We can do it right? Mankind has survived the extinction of Blockbuster, Palm (the handheld device maker), Theranos and Compaq. Together these businesses at their peak were valued at $111 Billion dollars. With the great hope and dominance that these businesses had in the collective present and future, we can cope without branches. Right?
Today, we can check our balances on our phones, we can withdraw cash at an ATM, we can buy a financial product online. We can make sure that we are getting the best deals by using an aggregator that will compare the deals on offer for us. We don’t need a relationship with a bank anymore. Do we?
We can rely on apps, algorithms and every business that we interact with to give us their very best price. No need to talk it through. No need to try to get a discount. If we do need to talk to someone, we can chat to a bot. It will have all the answers to all the questions that we might have. There is absolutely no chance of it not knowing the answer instead giving you a generic and unrelated answer.None, is there?
So, we have established that the digital world is perfect, haven’t we?
Well, no.
Many of the instances or moments listed above provide opportunities for failure, or for the consumer.
The branch is, without doubt, the physical manifestation of your values and your brand. The people inside represent the personality. The experience in the branch is vital for accurately representing you to your customers.For many banks, the branch channel continues to be a vital part of the process when opening new accounts.
A branch environment that is clean, welcoming and easy to navigate can ensure the customer has a positive experience. More modern branch concepts can offer new and, at least for a bank branch, unfamiliar experiences. While these experiences aren’t what you would typically expect in the branch, they are mostly welcomed by consumers.
The serving of coffee, providing a platform for young artists or offering a place to work are all innovative ideas. But these are not just gimmicks. These are ways those financial institutions can engage with their customers, to build and enhance consumer relationships. They create a reasonfor the customer to visit the branch. When they need a financial product, they are familiar with the branch channel, and will likely look to it for advice when purchasing.
Staff that are empowered to engage in conversationswith customers can create selling opportunities that might be otherwise missed. The staff in the branch are able to create a feeling of trust. They can answer the most complex of questions or seek the answers when they are unsure. Financial products can be complex. Staff can help those customers that are not familiar with the details of the products that they are buying. Staff can ensure that those customers are well informed and comfortable with the products they are buying.
The branch also enables everyone to interact with your bank. While every American has access to a mobile phone, only 85% have access to a smart device which is essential for mobile banking.
In the future, branches will exist but not as we know them. The branch has an important function, not just as an expensive advertising tool. The branch of the future might look different, it might do different things. It will still need to serve the business customers that rely on it. The future branch will still be relied upon as a place for advice, a place to make deposits and a place of trust.
Glory solutions can enable branches to become more flexible in their layout. Our technology can provide greater opportunities across the branch network for financial institutions to create innovative new formats. Staff can interact with customers for longerand building relationships. They can do this because of the freedom that is created using Glory solutions.
Find out more about how we can enable you to free your staff to build better relationships with customers.
