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Banks are painfully aware of the urgent need to redefine the role of their branches—particularly in response to tremendous growth in consumer use of digital channels that is taking place in parallel with a significant rise in consumer expectations.
Ovum recently conducted a global survey of 300 retail banking executives to ask about their greatest branch challenges today, and where they believed the challenge might shift in the next few years.
Additionally, they asked these bankers to rank their need for specific branch capabilities to support their ongoing branch transformation initiatives.
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The strategic objective for the branch varies quite a bit across global regions. In banks in the Middle East and Asia, reducing branch costs remains a top priority, while in Central and Latin America, Eastern Europe and North East Asia, there is greater emphasis on driving the sales per branch. What Ovum found surprising was that in the regions focusing on increasing branch sales production, they did not appear to be placing much emphasis at all on supporting this through improved customer service or customer satisfaction.
The approach each bank or region takes for branch transformation must reflect the structure, maturity and cultural norms of not only the financial services market, but also of the financial institution itself. In more mature markets, this focus is moving beyond cost reduction to customer engagement, sales and efficiency. As part of this shift, managing the performance of branch staff will emerge as a critical challenge. Over the next 18 months, investment priorities for branch technology will be aimed at driving customer satisfaction and optimizing the effectiveness of branch staff as a result.
Download the infographic to learn more.
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