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THE BANK BRANCH OF THE FUTURE

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THE BANK BRANCH OF THE FUTURE

Despite the marked drop in branch-based transactions that has taken place in parallel with the rise of new remote retail banking technologies, the role of the branch in the overall retail banking offering remains central and, in many respects, is enhanced. This is reflected in substantial investments by retail banks in new wave branches, which mirror this shift in the profile of branch-based business from transactional to advisory.

The perception of bank branches as under terminal threat from remote banking technologies is simplistic and fails to consider shifting consumer preferences and sentiment. First, the branch remains the location where by far the greatest number of higher value-added product sales takes place – with estimates as high as 80 percent over some product lines. Second, the branch – when best practice design is observed – is reinventing itself as the location where all retail banking channels converge.

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