For all the talk about making branches advice centers, bank leaders aren’t giving employees the right tools. And that is a set up for failure.
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.
Banks need to take a more professional approach when managing their branch networks in order to avoid overpaying when purchasing or leasing real estate.
As customers migrate to digital channels, bankers need to aggressively re-configure their branch networks in terms of the number and mix of facilities, the staffing provided and the role of the contact center.