The best practices used by companies in the financial sector to address the issues of no-show appointments include letting their clients book schedule their appointments, reminding clients of their scheduled appointments, and leveraging appointment-setting technology.
Letting Clients Schedule Their Appointment
- Financial Brand claims that by letting account holders make the call and schedule their appointments lessens the chances of a no-show appointment.
- Furthermore, the article states that 84% of appointments from selected banks were completed by using this practice, 12% were appointments canceled by the consumer before the appointment, and only 4% were no-shows.
Best Practice Management Tips for Appointment-Scheduling Solutions
- Kronos stated that using appointment-setting technology, optimizing frontline resources, reminding consumers of their appointments, and creating “black-out” periods can help decrease no-show from consumers.
- Banks leveraging appointment-setting technology can help streamline the appointment process. Furthermore, it helps consumers set appointments in advance, which can help decrease no-show appointments. As stated from the statistics before, 84% of appointments were completed by letting consumers make their appointments.
- Banks should optimize frontline resources to help decrease retail abandons from consumers. Most consumers abandon their retail visit after six to ten-minute waits. Frontline resources like the branch staff in the lobby should be leveraged to decrease the chances of abandonment in retail visits. Branch staff should be thought to engage in conversations with consumers waiting in the lobby and giving the consumer a better picture as to why wait times can are long.
- 43% of no shows happen between 9:00 am and 10:00 am. Reminding consumers through email or phone calls about the appointment schedule within these times can encourage consumers to keep their appointments.
- “Black-out” periods are moments when retail visits are the highest. Blocking appointments during this time can help improve branch efficiency and help consumers to have a more streamlined experience.
Appointment Management Software
- Coconut Software is an enterprise appointment management software that helps various industries to manage various appointments from consumers. It helps simplify complex mechanics in scheduling requirements like managing multiple timezones, appointment lengths, and appointment instructions. It also helps create an “effortless omnichannel experience” for consumers and the company.
- As stated earlier, leveraging appointment-setting technology can help decrease no-show appointments.
- Jackson Hewitt Tax Service Inc. experienced no visibility in franchise appointments, and this includes franchise upcoming, completed, and missed appointments. However, by leveraging appointment management software like Coconut software, the organization was able to increase booked appointments by 41% and increase kept appointments by 8%.
The research team started the search by looking into the best practices of banks in addressing the issue of no-show appointments. We leveraged various media sources such as Forbes, Deloitte, Financial Brand, and others. The team was able to find a report from Financial Brand that stated consumer reservations help increase kept appointments. The article got much of its information from a Kronos 2019 study, so the team decided to check the report. The report discussed best practice management tips to help banks keep consumer appointments.
We then looked into different appointment management software that provides solutions to banks. The team encountered Coconut software. We looked into the success stories of financial organizations that choose the software, and we saw the success story of Jackson Hewitt Tax Service Inc. We then compiled the necessary data for the report and wrote this research brief.