Understanding Branch Transformation

The concept of branch transformation has become one of the latest trends in the financial industry for incorporating technology into your financial delivery services. Many bankers seem to have the perception that branch transformation means one thing: becoming more reliant on technology-based services in lieu of providing personal touch interactions.

But this is not always the case. Before making a large investment in technology to keep up with the Joneses, you must first understand what branch transformation means to you and your organization. Simply stated, any type of shift or change you do in your organization can fall under the category of branch transformation. First, you must understand how the changes can benefit your organization and what is required to make them successful. Again, branch transformation does not always entail technology enhancements, it can be as simple as changing how your staff interacts with your customers.

There is no one-size-fits-all when it comes to branch transformation. What it’s really about is identifying the type of bank branch design transformation that can help you achieve your goals and strategic initiatives. Branch transformation typically revolves around altering and improving your customer experience. It’s no surprise that people are busier than ever. Finding ways to increase customer and non-customer foot traffic in your bank branch may be as simple as considering the items on their to-do lists. Grab a favorite beverage from the local coffee stop and complete bank errands? Co-branding makes this kind of customer experience possible.

Co-branding is another opportunity to transform your branch which allows the financial institution to team up with another retail or professional service industry to help generate additional foot traffic. Providing additional services outside of the normal consumer and business lending, such as financial planning and advising, can be considered a branch transformation.

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