The bank branch remains an important service channel despite the shift of customers to online banking and the growth of the cashless society. Freed from its traditional transactional purpose the new digital branch can become a customer centric and consultative experience. New technology is challenging how banks deliver services across retail networks and allowing them to target customer needs in specific locations.
What are the factors fuelling new opportunities for bank branches…?
- More transactions are being automated through the rise of multi-functional (automated teller machines) ATMs with a greater range of services that customers can do themselves
- Customer facing technology such as ATMs, tablets, audio-video consultations offer many benefits to the customer and bank such as shorter waiting times, more convenience and choice
- Self-service technology reduces the footprint needed for branches as ATMs require less space than traditional tellers
- Technology frees up the branch to become a sales centre as staff spend less time counting money and more time building relationships and advising key customer segments such as high net worth, business and corporate