How Branch Transformation is Embracing the Customer Experience

The finance industry has been ramping up their “Branch Transformation” projects for several years now. The digital revolution has prompted banks and credit unions to think beyond traditional banking methods and focus on bridging the gaps between their channels: online, mobile, ATMs, call centers, and the brick-and-mortar branch. There are several branch transformation approaches to modern branch design and function out in the marketplace today, but one thing is clear: this is not your father’s bank branch.

Branch Transformation Leaders

JPMorgan Chase was among the first of the large banks to implement a comprehensive branch transformation rollout. They turned their teller lines into self-service counters with desk-like machines that allow customers to conduct their own transactions inside the branch. The majority of financial institutions undergoing branch transformation projects today are still “beta testing” their concepts. In other words, the bank or credit union has focused on one or two “test branches” to test new designs, layouts, technology, and staffing models. Regions Bank recently opened their branch of the future in Birmingham, AL. They have removed the traditional teller line completely, having re-named their staff to “Universal Bankers” that are cross-trained to help customers with everything from financial advice to loan applications.

The Bank Branch as the New Local Hangout

Perhaps Umpqua Bank has taken branch transformation to a whole new level, incorporating strategies to get customers to come into the branch and stay. Their downtown Portland, OR branch includes a library and encourages customers to read in the branch or take the books home. Umpqua has always approached banking a little differently, offering coffee and dog treats for example, but their focus with this new branch transformation is to make people feel more at home with banking. It seems that the industry in general is trying to find a way to bring customers back into the branch for more consultation and financial advice and less routine, transaction-based interactions. The consumer has more choices than ever before with how they want to conduct their banking and manage their finances. Branch transformation a great sign that financial institutions are finally catching up.

Source Technologies’ Personal Teller Machine has been designed specifically to assist with branch transformation projects. The Personal Teller Machine is a self-service kiosk solution that allows the customer to conduct 90% of common transactions handled by tellers directly at the kiosk. To learn more about Source Technologies’ Personal Teller Machine and how it contributes to branch transformation, watch our demo video or contact us today!

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