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Three Things Branch Banking Can Learn from Retail

Branch transformation has been underway for a decade or more, but COVID-19 has thrown fuel on the fire, spiking digital adoption and exposing some of branch banking’s weakest links – tracking execution, scheduling efficiently and facilitating appointments.

So, what will the future of branch banking look like? Prior to the crisis, research from Forrester found that 71 percent of checking accounts and 64 percent of savings accounts were opened in a branch. Additionally, over half of consumers still prefer a bank with local branches. Although branch traffic may continue to decline, branches will be key for more complex sales and services.

However, as the downturn continues and banks face more rate and default pressure, many banks will want to cut costs at the branch. Branches will need to be more efficient, effective, and productive than ever