Is PNC's Pop-up Branch a Sign of the Times?

by Mercator Advisory Group 0

From Finextra:

PNC Bank has opened its first pop-up branch in Atlanta, ditching tellers in favour of consultants who will help customers with more complex transactions and show off mobile and online services.

As more consumers turn to digital channels to conduct their daily banking transactions, the downward trend in branch activity levels is accelerating, fuelling the debate over the value of branch networks in a 21st century banking model.

PNC is experimenting with a 20×8 foot pop-up branch, which will be open for three months at Atlantic Station in Atlanta. Instead of tellers, the branch will be staffed by financial services consultants who will help with new accounts and personal loans along with referrals for mortgages, investments and merchant services.

As banks and other financial institutions look for ways to be more competitive – and flexible – in the way they interact with customers, new and novel business models are emerging.

The idea of a smaller, yet flexible, branch is being tried by various institutions, aided in part by leveraging other channels. The use of banking channels, as well as available technologies, are being revisited by financial institutions that are trying to determine just how customers want to interact and engage with their banks. Consequently, the core mission and design of branches are being re-evaluated and revisited.

Click here to read more from Finextra.