Patrick True
Aug 7, 2020

A strong execution strategy can help banks from being overwhelmed, as well as create efficiencies for the institution and a better experience for customers.

As banks increasingly grapple with trying to reduce the high cost of their branch networks, one would think that more institutions would look at lower-cost in-store branches.

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The introduction of the $5 debit card fee and its subsequent withdrawal can teach us two lessons: one, consumers are very sensitive to any additional banking fees, and two, there are more productive ways to improve the bottom line through a reduction in interest expense.

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When it comes to mobile banking offerings, banks cannot afford to be a one-trick pony in supporting just one modality or mobile platform, according to speakers at the recent BAI Retail Delivery event in Chicago.

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It’s become conventional wisdom in the banking industry to say that the “branch of the future” must evolve from a place where customers primarily conduct transactions to one in which they can seek advice, guidance and professional service on all things financial.

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Years ago, I went from being the senior operations officer for a large bank in a metropolitan area with a flock of VPs at my disposal to being senior vice president and cashier/operations division head for a small bank in a rural market.

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As 2011 draws to a close, most bankers would agree that the financial services industry is sorely in need of a New Paradigm; the old business models look increasingly strained in the wake of the financial crisis of 2008-2009, the subsequent regulatory overkill and now the accelerating Eurozone crisis.

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People rarely visit their bank branch anymore.

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The decline in branch transactions that has been predicted for the last 30 years is finally happening.

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In today’s sluggish economy, small businesses have not been showing much appetite for taking out loans, although there have been recent signs of a thaw.

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The world is changing and the traditional bank branch needs to change with it.

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