Phoenix Synergistics: Reshaping the Role of the Branch

Mar 2016 | Financial

Branches will remain the heart of delivery systems for many financial institutions. However, it is inescapable that this facility needs to be reshaped for the future. Consumer branch behavior is changing as check usage declines and usage of remote banking alternatives such as online and mobile banking and remote deposit capture grow. In this new digital age, providers are faced with the dilemma of how to make branches more efficient and cost-effective, while at the same time improving the customer experience by offering financial advice and consultations.

New branch redesigns are emphasizing the advisory, customer service, and sales roles these facilities play in the financial behavior of consumers. Even technology addicts come to branches when they want to make important financial decisions or open more complex products. Many providers are employing universal staffing so that one representative can serve the varying needs of customers from advice and sales to transactions. As an aid in enhancing service at the branch some providers are encouraging customers to make appointments with a banker using their mobile phone.

There is also an increasing emphasis on moving routine teller transactions to self-service options such as automated deposit terminals, cash recyclers, videoconference terminals, and enhanced ATMs that perform a variety of new functions from cashing checks to the penny to issuing cards. What is the reaction of consumers to these self-service or automated options at the branch? The function or role of the branch is not the only aspect that is evolving – branches are also becoming smaller in size. Will consumers accept smaller branches with fewer staff and more automation? This survey will explore consumer reaction to new approaches to branch staffing, function, and size to assist providers in designing cost-effective and efficient branch facilities.

I. List of Exhibits

II. Executive Summary

III. Strategic Insights

IV. Background Research

V. Survey Results

VI. Survey Data Specifics

VII. Questionnaire with Topline Results

VIII. Banners


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