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Marketing to millennials in-branch and out

The millennial generation, those people born roughly between 1982 and 2000, is by many accounts the fastest-growing generation ever. At least as large as the baby boom generation, estimates place this group of potential bank customers at 81 million, or more. We stress the word “potential.” In a recent survey of 10,000 millennials, Viacom Media found that Read More

By |2020-05-27T18:00:33-05:00June 5th, 2015|Comments Off on Marketing to millennials in-branch and out

Unified middle platform for branch of the future

Bankers and their boards have been thinking about their plans for the branch of the future for several years. The consensus for banks with broad geographic footprints has generally been to reduce infrastructure and transition toward self-service in existing branches. This can be a strategic and highly beneficial move, but only when it incorporates two significant elements: Read More

By |2020-05-27T18:00:33-05:00May 26th, 2015|Comments Off on Unified middle platform for branch of the future

Integrating bricks and clicks with data

Improving the customer experience using integrated real estate, operations and technology strategies can make a branch network highly profitable. The key ingredient is Big Data with insights about your most engaged customers. Bank branches continue to be a crucial customer engagement tool. In fact, as customers increasingly rely on technology, they begin to value their visits to Read More

By |2020-05-27T18:00:34-05:00May 8th, 2015|Comments Off on Integrating bricks and clicks with data

Role of the branch in the digital age

JPMorgan Chase recently held their investor day and grabbed some of the fintech headlines when they stated that Apple Pay has been activated by over a million cardholders since its launch in the U.S. in October. Chase also announced a closure of 300 branches as customers move to digital. Yet, what stood out for me, is that Chase has Read More

By |2020-05-27T18:00:34-05:00April 16th, 2015|Comments Off on Role of the branch in the digital age

Turning branch visits into sales

When customer loyalty is tenuous, as it is today in banking, selling is especially challenging and requires more sophisticated approaches involving both management and sales staff. Yet, in our interactions with hundreds of banks across North America, we have noticed that many don’t provide their branch sales staff with the appropriate coaching, support and tools to achieve Read More

By |2020-05-27T18:00:35-05:00April 3rd, 2015|Comments Off on Turning branch visits into sales

Branch staffing based on local sales dynamics

For all that has been written about branches succumbing to the digital onslaught, it seems clear that banks will be clinging to the majority of their street corner outlets for some time to come. But it would be a big mistake to cling to antiquated branch management practices as well, particularly with regard to the all-important sales Read More

By |2020-05-27T18:00:36-05:00March 13th, 2015|Comments Off on Branch staffing based on local sales dynamics

Workforce management models for sales improvement

Managing a decentralized branch network presents challenges for banking executives. They have no real visibility into what their employees are doing on a daily basis, yet they rely on these same employees to deliver greater results and provide high-quality customer experiences. In this distributed environment, managing productivity is critical to ensure branch employees are focused on the Read More

By |2020-05-27T18:00:36-05:00March 9th, 2015|Comments Off on Workforce management models for sales improvement

Culling the network of underperforming branches

What to do about low-volume branches, or LVBs, which weigh down the profitability of nearly every financial institution? We define these underperformers as branches that process fewer than 3,000 transactions per month. As documented in FMSI’s 2014 Low Transaction Volume Branch Study, LVBs account for 25% of most retail branch networks, yet they constitute only 8% of Read More

By |2020-05-27T18:00:36-05:00March 2nd, 2015|Comments Off on Culling the network of underperforming branches

Building a Bank for Today from Scratch

Ever since cash dispensers became automated teller machines (ATMs), pundits have regularly said that the large retail banks are going to have to change their core systems or they will lose their customers. It started with the ATMs because those machines broke many banks’ assumptions that their customers transacted all their bank business in their own branch. Read More

By |2020-05-27T18:00:38-05:00December 5th, 2014|Comments Off on Building a Bank for Today from Scratch

Optimizing Staff Scheduling for Improved Branch Performance

Whatever the format – traditional, in-store or mini – the branch is still the primary channel where consumer sales and referrals originate. Three out of four consumers still prefer in-branch interactions to open an account, apply for a loan or get financial advice, according to the Gallup Business Journal. As retail banks seek to accommodate this preference Read More

By |2020-05-27T18:00:39-05:00November 19th, 2014|Comments Off on Optimizing Staff Scheduling for Improved Branch Performance

Reducing Wait Times for Branch Efficiency

As we head into the second half of the decade, most retail bank managers recognize that the survival of their institution is tied, at least in part, to redefining branches as sales and service hubs. They also recognize that a key component of that redefinition is improving branch lobby efficiency and service. So, how’s that going? Our Read More

By |2020-05-27T18:00:39-05:00November 10th, 2014|Comments Off on Reducing Wait Times for Branch Efficiency

Rightsizing the Branch

When considering a branch transformation, is it better for a financial institution to operate one 5,000-square-foot branch or two 2,500-square-foot branches? Not sure? Good. It’s a trick question. Your answer depends highly on whether you’re repositioning an existing branch or opening a new location. And finding the right answer requires a deep analysis that factors in branch Read More

By |2020-05-27T18:00:39-05:00October 29th, 2014|Comments Off on Rightsizing the Branch

Branch of the Future Network Innovations

A branch distribution executive recently described exactly what it’s like trying to keep up in a “next-gen” era: “It’s a race without a finish line,” she said. “One day, I’m reading about something mind-boggling that the futurists are dreaming up. A couple of months later, I have vendors pitching it to me. And not long after, I’ve Read More

By |2020-05-27T18:00:39-05:00October 28th, 2014|Comments Off on Branch of the Future Network Innovations

Redesigning the Community Bank Branch

As an increasing number of consumers use digital channels to handle basic banking transactions, the look and feel of bank branches needs to change – for community banks as well as for larger institutions. “As we move from handling transactions to providing consultative services in the branches, the typical teller line with its barriers will have to Read More

By |2020-05-27T18:00:40-05:00September 23rd, 2014|Comments Off on Redesigning the Community Bank Branch

The Transformation of Small Town Branches

Financial institutions of all sizes are facing challenges to their retail branch system. Technological innovation, starting with the introduction of ATMs, then internet banking, and most recently mobile banking, has resulted in declining branch usage. Consumers and businesses don’t need to go to the bank as frequently as they did in the past now that routine monetary Read More

By |2020-05-27T18:00:40-05:00September 19th, 2014|Comments Off on The Transformation of Small Town Branches

Transforming Branches into Proactive Sales Engines

Many banks aspire to change their branches from service centers to sales centers but with only marginal success. Some have responded by evolving their operating models from having separate tellers and sales employees to “universal” employees. Others have modified their traditional branch layouts to feature a single queue for both sales and service transactions. While these changes Read More

By |2020-05-27T18:00:41-05:00August 25th, 2014|Comments Off on Transforming Branches into Proactive Sales Engines

The Branch of the Future, Today

Elaborate depictions of the branch of the future have been a topic of discussion for so long now that it seems like the future should be here already. What if I told you it is? Banks of all sizes have begun enhancing branch design to meet their business goals and fit their customers’ needs. However, with no Read More

By |2020-05-27T18:00:41-05:00August 15th, 2014|Comments Off on The Branch of the Future, Today

Best Practices for Successful Community Banks

Community banks face significant challenges from compliance costs, capital requirements and changing customer behaviors, all of which require them to reevaluate their business and operating models. As a strategic bank consulting firm, we often see what works well and what does not in terms of best practices. Here is our list of the top five: Restructure and Read More

By |2020-05-27T18:00:41-05:00August 11th, 2014|Comments Off on Best Practices for Successful Community Banks

Anticipating the Bank of the Future

Bankers are spending a lot of time these days trying to predict what the bank of the future will look like. And while that’s a worthy endeavor, it may not be the real issue. If I were to prophecy what the client experience should be in the bank of the future it might be something like, “When Read More

By |2020-05-27T18:00:41-05:00July 28th, 2014|Comments Off on Anticipating the Bank of the Future

Revitalizing the Branch with Digital Marketing

All around the world, retail banks have implemented various forms of digital technology to bolster their marketing and advertising efforts. Innovations such as BLE beacons, facial recognition and digital display technologies continue to play a larger role in branches around the globe. However, the way in which these solutions are being implemented within branches and the ways Read More

By |2020-05-27T18:00:42-05:00July 22nd, 2014|Comments Off on Revitalizing the Branch with Digital Marketing