KPI Benchmarks : Average Retail Branch Lobby Wait Time
- Benchmark Range 130-738
- Benchmark Average 364
- Benchmark Sample Size (n) 23
* Is High or Low Best: Lower is Better
Download a Sample Average Retail Branch Lobby Wait Time
KPI Details : Average Retail Branch Lobby Wait Time
Average Retail Lobby Wait Time measures the average amount of time that customers must wait prior to meeting face-to-face with a retail branch service representative. This metric is a fundamental measurement of customer service levels within retail branch locations, as it assists financial institutions in understanding both foot traffic and staffing levels within the retail branch network. Extended lobby wait times may negatively impact customer service levels, which can consequently reduce branch sales volumes for high-value products such as credit cards and consumer loans. Conversely, extremely low lobby wait times (less than 30 seconds) may speak to potential over-staffing within the retail branch. Long wait times may be attributed to a lack of formal process guidelines or use of job aids for customer requests, excessive customer touch points or follow-ups, a lack of cross-training among retail branch staff, inefficient assignment of customer requests, lack of online self-service options, and/or a general lack of communication regarding retail branch customer walk-ins.
KPI Best Practices : Average Retail Branch Lobby Wait Time
- Analyze peak business hours and staff the retail branch accordingly
- Implement an appointment booking system to benefit scheduling and sales opportunities
- Understand customer expectations of wait times to increase accountability
KPI Calculation Instructions Average Retail Branch Lobby Wait Time?
Two values are used to calculate this KPI: (1) the total number of seconds customers waited before meeting with a non-teller retail branch service representative (from the time the customer signs-in or is acknowledged at the entrance podium until when the meeting with the personal banker or service representative begins), and (2) the number of non-teller customer visits to the retail branch over the same period of time. All wait times should be measured in seconds in the numerator. Multiple visits by a customer who must wait to be seen should be considered to be separate visits. Do not include any additional time incurred if the customer forgot something outside of the retail bank location and must leave the bank without meeting with a banking representative, as this should be considered a new visit upon return. This ensures that all wait times are associated with a unique visit when measuring the denominator. Do not include teller line interactions in this calculation. Non-teller interactions typically include account opening/closing, credit card sales, loan sales and other more complex, non-transactional activities.
KPI Formula :
(Sum of Retail Branch Lobby Wait Times) / Total Number of Non-Teller Customer Visits