Next Generation Branch Banking by winaarkstore

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                         Next Generation Branch Banking
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Synopsis
 This VRL report looks at the reasons why branch banking footfall is on the decline in the West.
 • The report considers what banks must do in order to reverse the impact this will have on branch
and operating profits
 • Case studies from the US and across Europe are featured, highlighting moves being taken to
automate functions, build brand awareness and establish flagship branches, amongst others
 • It weighs up the conflicting messages which are being thrown up – some of the issues are
structural, some cyclical.

 Summary
 The number of in-branch transactions in mature markets has declined by a quarter over the last four
years, from roughly 11,400 transactions per day (on average) in 2006 to 8,550 in 2010. 39% of
customers visit their bank branch less than once a month, while 20% visit the branch less than four
times a year. 20% either never visit their branch, or had visited it three months ago or more. In the
US, it is estimated that 40% of bank branches are unprofitable. Consumers in mature banking
markets are visiting branches less frequently and when they do, it is to conduct low margin
transactions. With product demand in stagnation and with service perception acting as a key factor for
attrition across all mature markets, the branch will have to rethink the way it engages with its
customers. Now more than ever, banks must recognize how to get value from their branch networks.
The biggest obstacle facing retail banks is their underlying reluctance to rejuvenate the bedrock of
their back-office operations. Innovations inevitably involve high costs and disruptions to customer
service, and this is something banks are sensibly trying to avoid. When the current infrastructure was
devised and rolled out, the banking habits of consumers were vastly different. All activity related to
loans, credit cards, mortgages and investment opportunities were fundamentally impossible to
perform outside of the branch. Customers have moved on since the 1970s and technology is now part
and parcel of the banking experience. Unfortunately, it seems that the majority of banks are still
tuned into this branch-centricity which positions the branch at the centre of the whole experience.
There are now a number of channels in operation, and banks must make more to include them in the
design and marketing process of their products.

 Scope
 • This report looks at the reasons why branch banking footfall is on the decline in the West
 • It considers what banks must do in order to reverse the impact this will have on branch and
operating profits
 • Case studies from the US and across Europe are featured, highlighting moves being taken to
automate functions, build brand awareness and establish flagship stores, amongst others

Reasons To Buy
• Discover in this report why branch visits are down across all demographics and mature markets
• Develop a strategy to improve service culture across all channels
• Identify the impact changing consumer expectations is having on personal banking relationships
• Learn what strategies banks can employ to become centres of profitability

 Key Highlights
 • Customer loyalty is no longer guaranteed in retail banking
 • Retail banks in mature markets have, for a long time, relied on silos to launch and maintain their
products
 • This approach encourages competition between departments (and channels) and in the quest for
customer acquisition/retention, the overall service experience is dismantled
 • Banking customers of today live in an age of instant access and instant gratification
 • The main reason why branches underperform is a combination of the location, the format and the
activities that take place inside each branch
 • By prioritizing the branch and overlooking alternative channels, banks have not only misjudged the
behaviour of their customers, they have patently lost sales opportunities either through badly
designed e-channel processes or by targeting customers with irrelevant marketing messages

Table of Contents :

Executive Summary

Chapter 1: Say goodbye to your branch...
The branch is expiring...
Trapped within silos - banking products and staff are set up to compete rather than collaborate with
one another
How are branches being utilized by customers in 2011?
Visiting patterns
Branch usage
Customer channel preference
The benefits of a multi-channel mindset: cross-selling opportunities
Should banks be investing in branch networks?
Turning tellers into sellers
Cross-selling opportunities
Change the channel: looking beyond the branch
The cost of the branch
But if the branch gets the majority of the sales revenue, why should banks look to other channels?
Advertising dollars are migrating too...
Best practices in channel migration
CASE STUDY: Unicredit - boosting sales through migration
CASE STUDY: Denizbank - innovations in channel management sit well with the youth of Turkey
Key takeaways

Chapter 2: Changing consumer behaviour - the role of empowerment
Always connected: “I sent you an email 10 minutes ago, why haven’t you replied?”
Empowerment: the world of radical transparency
Customers have learnt how to be needier: Maslow’s hierarchy of needs
The role of technology
Consumers are running out of patience: the stress of waiting
Baby Boomers
So what does that mean for banks?
The emergence of the dialogue
Key takeaways

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