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Branching Out: Rebuilding Value in the Branch Channel
Datamonitor, June 2010, Pages: 75
Until recently, banks seemed to be neglecting their branches in favor of remote channels. However, they are now appreciating that branches are a highly effective channel for acquiring customers and selling products. Banks have therefore put in a lot of effort into improving the quality of the customer experience on offer in their branches. This report investigates the impact of these changes.
Scope
- Understand how and why banks are reassessing their branch strategies.
- Presents results from the Financial Services Consumer Insight Survey to highlight consumer preferences regarding the branch channel.
- Analyses the latest trends in branch design and configuration, the use of technology and the role and function of staff.
- Assess the outlook for branch networks.
Highlights of this title
Branches are moving away from a primarily transactional role towards a sales and advisory function. Many consumers prefer to use branches when buying or seeking advice on financial products, particularly more complex products, such as mortgages.
New technology, such as touchscreens, video conferencing and digital signage are all helping to make the branch experience a more enjoyable and worthwhile one for customers. Open-plan architecture, retail-inspired design and clearer layouts have made branches more welcoming and easier to navigate.
Although mergers and regulatory action in the wake of the banking crisis could lead to some branch closures, banks will continue to invest in their branch networks, as they are central to restoring trust and confidence in the industry. Consumers increasingly want to access their bank through a variety of channels, including branches.
Key reasons to purchase this title
- Learn about the latest trends in bank branch design and strategy.
- Read case studies of providers who are introducing innovative developments into their branch networks.
- Understand what the branch of the future might look like, and what roles it might fulfill.
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