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Branch Delivery Systems in the U.S.
Synergistics Research Corporation, Jan 2009, Pages: 152
This project evaluates branch usage patterns, improvements and innovations, as well as opportunities to transition branches into sales and cross-selling powerhouses. It will assist providers in identifying strategies for leveraging branches for deposit acquisition and customer retention. The research involved a United States survey with 1,000 consumers age 18 or older recruited by telephone and interviews conducted by telephone or online according to respondent choice.
Research Issues
Even with the proliferation of online and mobile banking, the branch continues to dominate as an application channel for most financial products and services. And with the current economic turmoil, the branch may be even more important to customers by providing a tangible contact point for advice.
However, the branch needs to continue its evolution into an efficient and effective channel that maximizes customer contact opportunities. Transaction activity should be streamlined so branch personnel have opportunities for cross-selling, and the branch can be leveraged for deposit acquisition and customer retention.
Technology, such as self-service kiosks, PC banking stations, and ATMs, can play a key role. Wireless devices can be used by branch staff and consumers for a variety of branch activities. However, these innovations can represent significant investments in new technology and equipment. Some institutions are wrestling with branch design integration issues resulting from mergers, acquisitions, or closures. To better develop and refine branch transformation strategies, it is valuable to examine the customer branch experience.
Key Questions Answered?:
- Do consumers feel that technology should make the branch more self-service or enable branch personnel to provide more efficient service?
- What areas – from hours of operation and customer service to branch appearance – do consumers feel need the most improvement?
- How has the financial crisis impacted their view – are pricing and service more important than high-tech improvements?
Understanding the consumer perspective is the first step in developing and implementing successful branch networks.
** Please note that due to restrictions this report cannot be sold to clients in the US or Canada**
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