Banks, Stop Thinking About Branches as a Place to Transact

by Joseph Walent 0

The constant change in how we go about our daily lives is constant, albeit incremental, mostly, but when we notice, it appears that the world is gone upside down. In many ways, that is what is happening to financial institutions. The model they had been operating within had been changing, but then a techno-societal shift of smartphones created a “leap’ forward in the previously march of progress. Responding to this shift is how banks physical points of presence will make the adjustment.

Today, the branch must seamlessly integrate with other channels and locations to not only meet the needs of customers who value services, but drive new sales. Whether that means redesigning branches to facilitate sales conversations, or offering ancillary services that have little resemblance to traditional banking, the companies that embrace a redefinition of their branch network will quickly rise to the top.

Much in in way that many of us do not practice or perform gymnastics at our favorite local gymnasium (gym) that we visit with our own level of frequency, so is the bank becoming much more of a facilitation point to engage in financially oriented activities that take a much broader view than simply “banking”. The bank branches will need to recast themselves as locations with the primary purpose of promoting and practicing financial wellness, much as the modern gym is a place to pursue physical fitness. We at Mercator Advisory Group will be tracking the compressed evolutionary conditions in effect in consumer banking channels with our Customer Interaction Advisory Service. We invite you to join us.

Overview by Joseph Walent, Associate Director, Customer Interactions Advisory Service at Mercator Advisory Group

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