An analysis of thousands of branches shows a staffing-traffic mismatch. But refining the universal banker role can lead to revolutionary results.
To be successful, Bank-at-Work programs must deliver effectively on three elements: partnership, value proposition and sales execution.
Yes, it is possible to transform older, inefficient branches into modern, profitable showcases for financial services.
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.