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The advent of generative artificial intelligence is about to shift branchstrategy again to re-raise the question – how can we get the most out of our branches? Likely, it might be a combination of the above, but setting a branchingstrategy should dictate capital allocation, branch layout, marketing, and staffing.
Honkook Kim and his Gentle Monster Brand is a perfect example. With financial hardship, competition from dominant players, and a startup budget, Gentle Monster faced many of the same challenges as a community bank. Being months away from bankruptcy, Kim launched a bold five-step plan driven by a strategy around innovation.
Visits to branches continue to decrease, reducing the value to a community. There are better ways to enforce CRA guidelines than branch count. The post Empty Branches Do Not Help a Community appeared first on The Financial Brand.
But the progressive talk about the future of the branch at times lacks common sense, in my opinion. This dates back to an interview I did with American Banker about a community FI that was opening coffee shop branches. The community FI may not have this luxury. But big banks have challenges here, in my opinion.
But branches are being reborn amid a new sense of community. The post Digital Banking’s COVID Boom Drives Branch Transformation appeared first on The Financial Brand. Digital channels won the race for convenience.
GameStop provides lessons for the banking industry on digital transformation and potential impact of a distrusting community. The post What GameStop Can Teach Banking About Digital Disruption appeared first on The Financial Brand.
I also believe that branches can be developed as competitive advantages for community financial institutions. Much like the credit union CEO thinks his branchingstrategy differentiates his CU. But, as our current strategy execution stands, there is much work to be done. Make your branches look the part.
The highly digital yet personal strategy of one community institution points a way forward. appeared first on The Financial Brand - Banking Trends, Analysis & Insights. Fragmented relationships are the new reality. The post The ‘Primary Financial Institution’ Concept Is Dead… Now What?
The pandemic's impact has sharply revised the future of community and midsize institutions. The post Outlook 2021: Banking Industry Trends & Challenges appeared first on The Financial Brand. Costs, revenues, distribution are all in flux.
Allow branch staff (who we no longer call tellers) to focus more on providing financial advice, community involvement, and driving brand awareness than on counting and handling cash. A large majority of community and regional FIs differentiate themselves with outstanding personal service. Customer Transition.
Allow branch staff (who we no longer call tellers) to focus more on providing financial advice, community involvement, and driving brand awareness than on counting and handling cash. A large majority of community and regional FIs differentiate themselves with outstanding personal service. Customer Transition.
Study shows: Even with lobby restrictions still in place, most new consumer checking accounts at community institutions originate in-branch. The post Branches Bounce Back with Strong Retail Sales After Initial COVID Hit appeared first on The Financial Brand.
Debate has begun over the need for tighter rules to protect urban and rural communities. appeared first on The Financial Brand. Here's what it could mean for the industry. The post Will New Administration Rewrite the Rules on Banking Mergers?
This article How a $1 Billion Community Bank Outperforms Industry Giants appeared first on The Financial Brand. Webster Five's retail banking chief shares how smaller banks can leverage technology partnerships and community focus to compete effectively with larger institutions.
Evolving underused branches into places where financial stress is relieved would put banks and credit unions back on the community map. The post Branches Should Become Financial Health and Wellness Centers appeared first on The Financial Brand.
Digital banking keeps making strides but research demonstrates that staffed financial institution branches make a difference to communities. The post ‘Branch Deserts’ Harm Low-Income Areas Even in Mobile Banking Age appeared first on The Financial Brand.
appeared first on The Financial Brand. Mandatory vaccination is the big one, but a host of other issues makes it crucial for banks and credit unions to proactively prepare. The post Is Your Financial Institution Ready for Tough COVID Vaccine Questions?
The post Here Are 8 Inspired Ideas from Other Industries that Banks Should Use Too appeared first on The Financial Brand - Banking Trends, Analysis & Insights. Innovative minds in other industries have come up with terrific ways to improve customer experience that banks and credit unions can borrow.
The post Five Ways Financial Institutions Drive People Out the Door appeared first on The Financial Brand. Among the toughest issues: discrimination, data breaches, money laundering.
The post Taking a Hard Look at the Banks Versus Credit Unions Rivalry appeared first on The Financial Brand. Fintechs and other new competitors grab headlines, but banks and credit unions must still compete vigorously with each other right at home.
When banks and credit unions close branches, consumers will vent their wrath online. The post Brace Yourself for an Angry Online Mob When Closing Branches appeared first on The Financial Brand. Be prepared for a big backlash, or risk losing business.
But the unwillingness to reconsider branch dependency could be a millstone. The post New Competition Forcing Smaller Banks to Try (Almost) Anything appeared first on The Financial Brand - Banking Trends, Analysis & Insights.
Shuttering financial institution branches may please CFOs but banking concerns much more than cost control. The post 5 Reasons to Think Twice Before Closing Branches appeared first on The Financial Brand. A PR misstep may cost plenty.
In his 22 years, he built Umpqua from a sleepy local bank into a regional powerhouse and internationally recognized brand. Ray Davis is stepping down as Umpqua's CEO at yearend and transitioning to a new role as head of its year-old innovation lab.
appeared first on The Financial Brand - Banking Trends, Analysis & Insights. Half the U.S. population is fully vaccinated, but worries and confusion grow over a Covid variant. Here's how some banks are reacting. The post Should Financial Institutions Require Employees to Get Vaccinated?
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