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Branch executives are thinking a lot about what the future holds for them. They are trying to understand how disruptors are carving away large portions of their business and what they can do to stay relevant. There is a lot of uncertainty in these times for financial institutions so any move they make is precipitated by a lot anxiety and overthinking. This could be avoided if they could start thinking about how to make their roadmaps adaptable and their strategies more agile so that they are able to quickly adjust to changing consumer behaviors. In this brief report, we will give a snapshot about how several institutions are rolling out strategies with this future in mind.

Even in an online world, customers still want to interact with a professional they trust before making important financial decisions. Providing the right resource is critical when your customers need assistance—whether it’s over the phone, virtually or in the branch. Listen to our VP-level Think Tank -Rivermark Community Credit Union, Canandaigua National Bank & Trust, Busey Bank and TimeTrade- show how your bank can create a meaningful in-branch experience and attract new customers who will stay loyal and become long-term customers.

TimeTrade shows you how you can make the branch a center of meaningful interactions with your clients in this new research paper. You won't want to miss their tips for bringing a fully omnichannel, personal approach to your physical locations. 

The branch is at a turning point. As digital banking technologies gain traction across large market segments, banks are forced to rethink branch strategy. According to a 2015 survey, 33% of millennials don’t think they will need a bank in the near future. A different survey showed that in 2013, 48% of Americans said they would switch banks if their current bank closed their local branch. Just two years later in 2015, that percentage had shrunk to 19%. In this brief report, we give a snapshot of how several financial institutions are experimenting with new branch concepts to increase branch traffic and revenue. Since disruption is the new norm in financial services, we also take a look at what Amazon’s purchase of Whole Foods could mean for the financial services industry.

Click the image on the left to download now! The retail banking industry is facing significant changes with the advent of online and digital banking. The vast majority of money transactions such as deposits,withdrawals, transfers, credit card payments, etc. (which traditionally occurred in the branch) are now taking place online. This has lead to the question, “Is the branch dead?” The answer to this question is no, but it is changing. Banks are transforming their branches from transaction hubs to spaces where customers can go for complex banking issues, and especially where they can purchase new banking products like loans and investments. While transactions are declining in branch, the branch remains the place where the most revenue is generated, so it remains an important channel that just needs an update to remain relevant. While there is a customer experience part to this, it is more about sales and revenue generation. There is a lot of pressure from the most senior-level at the banks to lower the costs of operating the branches and raise the revenue generated from them.

The branch is at a turning point. As digital banking technologies gain traction across large market segments, banks are forced to rethink branch strategy. According to a 2015 survey, 33% of millennials don’t think they will need a bank in the near future. A different survey showed that in 2013, 48% of Americans said they would switch banks if their current bank closed their local branch. Just two years later in 2015, that percentage had shrunk to 19%. In this brief report, we give a snapshot of how several financial institutions are experimenting with new branch concepts to increase branch traffic and revenue. Since disruption is the new norm in financial services, we also take a look at what Amazon’s purchase of Whole Foods could mean for the financial services industry.

Check out The Paypers’ most resourceful analysis of the latest trends, technologies and best practices in the B2B payments, supply chain finance and e-invoicing market. The new edition of B2B Fintech: Payments, Supply Chain Finance & E-invoicing Guide gathers leading solution providers, consultants, associations, banks and corporates that share their latest insights, technologies and best practices in B2B payments, real-time fraud prevention, instant payments business opportunities, supply chain sustainability, etc.Access our guide and learn more about: how the emergence of Financial Utilities could overcome challenges such as high operational costs and slow transfer times in international payments; how blockchain technology is changing the financial industry, what is the impact of distributed ledger technology on cross-border payments, and what are the strategies to tackle B2B payments fraud.