Branch Transformation: Three Steps to Success

With technology continuing to evolve, banking executives must consider and implement changes to remain profitable.

Step 1: To Close or Not to Close.

Contrary to what you may have heard, closing branches does not always improve profitability. Convenient branch access is high on the list of priorities for consumers who are looking for a bank. While many consumers do prefer to use their personal electronic devices to check account balances or make deposits, a large percentage of the population still want a brick and mortar branch where they can get cash, pay their bills, or open new accounts. And, contrary to popular belief, even Millennials prefer dealing with a traditional branch when issues need to be resolved regarding their accounts or when seeking advice on larger more complicated financial transactions.  Whether you consider closing or transforming an existing branch, it’s important to take time to evaluate your market, branch location and customer.

Consideration:  When trying to determine if closing a branch is the route to take to improve profitability Bancsource can help with consulting and distribution strategy resources.

Step 2: Embrace New Technology.

Embracing branch transformation technology can automate routine transactions and provide in-branch connections to other channels to create space for meaningful interactions in the branch.   As customers do more of their own banking, through the convenience of new technologies, your employees will have time to build deeper customer relationships and better understand customers’ individual banking needs. Self-service transactions do not eliminate the need for traditional teller interactions.  Customers expect both self-service and personal banking, in fact they expect to continue to have access to all channels and choose what suits them best for each transaction.

Consideration: Bancsource offers superior cash automation technology. We have the benefit of offering a customer centric approach as we render an unbiased view on technology and support what is the best performing in the market through the eyes of our service technicians.

Step 3: Partner with A Proven Leader in Branch Transformation Technology and Services.

It is wise for banking executives to gather data and assess each of a branch’s needs, rather than relying on trends and the research of others.  Consider customer demographics, see where technology needs to be improved to meet your customers’ expectations. At the same time consider where traditional approaches need to remain in place. No two banks will have the exact same needs as technology changes, but all of your branches need to be constantly reevaluated to see where positive changes can equal profitability.

Consideration:  When you’re ready to implement branch transformation, consider partnering with Bancsource to come up with the best strategy for your customers.  We offer Teller Cash Recyclers (TCR) and Interactive Teller Machines (ITM) with a high degree of successful core integration and the ability to implement a dual channel connectivity solution as we help you assess the needs and wants of your customer base. Bancsource has the experience and references you can call on!