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Future Bank Branch

$219.00 $169.00 per 12 months

Courses Included

As digital banking usage continues to increase, customer traffic in bank branches has been drastically reduced. In fact, 94% of consumers under 35-years-old bank online

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As digital banking usage continues to increase, customer traffic in bank branches has been drastically reduced. In fact, 94% of consumers under 35-years-old bank online, according to First Data’s report, The Unbanked Generation. The problem has grown so overwhelming that it has become the biggest concern branch banking is facing.

 

So far, the approach that many banks have taken is reactive, without being grounded in analysis. The resulting panic has driven many bankers to try to copy successful retail models, hoping to replicate their success.

 

To illustrate this point, earlier this year at a banking conference, a discussion was overheard between three bankers who were talking about the future of the American bank branch. They had just listened to a speech by James Gilmore, co-author of The Experience Economy, in which he made the point that American commerce is moving from products and services to experiences. The three of them seemed to be inspired by the speech and were talking about how to turn a branch visit into a memorable experience.

 

Most bankers can’t help but to be limited by the industry’s recent ideas in branch transformation. These three bankers were no different. The first banker talked about how the branch can become a destination location. “Imagine,” he started, “we could offer free WiFi and coffee to our customers. They could bring their pets and lounge in comfy chairs at the branch.”

 

The second banker said, “We could also ‘digitize’ the branch to have more of an Apple Store feel. We could train our staff to be ‘Banking Geniuses.’ Customers could bring their iPads, or we could have tablets to show consumers how to use our website and our app. We could have a kiosk for people to go to online banking.”

 

Excitedly, the third banker suggested an incomprehensible combination of Starbucks, Apple Store and a bank branch, where “Banking Geniuses” deliver free coffee, while carrying tablets featuring YouTube videos of the bank’s latest commercial.

 

According to Jim Bruene, the four cornerstones of the American bank branch are:

 

As digital banking usage continues to increase, customer traffic in bank branches has been drastically reduced. In fact, 94% of consumers under 35-years-old bank online, according to First Data’s report, The Unbanked Generation. The problem has grown so overwhelming that it has become the biggest concern branch banking is facing.

 

So far, the approach that many banks have taken is reactive, without being grounded in analysis. The resulting panic has driven many bankers to try to copy successful retail models, hoping to replicate their success.

 

To illustrate this point, earlier this year at a banking conference, a discussion was overheard between three bankers who were talking about the future of the American bank branch. They had just listened to a speech by James Gilmore, co-author of The Experience Economy, in which he made the point that American commerce is moving from products and services to experiences. The three of them seemed to be inspired by the speech and were talking about how to turn a branch visit into a memorable experience.

 

Most bankers can’t help but to be limited by the industry’s recent ideas in branch transformation. These three bankers were no different. The first banker talked about how the branch can become a destination location. “Imagine,” he started, “we could offer free WiFi and coffee to our customers. They could bring their pets and lounge in comfy chairs at the branch.”

 

The second banker said, “We could also ‘digitize’ the branch to have more of an Apple Store feel. We could train our staff to be ‘Banking Geniuses.’ Customers could bring their iPads, or we could have tablets to show consumers how to use our website and our app. We could have a kiosk for people to go to online banking.”

 

Excitedly, the third banker suggested an incomprehensible combination of Starbucks, Apple Store and a bank branch, where “Banking Geniuses” deliver free coffee, while carrying tablets featuring YouTube videos of the bank’s latest commercial.

 

If these four activities are in fact the “cornerstones” that make up today’s bank branch deliverables, there are digital technologies that can be applied to each activity.

  • Primarily for someone new to the bank
  • Usually when there is a problem
  • Primarily for more involved services like loans and business services (i.e. very expensive billboards)

 

If these four activities are in fact the “cornerstones” that make up today’s bank branch deliverables, there are digital technologies that can be applied to each activity.

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