THE CHALLENGE FOR BANKS IN REVIEWING THEIR BRANCH NETWORKS HAS BEEN HOW TO BEST MEET CUSTOMER NEEDS WHILE OPTIMIZING EFFICIENCY AND REACH, AT A TIME OF DECLINING BRANCH FOOTFALL

Both physical and digital channels have key roles to play as banks continue to evolve and transform in response to the changing expectations and transactional needs of their customers.

As banks continue to evolve, there is now an opportunity to become a consumer centric or Responsive Bank – one that provides services that fulfill customer life events. In this respect the bank branch has an important role to play as the ‘custodian’ of the relationship.

While the banks have been focused on reducing costs and changing the branch infrastructure, the smartphone has changed the way we live and with it our expectations of service delivery. We live in an increasingly digital environment.  In contrast with Big Techs, banks must use customer data to benefit the customer. This is a fundamental difference and gives the banks a key competitive advantage. They have a unique position when it comes to trust and responsibility for such data.

Mobile services are embedded in people’s lives, but the banks have not taken full advantage. In terms of Transformation they are now playing ‘catch up’ but they have a key competitive advantage.