Bank branches are not dead: But need to play complementary role in an omni-channel strategy

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Although many have said that advancing technologies will be the death of bank branches, these predictions have little bearing on reality. Just as the rise of new technology has threatened the bank branch in the past few years, it also holds the key to their continued relevance. By implementing the right solutions a bank can ensure that its branches are cost-effective, and play a role in offering excellent customer experience. In this post FirstPost discusses the current challenges faced by banks in managing their branch networks, and outlines the best ways to transform them. In the past, the branch was the fulcrum of the bank’s relationship with its customers, but now with the rise of mobile and online banking, bank branches need to play a complementary role in an omni-channel strategy. FirstPost goes on to write how the branch needs to support other channels where appropriate, and deploy its unique asset of face-to-face contact at every opportunity. Enterprise mobility technology, is enabling branches to move away from transaction processing centers and toward value-adding sales and advisory channels. Tellers behind glass barriers are being transformed into roving sales people equipped with tablets, allowing more customer information to be captured by the bank and providing a more interactive customer experience. As fewer people visit branches, banks need to ensure that they extract maximum revenue from every visit. Branches need to move away from passive transaction processing activities and toward high-value sales, marketing, and relationship building.

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