Guenther Hartfeil

Guenther Hartfeil
Aug 31, 2020

Here are the steps to help mitigate the loss of customers who no longer work near branches they originally chose based on their office location.

Branch closures are never easy work, but U.

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For many banks, improper scheduling on the teller line is one of the biggest silent profit killers in their retail branch network.

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Facing rapidly declining transaction volumes at branches, banks are increasingly tapping technology to eliminate manual processes and save money.

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Facing shareholder pressure to improve profitability, major banks must look beyond layoffs for new ways to reduce operating expenses and boost productivity.

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“Bank at Work,” or workplace banking, is not a new concept but it’s one that may deserve a second look from growth-starved bankers since best-in-practice banks have embraced this strategy to drive as much as between 40% and 60% of all new consumer accounts.

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“Without a growth strategy, you are dead in the water,” said Chuck Sulerzyski, CEO of Marietta, Ohio-based Peoples Bank.

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Increasingly, banks seeking to optimize branch staffing are using qualified part-time tellers to supplement full-time staff during peak volume periods.

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For most bankers, determining where to put branches is primarily viewed as an “art” – something qualitative, often based on a “sense” of which markets are growing or the opportunity for available space that comes from a realtor telephone call (“You must see this wonderful new space that’s now on the market!”).

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Branch consolidation is a major theme in retail banking this year as institutions pare back their branch networks to reduce expenses and increasingly rely on self-service channels to meet customer needs.

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Recently, several banks have begun addressing branch distribution costs.

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