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.
Retail banks must start preparing now for local branch sales in a digitally-eroded environment – and universal bankers are not the answer.
Merger and acquisition activity over the past decade has transformed large U.S. banks into increasingly dominant mega-banks and reduced the market share controlled by smaller ones, particularly in major urban areas.
Contrary to predictions of the demise of bank branches, three different branch models will thrive in the future: personalized experience upscale, self-directed technology and traditional.
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.