5 things to remember about branch transformation

by The Financial Brand

Having true power branches can align your culture, reflect your unique brand, and position you for higher performance and growth.

by. Mark Weber

The new wave of mobile, social and online banking is reshaping how consumers bank. Their preferences and patterns are shifting forever. Financial institutions are scrambling to define how their traditional teller-focused transactional model will shift – or fade away. But what can you do to set your brand apart from competitors in meaningful and relevant ways to evolve technology and connect with consumers and business audiences?

The future of branch evolution is filled with major questions that require strategic and innovative answers. Do we still need branches? If so, what kind? How big will they be? How much technology is enough? Too much? What’s working well? Who will use branches and for what purpose? What will successful performance and metrics look like in an increasingly digital world? How will staff, cultures and delivery systems need to adapt?

Here are five answers that address the re-invention of banking. They’re culled from fresh and innovative new branch prototypes we have designed. They include organizational and operational insights from those tackling this major model shift to ensure their success.

1. Embrace Smart Digital Technology

For time-starved consumers, coming to a branch to wait in a teller line is as painful as grocery lines with too few clerks and wasted time. Shifting from expensive teller transactions to automated cash delivery and new technologies takes more than just sticking new machines in the wall.

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