Since the rise of online and mobile banking, many Banking pundits have been prophesying of the fall of the branch.
Well, I’m here to tell you that the branch is dead.
But this doesn’t tell the whole story.
The reality is, the way the branch traditionally was built and run is dead, but the new way of running your branch has arrived and is here to stay.
So, hear ye, hear ye:
The branch is dead, long live the branch!
The old branch model acted as a center for all things banking, but with Online Banking and Mobile Banking, there is a new world order in the form of Omni-Channel, and the branch has transformed into a key component living alongside the digital.
The branch is now about Engagement.
In fact, your customers are much more likely to be satisfied, have more products and be more profitable by using all channels – with the branch being the anchor element tuning a casual customer to an ideal customer.
In fact, when the branch is allowed to act as an anchor element to the overall customer transaction and elevate the experience, the data says that a customer’s Lifetime Value increases by nearly a value of 6x when you factor in good, valuable touch points at the branch.
In context of execution, the new branch model deploys a Universal Teller, launches purposeful technology that aids and enhances the banking experience, all in a warm, inviting and open branch design that fosters conversation and relationships.
If you’d like to learn more about the evolution of the branch and how your network can evolve into a modern fleet, Contact Us today.