The branch of “the now”

Enough with the talk of the branch of the future. The branch of the future is something I’ve been hearing about since I entered the banking industry in 1986. Guess what? Nothing has really changed.  Welcome to the future. It’s here, and it’s now. A digital revolution is occurring this very moment. Sure, there will be more technology in our future, and let’s be honest, this will always be the case. However, the digital world now overshadows the analog world of branch banking. In other words, most of you, my banking friends, live in the past. Want to catch up? To plants some seeds, here some things you can do in 2014.

Your Branches Are Part of a Digital Bank (or credit union)

It’s time to look at the bigger picture and stop looking at a delivery strategy built around your branch foundation. Start with a digital foundation and insert a branch or outlet strategy into the digital foundation. Banking is something we do; it’s not simply a place we go. Our branches are too big, too limited and outdated, because they were built off a model that is more than 200 years old. Evaluate your branches from a demographic and behavioral standpoint. A lot of credit unions spend more time looking at web traffic than they do foot traffic.

Reevaluate Your Branch Staff

Are current branch staffing models in sync with the era we are in? Perhaps each branch needs a digital banking expert or “Genius”. This individual is tasked with personally educating every member on all your digital tools. Provide online product demos in a hands on fashion. This person can also engage members online.

Eliminate Branch Collateral

Your members know you offer deposit and loan products. You’ll be able to engage members more if you toss brochures in the trash bin. Advocates don’t hand out brochures; advocates engage. Digitize all collateral materials now and have MSRs review products with members using a digital format. If a member wants to think about a product
and is not ready to “buy”, offer to send the info via email. Better yet, rethink your website so it better mimics an enhanced branch experience.

Stop Printing “Stuff”

Use the interactions in your branch to build relationships and databases. For example, when a member makes a deposit, why do we automatically print a receipt? Can’t we create digital receipts and email them? Of course we can. It’s a convenient, environmentally friendly alternative to paper receipts.

Digital Applications Accepted

Enrollment forms and applications should all be done digitally. Tablets using mobile platforms can be used to streamline the process, enhance the retail experience and reduce errors. How much paper can you eliminate in your branch? Mounds of it, no doubt.

Give The Branch A Social Media Presence

This one needs a little more thought, and will be controversial, but I’m throwing it out there. Why can’t your in-branch digital expert establish a digital presence with members using the branch? For example. people check in with FourSquare all the time with or without your knowledge. This is an engagement opportunity that the bulk of you are missing. You’re more than a branch, you’re a retailer. My local Gap, TGI Friday’s and Brooks Brothers all have local social media engagement.

Remove The Crap

If your branch was a well designed website or online banking platform, what would it look like? It would certainly not look cluttered. It would not have “pop-up ads” appearing all over the place. Most branches are cluttered, have too many promotional displays and don’t convey a polished retail message. While you are at it, move to digital merchandising solutions.

Align With Member Needs

Anticipating need and impacting behavior is all the buzz in the digital banking world. But what about branch banking? People do want more control over their financial destiny, even those walking into your branches. If I walked into your branch and said “I want more control of what I save and spend”, how would you respond? Would you give me a savings account brochure and an online banking application? That’s advocacy? Perhaps what you should offer me, is a “plan”. (More on that in a subsequent post).

In short, don’t just look to the future. Look at what you can do now.