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
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
It’s almost a sad commentary on our times that “omnichannel banking” already sounds like a cliché. At the very least, it has the whiff of a potentially interesting trend that, like so many other potential game-changers, has come and gone. That’s categorically not the case. In fact, omnichannel banking is only just taking hold. In this digital Read More
What is the fastest-growing influence on household acquisition and deposit sales in the branch? Without a doubt it is the online experience for web-oriented shoppers. Yet few banks have formal programs to harness digital banking for branch sales. Most players assume the online space is a separate sales domain. Online teams are measured by success in completing Read More
Among the wonders of recent automated teller machine (ATM) technology is the ability to recycle deposited cash. But if your bank has recently installed such ATMs, have you also reviewed your cash forecasting models and altered your armored-car delivery schedule? After all, the point of recycling cash is that you can be more efficient about replenishing it. Read More
Few topics in banking inspire as much commentary as branch-of-the-future concepts, since it’s now generally accepted in the industry that today’s branch model is fated to go the way of the typewriter after the word processor made its debut. Everyone, it seems, has an opinion on what that future branch should look like. Some clues to that Read More
Statistics show that bank networks in the U.S. are shrinking, with 2,267 branches closing in 2012 alone, according to SNL Financial. The closures can primarily be attributed to technology advancements including mobile and online banking, as well as the increasing use of image-enabled ATMs. This notion that branches are slowly but surely disappearing could be intimidating to Read More
Wal-Mart Stores Inc., which has long been one of the country’s most successful retailers, is increasingly moving into the financial services arena, a venture initiated during the tenure of former CEO H. Lee Scott Jr. (2000-2009). Scott will appear at BAI Retail Delivery 2013 on November 6 in Denver to discuss Wal-Mart’s strategy and approach for interacting and Read More
Financial institutions have relied on geocoding and location intelligence for decades to make better decisions regarding site selection and market potential. In recent years, the pace of innovation has accelerated at a fast clip, clearly evidenced by the near ubiquity of smartphones, mobile banking and reverse geocoding. Banks are now able to have a real-world, real-time impact Read More
“What do you mean I have to pay $120 to check my luggage? I’ve been using this luggage without having to pay baggage fees for a long time.” Sound familiar? It doesn’t just happen with airlines. That is how many of your customers, especially those with lower incomes, react to overdraft and insufficient funds checking charges. They Read More
One of the main factors financial institutions should consider in planning their mix of channels, such as the branch network, online banking and mobile banking, should be the age group of their customer base. The latest consumer study conducted by MRI clearly shows a link between age group and a choice for banking channels; younger consumers gravitate Read More
There is an old saying that goes something like this: “If you’re going to be dragged out of town by a mob, get out in front fast and announce it’s a parade.” There isn’t much question that the conversation about customer banking channel migration is picking up pace. The fast maturing of mobile, everyday use of Internet Read More
In many industries, great customer service is all about facilitating pleasant, memorable interactions between customers and company employees. The banking industry, however, has recognized a paradoxical truth about customers: in certain contexts, the best customer service means giving customers the flexibility to serve themselves. Over the last century, retail banks have developed a range of innovative technologies Read More
In 2012, the average mobile user made at least one video call per month and by 2017 it is predicted that at least five video calls will be made each month, according to Cisco’s recent Visual Networking Index (VNI) Global Mobile Data Traffic Forecast. Video communication is becoming a common theme for businesses and consumers and that Read More
There is intense debate right now about the future of the branch. Some say it will become increasingly obsolete as customers move towards online, mobile and other non-branch channels. Others point out that the majority of new accounts are still opened at the branch and customers look for who has the most convenient locations when selecting a Read More
The amount of money banks generate from fees on deposit accounts decreased from $36.2 billion in January of 2011 to $34.1 billion by year end, a drop of $2.1 billion or 5.8%. This is not an isolated incident; rather it is a trend that started five years ago. Income from service fees on deposit accounts fell from Read More
If you were appointed the bank’s Chief Waste Officer, where could you quickly make your mark in terms of wiping out serious wasted expense? We have a suggestion: Portals. If your bank is like many, your Website portals have been proliferating for years at considerable and often hidden expense, with many of them redundant or obsolete. A Read More
Consumers are increasingly using their mobile phones to interact with their financial institution; the 2011 Fiserv Consumer Trends Survey shows that more than a quarter of U.S. online consumers have used mobile banking. Interest in tablet banking is bubbling up as well, setting the stage for key strategic decisions on how to support these similar but actually Read More
The decline in branch transactions that has been predicted for the last 30 years is finally happening. Online bill payment and the migration of deposits via image capture to the office, the ATM, and the mobile device have finally moved people out of the branch. With branch transactions declining and younger consumers increasingly preferring self-service, banks that Read More
Channel management is arguably one of the most important functions in today’s banking industry as institutions are caught between the eroding viability of traditional branches and the need to accommodate emerging channels such as mobile. How do banks plan for future changes in customer channel preference while still meeting the needs of today’s customers? We posed that Read More
