Branch Transformation
Branch Transformation in Banking and Financial Services
Branch transformation typically involves digitally supplementing and improving the experience you provide to your customers, while creating more efficiencies that free tellers to provide tailored assistance and reducing cost.
Digital transformation in banking is a cultural, organizational and operational change through technologies. In its most basic sense, digital transformation is the transition to digital customer services via the internet. In a broader sense, digital transformation means improvements in a wide range of areas related to offerings, process automation, customer experience, data integration, organizational flexibility and sales.
This technological trend determines the direction the industry is taking, and banks need to consider technological advances in their strategies. The pandemic-driven crisis is only increasing the urgency.
But For banks, branches play an equally important role in brand engagement, ability to offer differentiated services (e.g. premier offerings) and providing essential everyday banking needs for consumers and institutions – all of which are vital for creating loyalty and acquiring new customers.
However, in spite of this shift branches have continued to play an important role for both consumers and banks themselves. Research has shown that a majority of consumers still prefer branches for more complex financial needs. Research from data specialists CACI has found that surprisingly, the decline of branch visitors has been modest, equating to just 1-1.5% per year, with digital channels supplementing the customer experience rather than replacing it.
Our Approach
Change Point of Views
Banks need to take a customer centric lens to consider how a reduced branch network can still meet the needs of their customers and shareholders while increasing efficiency.
Define the business goals and objectives
So how do you start the clock on your digital journey? First, it’s important to determine what effect you expect from digitization. It’s not enough to hope for “good things” to happen. Let’s get specific: Digital transformation in banking means introducing customer-centricity, integration and inclusivity. With technology, the customer journey gets personal, automated and cohesive within a single ecosystem.
Improve powerful channel
Branches can still be a powerful channel for creating brand engagement and driving sales. However, the role of branches should shift to focus on fewer high value services like giving complex advice or helping acquire new customers by demonstrating key products/differentiators. Other cash transactions should be automated as much as possible with next gen ATMs or moved to digital channels to amplify brand and increase customer loyalty.
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According to Gartner, 69% of boards of directors say the pandemic and the economic crisis are accelerating their digital initiatives.
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Banking industry has a long way to go, and banks are still dipping their toes in the digital water, with 27% only launching a digital transformation strategy in 2022.
Our Services
STRATEGY
Are you a large international bank that wants to set a global benchmark? Or a young bank with a mission to challenge the status quo? Whatever stage you’re at in the growth of your institution, you need branding and design that works for you. We take your ambitions personally and will partner with you to help you achieve them.
RESEARCH & INSIGHT
Many brands suffer as the result of incomplete or out of date insight into their customer experience, and this is where our team come in. We can help to answer those questions through curated workshops, using consumer research methods that generate invaluable insight and inform the design concepts.
INTERIOR DESIGN
As holistic thinkers and creators, our approach to helping clients create spaces that have the desired impact on their target audiences, is to embed and harmonies the architecture and interior design process within our Research & Insight, strategy development and holistic customer experience design methodologies.
DIGITAL UX DESIGN
User experiences matter. Every day, more and more services are provided through digital channels and competition is tough. What users think and feel while using a digital offer determines whether that offer will be a hit or a miss. Does your offer provide value to your customers’ lives? Can they use the service easily? Does it steal their hearts?
Relation Articles
The Future Role of Bank Branches
Even before the COVID-19 crisis, the rising popularity of mobile banking coupled with the strained finances of banks, was putting the viability of bank branches in question. Between 2012 and 2019, the total number of bank and building society branches in the UK had fallen by ~22%
[Continue >] [ 3 min ]
Branch Banking Banking System
Banking Branch Banking System means a system of banking in which a banking organization works at more than one. This is the world’s most practices banking system. we will review the Meaning, Functions, Advantages, Disadvantages of Banking Branch
[Continue >] [ 4 min ]
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 …
[Continue >] [ 6 min ]
“Digital First”, not “Digital Only”
While pundits and bankers constantly debate the future of older channels, consumers’ only stake is getting the best banking service they can. For that, financial institutions must learn to make all retail banking methods work together.
[Continue >] [ 5 min ]
life in bank branch network
We think that “branches” are going to remain part of the future for banks and their customers. That’s because customers of all kinds share a desire for greater personalization, including a “human touch” at key financial moments in their lives.
[Continue >] [ 4 min ]
future of branch banking in the Philippines
For many years the branch has been at the heart of banking operations across the world, simultaneously playing the role of service delivery hub, sales outlet, processing center and unit of account.
[Continue >] [ 4 min ]
Branch Innovation
Many banks have already closed, or plan to close, at least some of their branches. Branch networks are costly to operate and, increasingly, customers choose to purchase financial products through digital channels. But …
[Continue >] [ 4 min ]
The Destination Branch
The remodel is more than just an updated lobby redesign, it is a venture into the branch transformation and banking model of the future by upgrading a customer service model into the ultimate customer experience.
[Continue >] [ 4 min ]