Kerim Tumay
Feb 19, 2020

Retail banks tend not to disclose detailed breakdowns of the costs associated with their branch networks. According to an article from McKinsey & Company, the physical network, workforce and branch support can account for more than half of a retail bank’s operating expenses. With increasing use of digital banking and self-service technologies, why are leading banks still […]

Everyone is still trying to make sense of CX.

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Amid today’s ultra-competitive banking landscape, you might think at first glance that digital and physical channels remain locked in an all-out battle, each using any advantage to lure customers to their side.

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Not all that long ago—and perhaps it’s still the case in some corners—bank branches were targeted by cost cutters, who viewed physical space as hopelessly outdated in the digital world.

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Even as digital banking gains ground, many customers still prefer human, face-to-face interaction for complex products such as mortgages and investments.

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Banks have talked for years about bridging the yawning gap between physical and digital channels—first via multichannel, then omnichannel.

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Back when people visited banks as their sole way to deposit paychecks, make large cash withdrawals and move money between accounts, branches were built to portray security and stability.

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As customers continue to move towards digital channels, we see the ongoing, dramatic impact on monetary transactions, “paying and receiving” or teller transactions.

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I recently attended two banking conferences and was struck by how much has changed—yet how much has not and needs to.

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While consumers and small businesses consistently rate “local branch convenience” as a deciding factor in choosing their financial institutions, branch transactions are declining at an average rate of 7 percent per year—even higher in many urban areas.

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