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Branch banking 2026: From robots in the lobby to personal tellers on campus

Three-D avatars. Machines armed with artificial intelligence. Robots, even. All of these, forecasters predict, will take over bank branches in the future. But it won’t be a hostile takeover, let alone one where humans are relegated to second-class status.   In fact, bank employees will see their roles expand, allowing increased flexibility to take services to customers in Read More

By |2020-05-27T17:59:50-05:00January 19th, 2017|Comments Off on Branch banking 2026: From robots in the lobby to personal tellers on campus

Coffee, tea or currency?

Amid the smoky aroma of fresh-roasted coffee and the sweet scent of pastries, Scott Maykis starts his morning routine by tapping into the free Wi-Fi at the Capital One Café on Chicago’s Gold Coast. But he’s not checking into the café-style branch bank for the money. He’s not even a customer. A management consultant who works nearby, Read More

By |2020-05-27T18:00:02-05:00December 12th, 2016|Comments Off on Coffee, tea or currency?

Mobilizing the mobile future of branch banking: Self-service technology

Through this scenario, consider the impact technology is having on how consumers navigate something as routine as their daily lunch hour: Before an executive even leaves her office, she preorders and pays for her favorite meal at a nearby quick-service restaurant via her mobile device—and bypasses the line to pick up her already prepared food. Before driving Read More

By |2020-05-27T18:00:04-05:00November 15th, 2016|Comments Off on Mobilizing the mobile future of branch banking: Self-service technology

Another view of bank branch closings: When short-term gain equals long-term pain

The recent article in Banking Strategies Online, "Three things you must consider when closing branches," (Oct. 10) omitted a key consideration: namely, how to preserve the personal relationships that developed between staff and customers at the closed branch. Banking customers can be divided into three broad groups—Millennials, small business and commercial customers, and those of us retail Read More

By |2020-05-27T18:00:05-05:00October 25th, 2016|Comments Off on Another view of bank branch closings: When short-term gain equals long-term pain

Bank to the future: Experts look ahead to 2026

Just what will bank branches look like 10 years down the line? They’ll look smaller, for starters – and feature self-service machines to work transactions that free up staff. That way, bank employees can give more financial advice to customers on even basic literacy topics. But to abuse a cliché, the bucks will hardly stop there. Those Read More

By |2020-05-27T18:00:05-05:00October 14th, 2016|Comments Off on Bank to the future: Experts look ahead to 2026

Changing branches in a digital age

There is no doubt that bank customers of all ages and incomes are moving to digital channels to conduct financial transactions. Use of mobile banking applications to check balances, transfer funds, pay bills and even deposit checks is growing rapidly. Furthermore, more customers are going online to open accounts and apply for loans. But does that mean Read More

By |2020-05-27T18:00:05-05:00October 14th, 2016|Comments Off on Changing branches in a digital age

Three key things you must consider when closing branches

It seems like every week you hear about another bank’s plans to close some large number of branches. Some analysts predict (though I don’t agree) that half of all branches open today will close in the next few decades as online and mobile banking fully takes hold with consumers and small businesses. Due to today’s very low Read More

By |2020-05-27T18:00:05-05:00October 10th, 2016|Comments Off on Three key things you must consider when closing branches

Goodbye vacuum tube, hello data tube

It has been a common banking practice across the U.S. and Canada for decades; customers conduct transactions from their cars outside of brick and mortar branches via a clear plastic cylinder sucked from auto to teller via a vacuum tube. But while this low- tech method of banking is customer friendly, it requires one or more tellers Read More

By |2020-05-27T18:00:06-05:00September 14th, 2016|Comments Off on Goodbye vacuum tube, hello data tube

Three strategies to transform bank branches

I’ve read many articles about the death of bank branches since I started in the industry more than 30 years ago. Since then, my position hasn’t wavered much: Bank branches aren’t going away—but they must change. Why? Three reasons: For most banks, branch networks are the first or second largest expense category. Most banks have seen human-based Read More

By |2020-05-27T18:00:06-05:00September 12th, 2016|Comments Off on Three strategies to transform bank branches

The transformation of the retail branch with workforce management

How will retail banking’s changing service model define the branch of the future? With adoption of online and mobile banking on the rise, customers are visiting branches less frequently. But when they do, they’re looking to conduct high value transactions that require more personalized service. Results of a 2014 GenPact and YouGov online survey confirm this trend, indicating that younger bank customers are migrating Read More

By |2020-05-27T18:00:07-05:00August 15th, 2016|Comments Off on The transformation of the retail branch with workforce management

Building the bank brand digitally

There is no doubt that a growing number of bank customers are using digital channels, either via their PCs or mobile phones, as their primary means to communicate with the bank. And they are doing more than just checking account balances and paying bills; they are using digital channels to find out about bank products and get Read More

By |2020-05-27T18:00:08-05:00July 13th, 2016|Comments Off on Building the bank brand digitally

Transforming branch staff with predictive analytics

In recent years, banks have been focused on driving costs out of the branch network with self-service technology, branch closures and staff reductions. Yet, there is a genuine risk that driving any more cost out of the branches with across-the-board staff cuts will drive customers out of the bank altogether.“Workforce is the lifeblood of any organization,” according Read More

By |2020-05-27T18:00:10-05:00May 15th, 2016|Comments Off on Transforming branch staff with predictive analytics

Nine tips for improving branch lobby performance

At one end of the continuum for branch lobby services and sales are those banks whose frontline staff are well trained and equipped to combine prompt, knowledgeable and courteous service with enviable cross-sale rates. At the other end … well, let’s just say no financial services provider wants to be there.Where does your branch performance land on Read More

By |2020-05-27T18:00:11-05:00May 12th, 2016|Comments Off on Nine tips for improving branch lobby performance

Reconfiguring branch staffing for sales

As consumer digital migration drains ever more branch traffic, banks have been working through a delicate transition with branch staffing.Amid all the pressing questions, sales, service, headcount and skills, executives have drawn comfort from the assumption that they at least had a rough idea of how consumer branch usage would shake out. Ultimately, it has been thought, Read More

By |2020-05-27T18:00:11-05:00May 6th, 2016|Comments Off on Reconfiguring branch staffing for sales

Ten steps to succeed with microbusinesses

Microbusinesses, defined as firms with annual revenues of less than $1 million, constitute 90% of all businesses and thus represent a significant opportunity for banks. But given the small size of loans involved in this segment, how does a bank profitably serve these customers?The following is a suggested ten-step process for improving branch sales and service to Read More

By |2020-05-27T18:00:11-05:00May 2nd, 2016|Comments Off on Ten steps to succeed with microbusinesses

Rise of the super banks post-crisis

Bigger is better may not have been what the politicians and regulators envisioned post-financial crisis but that’s what we now have in the banking industry. In short, big banks in the United States have closed ranks and gotten much bigger over the past decade, while smaller banks have either merged their way into the middle tier ranks, Read More

By |2020-05-27T18:00:12-05:00April 8th, 2016|Comments Off on Rise of the super banks post-crisis

Three branch models for the future

If you have only scanned the headlines from the business world, the news about bank branches seems grim, as every week brings more branch closings by banks and credit unions.In many of those instances, managers of the financial institution cite the changing nature of customer behavior.  And yes, transactions are down dramatically, with volume dropping 45% since Read More

By |2020-05-27T18:00:13-05:00March 28th, 2016|Comments Off on Three branch models for the future

Deposit profitability as key to branch profitability

Deposit spreads have been the bane of banks in recent years but that could change if interest rates continue to rise. Here’s why bankers should pay more attention to their deposit balances going forward:In the summer of 2006, the Federal Reserve ended a two-year binge raising the Fed Funds Rate, which had soared from 1% to 5.25% Read More

By |2020-05-27T18:00:13-05:00March 18th, 2016|Comments Off on Deposit profitability as key to branch profitability

Three essentials for bank-at-work programs

It goes without saying that retail banking has many moving parts and Bank-at-Work programs are no exception. From target strategy to sales protocols and from results tracking to offer fulfillment, successful program implementation requires that banks maintain a comprehensive structure around their Bank-at-Work initiatives.But within that program structure, three things stand out because without them you’ll just Read More

By |2020-05-27T18:00:13-05:00March 11th, 2016|Comments Off on Three essentials for bank-at-work programs

Lessons from retail customer analytics

The retail industry is perhaps one of the most advanced verticals when it comes to effectively using data analytics to engage customers at the right time, in the right context and with the right information to increase sales. Retailers excel at capturing data on customer behaviors, preferences and buying patterns and then analyzing it to create highly Read More

By |2020-05-27T18:00:14-05:00January 26th, 2016|Comments Off on Lessons from retail customer analytics