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1 Transforming The Banking Branch PoV Final PDF
1 Transforming The Banking Branch PoV Final PDF
Branch innovation
Many banks have already closed, or plan to close, at least some of their
branches. Branch networks are costly to operate and, increasingly, customers
choose to purchase financial products through digital channels. But reducing
or streamlining their branch presence, or moving to the extreme and adopting
a wide scale branchless model, may not be in a banks, or its customers,
best interests. Customers value branch interaction78 percent of US-based
consumers said they expect to visit their local bank branch just as much or
more frequently in the next five years.1 As a result, banks must reposition their
traditional branch model. By taking advantage of digital innovation, banks can
transform the branch network to offer banking services that are more personal,
immersive, and relevant for their role as an everyday bank.
There are many reasons why closing a banks branches can result in poor
outcomes; the loss of high street presence can shrink a banks presence
in the public; competitors are in a stronger position to seize market share;
brand equity can be compromised, and customers could lose confidence
and seek out another bank.
1
Accenture North American Consumer Banking Survey 2015
2
Accenture North American Consumer Banking Survey 2015
Transforming the banking branch 3
Figure 1.
Younger customers lead the way in undertaking value-added activities in-branch
Transactional activity
77 78 73 18-24
76
68 66 66 61
26-34
40 36+
Value-added activity
48 52 47
41 46 44 46
39
19 18 17 16
Made/set up a Got information Changed my Opened an account or
payment on product details purchased/renewed a
or service financial product
3
Accenture UK Financial Services Customer Survey 2014
4 Transforming the banking branch
Figure 2.
Importance of in-branch technology services
Interactive screens
Self-service remote advisor
52
38 37 Biometrics
en/insight-generation-d-emerging-important-investor-segment-summary.aspx
Transforming the banking branch 5
5
Accenture Strategy Global Customer Pulse Research 2015
6
http://www.handelsblatt.com/unternehmen/banken-versicherungen/bankenbranche-
commerzbank-will-keine-filialen-schliessen/12002032.html
Transforming the banking branch 7
Branch transformation
Modern bank branch networks must be innovative, providing highly
personalized contact in the context of being digital ambassadors,
advisors for complex services and problem solvers. Simpler, yet more
comprehensive, they need to diversify branch types and integrate digital
services. Such branch networks can give customers multiple and flexible
service options, 24 by 7. They could also lower banks cost to build by
33 percent and their cost to operate by 25 percent,7resulting in greater
business agility, competitiveness and growth.
7
Accenture analysis
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