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Despite that increase in profitability, banks need to be mindful of how they manage their branch and customer base to increase profitability further. The operative question is: given online and mobile banking, what is the new role of the branch? Our point here is branching isn’t a passive activity.
Honkook Kim and his Gentle Monster Brand is a perfect example. Instead of thinking traditionally, Gentle Monster pursued a strategy of innovation and creativity to become the hottest sunglass company globally, creating a company currently valued at $900 million. For inspiration in banking innovation, we often look to other industries.
People and branches are costly, but they help counteract the trend to fragmentation of finance, at least among business customers. The post Small Businesses Demand Great Mobile, Account Managers, Branches Too appeared first on The Financial Brand - Banking Trends, Analysis & Insights.
Many have built palatial branches that have no discernible value except as a bank branch. Their brand is wrapped around their number of branches, the primo locations of their branches, and the look of their branches. What is your opinion of what the "next" branch should look like?
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.
Its new flagship branch, retail pullback in Asia, wealth management focus and search for a Google Plex replacement are pieces of the puzzle. The post Top Execs Reveal Insights Into Citi’s Changing Consumer Banking Strategy appeared first on The Financial Brand - Banking Trends, Analysis & Insights.
Appointment scheduling apps have come into their own as banks and credit unions seek to manage limited branch visits during COVID-19 crisis. The post Social Distancing Gives Branch Appointment Scheduling New Importance appeared first on The Financial Brand.
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.
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