that
are most convenient for them. Appointment scheduling enables consumers to avoid long waits and meet
with an employee who is fully qualified to handle their service needs. The data also indicates that people are
making appointments to discuss more profitable products, such as consumer loans and mortgages. Therefore,
staffing the right employees during scheduled appointment times will help financial institutions better
leverage interactions to drive revenue.
As banks and credit unions continue to redefine and reconfigure their branches, appointment-setting technology
can help financial institution leaders improve the service experience, drive operational efficiency, and increase
sales for better business outcomes.
12About UKG
At UKG (Ultimate Kronos Group), our purpose is people™. Built from a merger that created one of the largest cloud
companies in the world, UKG believes organizations succeed when they focus on their people. As a leading global provider
of HCM, payroll, HR service delivery, and workforce management solutions, UKG delivers award-winning Pro, Dimensions,
and Ready solutions to help tens of thousands of organizations across geographies and in every industry drive better
business outcomes, improve HR effectiveness, streamline the payroll process, and help make work a better, more
connected experience for everyone. UKG has more than 13,000 employees around the globe and is known for an inclusive
workplace culture. The company has earned numerous awards for culture, products, and services, including consecutive
years on Fortune’s 100 Best Companies to Work For list. To learn more, visit ukg.com.
References:
1. I nstitute of International Finance and Deloitte, Realizing the Digital Promise: COVID-19 Catalyzes and Accelerates
Transformation in Financial Services (2020), at 3, found at https://www2.deloitte.com/content/dam/Deloitte/
global/Documents/Financial-Services/gx-fsi-realizing-the-digital-promise-covid-19-catalyzes-and-accelerates-
transformation.pdf.
2. J an Bellens, Four Ways COVID-19 Is Reshaping Consumer Banking Behavior, EY (May 11, 2021), found at
https://www.ey.com/en_us/banking-capital-markets/four-ways-covid-19-is-reshaping-consumer-banking-behavior.
3. M
cKinsey & Company, How COVID-19 Has Pushed Companies Over the Technology Tipping Point — and Changed
Business Forever (October 5, 2020), found at https://www.mckinsey.com/business-functions/strategy-and-corporate-
finance/our-insights/how-covid-19-has-pushed-companies-over-the-technology-tipping-point-and-transformed-
business-forever.
4. G
erard du Toit and Katrina Cuthell, As Retail Banks Leak Value, Here’s How They Can Stop It, Bain & Company
(November 18, 2019), found at https://www.bain.com/insights/as-retail-banks-leak-value-heres-how-they-can-stop-it/.
5. A
drien Kirschfink, Bruce Holley, Edwin Van Der Ouderaa, and Anne Bertelsen, Banking on Empathy, Accenture
(April 5, 2021), found at https://www.accenture.com/us-en/insights/banking/prioritizing-customer-empathy.
6. B
ill Streeter, Why Banks Won’t Ditch Branches, Despite Digital’s Explosive Growth, The Financial Brand (February 22,
2021), found at https://thefinancialbrand.com/108318/bankers-close-open-branches-sales-digital-mobile-trend-covid/.
7. Ibid.
8. H
olly D. Johnson, What’s the Average Personal Loan Interest Rate?, Bankrate (April 16, 2021), found at
https://www.bankrate.com/loans/personal-loans/average-personal-loan-rates/.
© 2017, 2021 UKG Inc. All rights reserved.
For a full list of UKG trademarks, please visit ukg.com/trademarks.
All other trademarks,if any, are property of their respective owners.
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