The Bank Branch of the Future
Rumours of the death of the bank branch have been greatly exaggerated.
Although if measured by transactions and traffic, it may appear to be diminished in the retail mix, the branch is nonetheless evolving to become the centre of high-value advisory relationships.
The branch remains the place where the vast majority of product sales are made; customers continue to place branch proximity at the top of their reasons for choosing a bank and banks – chastened by the public’s low estimation post-financial crisis – are investing in new wave branch design to restate their brand values.
While technology is a key feature of the branch bank of the future, the branch is also becoming the natural place where all retail banking technologies converge – and so is seeing its role enhanced rather than downgraded.
This new Lafferty Group report, The Bank Branch of the Future, looks behind the reasons why banks of all types and sizes are choosing to upgrade their bank branch presence.
The report examines:
· the principles behind best practice in branch design in the face of the rise of remote banking technologies and details some 15 case studies in recent branch design initiatives
· why the branch is not just utterly central to retail banking in commercial terms, it is also its emotional core
· why the branch experience is tied up with current profound questions related to what exactly a bank is, what it is becoming and what it will be in the future
In a world experiencing an explosion of options around personal finance, payments and banking, the branch experience is almost synonomous with a retail bank’s brand projection.
The Bank Branch of the Future looks at how the branch remains the single most important expression of a bank’s brand and at the reasons why this is something that cannot be replicated by the extensive range of new, non-bank organisations that, enabled by facilitating regulation and technology, have made major strides in taking a share of banks’ traditional business, particularly in the realm of payments.
Case studies include: Abu Dhabi Investment Bank, Bank Audi, Capitec, Citi Smart Banking, Columbia Credit Union, DBS Bank, ING Direct Café, Mauritius Commercial Bank, National Australia Bank, National Bank of Greece, North Shore Credit Union, Standard Bank, US Bank, Virgin Money, Westpac.
About the author
Peter Kinahan is senior researcher at Lafferty Group with responsibility for undertaking major research studies.
He has been involved with the company since the early 1990s when he was group editor - banking, responsible for editing titles such as Retail Banker International, Cards International and European Banker.
He was formerly markets editor with the Sunday Business Post, Ireland’s leading financial, political and economic newspaper.
He has worked extensively in financial eLearning with some of the world’s largest banking groups and he specialises in web-based marketing interventions based around customer education and financial literacy for the financial services industry.
Published: July 2012
About Lafferty Group
Lafferty Group is a major provider of advanced knowledge services for the financial industry worldwide, with particular specialisations in the fields of retail banking, cards & payments and central banking.
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