Banks stand at the crossroads of digital services and consumer expectations. Use these five initiatives as a roadmap to move forward.
The bank branch can continue to be relevant, despite customer migration to digital channels, with updated floor plans and technology.
Instead of fancy new designs, the branch of the future should incorporate simple and practical methods of combining personal service with self-service technology.
In the effort to transform their branches digitally, banks need to leverage data analytics, embrace virtual advisors and ensure seamless interaction across all channels.
Bankers need to employ technologies such as video collaboration and advanced analytics to help modernize their branch locations in a more digitized world.
As branch transaction activity shifts to alternative channels, the decision framework for branch consolidation needs to shift more solidly to sales.
Even in a digital age, banks still need contact centers to help customers with their digital needs, merger issues, security concerns and financial education.
A three step process for managing wait times in the branch can help reduce customer dissatisfaction.