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It is the rich diversity in approaches taken to the important task of improving branch channel efficiency and effectiveness that makes this topic so fascinating. Retail financial institutions need to possess a number of core competencies to remain successful. There is no single blueprint. Among them is omnichannel delivery.
Whether a retail bank, wealth management firm, credit union, or insurance company with a banking segment, the financial industry is facing dramatic changes on how best to accommodate customers, and what is the appropriate mix between brick-and-mortar bank branches, remote work, self-service ATMs, and digital platforms.
But, that’s just one of a growing number of potentially very useful applications for beacons in retail financial services. Geolocation, in particular, is under-utilized by retailers (especially banks) and remains largely experimental. How far ahead of the industry is Citi? Here’s one data point.
Except for the smallest of community banks, branch channel transformation involves two, concurrent initiatives – the current network and the future network. Most banks appear to associate branch channel transformation with radical changes in the branchoperating model. Why’s that?
Boxes will be branded to the retailer, not FedEx). Amazon manages logistics with a level of expertise that even the most entrenched hater has to admit is impressive, and exposure via the Amazon marketplace is a powerful potential growth tool for digital retailers. FedEx Fulfillment was created by FedEx Supply Chain.
Step 5: Create Experiences While most banks worry about their branch layout to optimize traffic flow, Gentle Monster took a whole different approach and optimized their branches for attention. Each store is closer to an art exhibit than a retail outlet. Gentle Monster employs 100 people just focused on store design.
Interactive video ATMs draw attention as an alternative retail delivery option. But are the machines really taking off as a worthwhile retail delivery option? PCSB Bank has begun replacing pneumatic tubes in its drive-through lanes connected to branch tellers with video ATMs connected to a central office.
Many financial institutions don’t want to admit it, but the truth is simple – financial institutions are retailers. If you are not operating that way, you are missing key opportunities to engage with consumers and provide them solutions based on their needs. Think about it.
Many financial institutions don’t want to admit it, but the truth is simple – financial institutions are retailers. If you are not operating that way, you are missing key opportunities to engage with consumers and provide them solutions based on their needs. Think about it.
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