The proliferation of alternate channels such as online and mobile banking has led to a decline in customers’ usage of the branch banking channel in recent times. However, branches continue to be the channel of choice for certain types of transactions such as opening accounts, loans processing where customers opt to have a face-to-face interaction with bank staff. Moreover, branches play an important role in reducing the relationship distance between a bank and the customer and with the right tools, branches can be transformed to boost sales.
Transformation Drivers for Branch Banking
- Boosting frontline operational efficiency
- Easy access to knowledge-base/resource center
- Apps to measure staff and workforce performance e.g. Relationship Manager’s target vs actual analytics (for self and to supervisor), Teller transactions per Teller FTE, New accounts opened per branch, Total accounts per branch
- More mileage from branch visits
- Faster, targeted customer acquisition using Campaign, Product Finder, Offer-bundling and linked Account Opening apps
- Quick customer identification
- Identify cross-sell opportunities
- 360 view of customer
- Tapping into tablets
- Improved customer-staff interaction