Branches at the crossroads: Distribution centers or centers of advice?

While consumers and small businesses consistently rate “local branch convenience” as a deciding factor in choosing their financial institutions, branch transactions are declining at an average rate of 7 percent per year—even higher in many urban areas. If transactions continue to drop and customers still want branches, then what does the “branch of the future” look like? Read More

By |2020-05-27T17:58:10-05:00March 29th, 2019|Comments Off on Branches at the crossroads: Distribution centers or centers of advice?

Cutting the branches: The case for letting go of physical locations

Retail banking faces steep declines in branch visits. In fact, 1,700 branches closed shop in the 12 months ending in 2017: the biggest drop on record, according to a Wall Street Journal analysis of federal data. For more customers, particularly younger adults, branches no longer drive the choice of bank. Financial services organizations sense this, as a Read More

By |2020-05-27T17:58:10-05:00March 14th, 2019|Comments Off on Cutting the branches: The case for letting go of physical locations

The branch acquisition quandary: cherry picking profits versus the pits

As banks consolidate further, financial institutions have a chance to cherry pick good branch sites cast off by competitive mergers. The most dramatic example: the recently announced mega merger of BB&T and SunTrust. BB&T expects to divest $1.35 billion in deposits and close most of the 740 branches within two miles of each other.    On the Read More

By |2020-05-27T17:58:11-05:00March 1st, 2019|Comments Off on The branch acquisition quandary: cherry picking profits versus the pits

Five branch strategies for 2019

What will 2019 bring?  We’re moving into the longest economic recovery on record and it looks like there’s plenty of room to run.  Elevated confidence and a tight labor market will continue to power consumer demand and we expect at most a gradual growth slowdown. But some things stand out as different. The tax cut impact will Read More

By |2020-05-27T17:58:13-05:00January 1st, 2019|Comments Off on Five branch strategies for 2019

How branch customer and employee analytics can drive enhanced profitability

It’s likely that you have conducted specific time studies or collected data about transaction volumes, demographics and market potential in certain branches, regions or markets. Yet when was the last time you collected granular data on customer interactions and branch associate activities across the entire network? Did the data and analytics include: Customer arrivals and wait times? Read More

By |2020-05-27T17:58:36-05:00April 16th, 2018|Comments Off on How branch customer and employee analytics can drive enhanced profitability

A 2020 vision: Creating the bank branch of the future, instantly

What will the branch of the future look like? We live in a world enabled by technology like never before. (By the time you get done reading this paragraph, Google will log approximately 1 million searches.) Life moves fast. And consumers’ expectations move even faster. Today’s consumers seek the same speed, ease and convenience from financial services Read More

By |2020-05-27T17:58:37-05:00April 5th, 2018|Comments Off on A 2020 vision: Creating the bank branch of the future, instantly

What really counts: How observing bank branches optimizes staffing beyond the numbers

Banks—so much built around numerical precision—often hew to a business equation that looks like this:  X transactions = Y branch staff. Elementary algebra, right? Or is it really that simple? Before you answer, ask yourself three questions: Why are some branches with the same transaction levels overwhelmed—while others appear to have idle time? Are there opportunities to Read More

By |2020-05-27T17:58:38-05:00March 9th, 2018|Comments Off on What really counts: How observing bank branches optimizes staffing beyond the numbers

How cost shifting helps banks make the most of branches

Ultimately, every organization shares an identical purpose: to create operating leverage by growing revenue faster than expenses. Over time, organizations that focus on achieving this goal become more productive and efficient. Conversely, organizations that fail to recognize the importance of creating operating leverage become inefficient. Simply put, layering on additional expense over time without a corresponding lift Read More

By |2020-05-27T17:58:40-05:00February 7th, 2018|Comments Off on How cost shifting helps banks make the most of branches

Branches hold key to deposit growth, customer service

So, then: Was 2017 a triumph or a trash fire? In at least one sector, it was a literal fire sale—as the precipitous (if long-predicted) demise of the retail store made headlines, even as e-commerce titans such as Amazon made a mint. To wit: Brick-and-mortar was hit with mortar fire. It got so bad that longtime powerhouses Read More

By |2020-05-27T17:58:40-05:00January 29th, 2018|Comments Off on Branches hold key to deposit growth, customer service

How to build a better branch: One expert’s blueprint

Much press coverage has been devoted to the dominance of digital banking channels and how it almost renders the physical bank branch network obsolete. Yet 90 percent of millennials—the generation most associated with tech savvy and preference—choose a bank with location convenience in mind, and a majority of customers still visit a branch at least every six Read More

By |2020-05-27T17:58:41-05:00January 18th, 2018|Comments Off on How to build a better branch: One expert’s blueprint

From customer experience to bank branch significance: Five predictions for 2018

Predicting key trends in any industry—and financial services is no exception—means taking to account uncertainty, reality and possibility. In some years, that might as well demand a deft touch with a crystal ball (and we don’t mean the one that just dropped in Times Square).  Yet 2018 begins on a very favorable note. The economy is strong; Read More

By |2020-05-27T17:58:41-05:00January 8th, 2018|Comments Off on From customer experience to bank branch significance: Five predictions for 2018

Five things we all get wrong about branch transformation

Branch transformation is hot. The evidence is everywhere: numerous industry articles, webinars, blogs and conferences on the topic. It appears everyone has an opinion about what needs to change or transform and a host of ideas on how to effect those changes. All this noise (or cacophony) has created great confusion among leaders at financial institutions—and in Read More

By |2020-05-27T17:58:42-05:00December 15th, 2017|Comments Off on Five things we all get wrong about branch transformation

Podcast: Branch technology and ingenuity

Bank branches, while on the decline, will continue to serve as an integral part of multi-channel strategy for financial institutions. To that end, innovation and inspiration will play out on many levels as banks attempt to keep their branches relevant.  Jonathan Rowe of nCino takes a deep dive into best in technology and user friendliness that branches Read More

By |2020-05-27T17:59:38-05:00September 1st, 2017|Comments Off on Podcast: Branch technology and ingenuity

Don’t cell yourself short: Why community banks must transcend a mobile-first strategy

Customers don’t like hitting their local bank. That statement may not sit well with community bankers, but it’s a fact.  A 2016 survey found that more than half of U.S. consumers prefer digital to face-to-face relationships with their banker.  It’s a harsh reality check, no doubt, but also marks another milestone along the eroding trail of traditional Read More

By |2020-05-27T17:59:43-05:00June 16th, 2017|Comments Off on Don’t cell yourself short: Why community banks must transcend a mobile-first strategy

Podcast: The ever-changing face of bank branches

On this episode of the BAI Banking Strategies podcast, we're joined by banking branch expert Jon Voorhees of Peak Performance Group about the closing, opening and evolution of bank branches. Voorhees reveals how banks can close branches and still experience low customer attrition rates. From the podcast: Jon Voorhees has previously written for BAI Banking Strategies about branches Read More

By |2020-05-27T17:59:44-05:00June 2nd, 2017|Comments Off on Podcast: The ever-changing face of bank branches

The four myths of branch transformation

Proponents of digital banking argue that U.S. retail banks should accelerate branch closures and migration to digital channels. Their conclusion is this: Aggressively reducing physical locations and staff will speed the pace of channel migration, reduce service delivery costs and bolster profits. Some consultants even go so far as to suggest that digital interactions and self-service will Read More

By |2020-05-27T17:59:48-05:00March 13th, 2017|Comments Off on The four myths of branch transformation

Location! And 9 other things to consider when opening a branch

Industry veteran Jon Voorhees opened about 900 new branches and learned a great deal about the factors that drive a successful launch. Here are best insights.

By |2021-10-03T21:58:22-05:00March 7th, 2017|Comments Off on Location! And 9 other things to consider when opening a branch

Sizing up its branches, PNC sizes down with the Tiny Branch

Imagine a mini-building small enough to store inside a large walk-in closet, and you’ll have an idea of how one bank out to reinvent the branch has dressed for success. PNC Bank of Pittsburgh has built one of the world’s most unusual bank branches. It is the renovated interior of a steel shipping container, the type used Read More

By |2020-05-27T17:59:49-05:00February 22nd, 2017|Comments Off on Sizing up its branches, PNC sizes down with the Tiny Branch

Personal, personnel: Reinventing the Retail Branch in 2017

In recent years, consumers have increasingly turned to online and mobile banking channels to fill their banking needs. In fact, 62 percent of consumers now conduct most of their banking activity online or via mobile apps—this according to a report by Fabrice Albizzati, “Reinventing U.S. Retail Banking: Keys to Creating the Omnichannel Bank Branch Experience.” While the Read More

By |2020-05-27T17:59:49-05:00February 6th, 2017|Comments Off on Personal, personnel: Reinventing the Retail Branch in 2017

Futuristic branches depend on the future skills of employees

Bankers have heard it hundreds of times, or been sold it, if you will: If branches are to survive, they must shift from transaction-oriented institutions to sales centers. Yet what about the surprising notion of a bank branch becoming more like … an Apple Store? That’s the view of David Peterson, chief strategic officer for i7strategies, a Read More

By |2020-05-27T17:59:50-05:00January 24th, 2017|Comments Off on Futuristic branches depend on the future skills of employees