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.
Rather than cutting branches across the board to reduce expenses, community banks should reconfigure them with new staffing models.
Branches can remain relevant, even in a digital era, if banks turn them into centers for higher value interaction with customers.
In the face of a steady downward trend in customer transactions, banks should transform their branches into sales-centric outlets and streamline staffing through more efficient scheduling.
Using the term ‘omnichannel’ simply highlights the fact that most banks have failed to become digital at their core.
Bankers are challenged to a strategic reorientation as digital becomes a stronger driver of core banking relationships and the branch is recast in a more specialized role.
When marketing to millennials, banks need to provide the right balance between high-tech interaction and personalized service.
The branch of the future needs an upgraded 'middle' IT environment to ensure that banks can manage their business rules cohesively.