While the research indicated that the branch remains a favored channel, it also revealed that it cannot persist in its current form. Pressures related to lowering costs while improving service are too great.
Capgemini suggests that banks need to make changes in four different areas to reposition their branches to play a more valuable role in delivery. These include:
- Branch Layout and Design
- Technology
- Sales and Service
- Staff and People
The report also found that banks are redesigning branches to better enable evolving service models and outlined obstacles that must be overcome to optimize design:
- Awkward and outdated layouts
- Generic branches
- Innefficient service models
- Low-tech, older branches
These findings seem to be very consistent with Momentum's experiences working with financial institutions around the country. Rather than obstacles, we see these four areas as opprtunities for banks to develop innovative long-term branching and operational strategies. This is Momentum's specialty.
