Terry Badger
Apr 25, 2022

Conventional wisdom calls for a shift from transactions to advice, but how do banks and credit unions get from here to there?

Ever since cash dispensers became automated teller machines (ATMs), pundits have regularly said that the large retail banks are going to have to change their core systems or they will lose their customers.

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Whatever the format – traditional, in-store or mini – the branch is still the primary channel where consumer sales and referrals originate.

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As we head into the second half of the decade, most retail bank managers recognize that the survival of their institution is tied, at least in part, to redefining branches as sales and service hubs.

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When considering a branch transformation, is it better for a financial institution to operate one 5,000-square-foot branch or two 2,500-square-foot branches? Not sure? Good.

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A branch distribution executive recently described exactly what it’s like trying to keep up in a “next-gen” era: “It’s a race without a finish line,” she said.

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As an increasing number of consumers use digital channels to handle basic banking transactions, the look and feel of bank branches needs to change – for community banks as well as for larger institutions.

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Financial institutions of all sizes are facing challenges to their retail branch system.

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Undoubtedly, online and self-service options are changing the traditional perspective of branch banking, and as part of this evolution, many traditional direct consumer interactions are being pushed to the contact center.

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Elaborate depictions of the branch of the future have been a topic of discussion for so long now that it seems like the future should be here already.

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Community banks face significant challenges from compliance costs, capital requirements and changing customer behaviors, all of which require them to reevaluate their business and operating models.

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With the continued accelerated adoption of non-branch channels such as mobile and the web, banks are facing the fact that branch traffic may not uptick anytime soon, if ever.

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What day-to-day actions make for a successful bank? We all define success differently, but in my view it requires a bank to satisfy all its stakeholders, namely, generate solid earnings and growth for investors, distinguish itself with customers, demonstrate franchise value and provide employees with a positive work environment.

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With an increasing number of customers, particularly Millennials, opting to bank online or via their smartphones and tablets, the purpose of today’s branch is less centered on transactions and more focused on customer service and sales of additional products and services.

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What is the fastest-growing influence on household acquisition and deposit sales in the branch? Without a doubt it is the online experience for web-oriented shoppers.

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Most thought leaders in banking agree that developing an integrated multichannel optimization strategy is paramount to remaining competitive in terms of cost and customer acquisition/retention.

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The prognosticators in our industry have anticipated the decline of both brick-and-mortar branches and consumers’ use of cash for some time, but the reality of today’s market paints a very different picture.

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With branch transaction volumes continuing to decline, banks are exploring their options regarding their branches’ futures.

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Few topics in banking inspire as much commentary as branch-of-the-future concepts, since it’s now generally accepted in the industry that today’s branch model is fated to go the way of the typewriter after the word processor made its debut.

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A new year is time for new resolutions.

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With average branch monthly teller transaction volume for financial institutions (FIs) declining more than 45% in the past 20 years, according to FMSI’s annual Teller Line Study, banks are challenged more than ever to keep their branches profitable.

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