New Year, New Bank Branch Strategies
BAI Banking Strategies looks forward to the new year with a podcast which includes a list of recommended strategies for bank branches.
Their recommendations include:
- Fix your distribution strategy
- Become a data nerd
- Learn to use robotics and AI
- Partner with fintechs
- Invest in front-line tools
Meanwhile, Bank News has advice for community bank branches in an era where virtual banking seems to be the emerging norm:
Branch transformation is about adjusting to this new norm and finding the balance between cost, customer service and growth. It’s not easy, and it’s different for every bank. Technology can play a vital role in helping community banks meet these challenges. When branches shift their focus from high-volume, time-consuming transactions, they can reallocate resources to high-value, consultative services that better support customers. This shift toward automation results in making the branch as immersive, meaningful and efficient as possible.
Even in a world of “smart phone banking,” there is still a great deal of value in the “brick-and-mortar customer experience,” particularly when you offer a trustworthy environment and make access to ATM’s for deposit part of the “lobby experience.”
Despite the growth of digital channels, the traditional bank branch still holds significant value with customers by building trust and credibility, providing financial advice, offering convenience and even easing the transition to digital channels. Branches also build a physical presence in local markets that is unmatched: McKinsey and Co. found that at one U.S. bank the estimated value of the physical network in just a single market was equal to millions of dollars of annual marketing.
The key to success is providing a seamless customer experience, from the digital to personal, by modernizing your platforms — but, never forget the personal touch that bank branches offer!
This blog contains forward-looking statements. For more information, click here.