Future Branches Austin 2021 Blog
Bank branches are still valuable to consumers, even those who use digital channels. As consumers increasingly seek out a ‘human touch’ for specific financial use cases, branches remain the dominant channel for consumers of all ages when opening new accounts and purchasing complex products.
With the advent of a mobile-centric world, the role of brick-and-mortar is under pressure to adapt. Fortunately, the same tools that are changing where the branch fits in to overall strategies are enabling their new roles.
Smaller businesses can often be the most innovative. They may not have the huge budgets or dedicated innovation labs of their bigger competitors, but they are often filled with eager and hungry minds which feel a greater bond to the brand they represent and a desire to give it their greatest effort.
The situation will likely soon arise where the cost of maintaining a cash-based system will outweigh its value, and this is the point at which we may see cash becoming a thing of the past.
People generally don't engage with banks for fun and many find the world of finance confusing and frustrating. That's why it's important to craft financial literacy content to provide the necessary information in an easy-to-understand and accessible fashion.
Many financial institutions already use AI to some degree. Examples include using voice analytics in telephone banking as a security measure and utilizing AI to perform risk assessments on customers applying for loans.
Banks have been targeting personas and microsegments for many years now. Until recently, these low-level personalization efforts have been sufficient to act as a brand differentiator. However, in recent years, the more advanced data-driven personalization being pushed forward by big brand retailers
The future of the humble ATM is constantly debated. Many experts question its value as a self-service channel in a digital world where online and mobile banking, cashless transactions, and even cryptocurrencies are gaining prominence - particularly amongst younger consumers who have only known digital-first experiences.
Amazon can use its platform to connect customers who are looking to open checking accounts to those same banks and provide the technology and marketing services required to both open and manage them.
The inexorable onslaught of digital technology and online connectivity is offering both challenge and opportunity to industries all over the world. However, the banking industry is arguably finding digital transformation more challenging than most - the future of the physical branch seems unclear at best.
Millennials are now in their twenties and thirties and have been disrupting the banking world for some time. But now a new generation is starting to mature, and they bring a host of new experiences with them. GenZers are often referred to as digital natives, which means they have never lived in a world without tech.
Bank branches are closing at an alarming rate globally. However, amidst all the closures, Lloyds is going against the grain, having just spent several million pounds opening a huge new Halifax branch near Oxford Street in central London - and it's a far cry from the traditional image of a British bank.
With over 1,100 branches in operation, Citizens is now in year two of a ten-year plan not to reduce its overall number of branches, but to reduce the square footage of each branch to do more with less space.
When is a branch not a branch? When it's a bowling alley, of course. It might sound too extraordinary to be true, but the UK's Virgin Money has totally reinvented the branch concept, turning its Virgin Money Lounges into community locations where customers can go to relax, unwind, and even work on their arm swing.
China Construction Bank (CCB) has opened a branch in Shanghai staffed almost entirely by robots brimming with artificial intelligence (AI), virtual reality (VR) and facial recognition (FR) technology.
Agile, innovative, and capitalizing on consumer distrust for traditional financial services in the wake of The Great Recession, FinTech innovators emerged by the dozen, armed with exciting and consumer-friendly tech that promised to improve customer experience and change the way people manage their money.
With so much of the financial industry being taken online these days, it's easy to think that the days of brick and mortar banking sector are numbered. However, Regions Bank isn't ready to give up yet with its bold new branch design.
Most financial institutions are incorporating technology into their operations in one way or another. However, UnionBank is going one step further with its first 100% digital branch.
Since the new tax reform bill, JP has announced a five-year investment plan totaling $20 billion, designed to help its employees, and support job and local economic growth.
The US’s second-biggest bank by assets has started to experiment with the concept of unmanned branches. No greeters. No tellers. Just machines.
Near-field communication (NFC) has many practical applications in several industries - from healthcare to retail - and now Wells Fargo is employing the technology in its ATMs.
If Amazon is able to muscle its way into grocery – what’s to stop it coming for the banking industry next?
Umpqua is reimagining the branch as a community center, where people are invited to hang out, use the meeting rooms for their own business projects, or even for yoga classes.
First launched as a digital-only bank, Capital One has decided to do the opposite – going to the expense of building branches, when most others are closing them down.