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BANK BRANCH OF THE FUTURE

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BANK BRANCH OF THE FUTURE

To paraphrase Mark Twain, reports of the death of the bank branch have been greatly exaggerated.

While it is true that banks, particularly large banks, in many parts of the world are shuttering or shucking off branches, we believe that the branch is still a vital retail delivery channel that will continue to matter for many years to come. That said, the traditional bank branch as we have known it is going the way of the Sony Walkman. As banks reorient themselves to the future, we will see bank branches that are typically smaller – though in some cases, larger – than today's norm. The role of the branch will segue from transactional hub, where cashiers primarily take deposits, to sales and customer service centres, where customers and prospects are introduced to new or more complex products and services by 'universal bankers' or interact with experts by videoconference software.

The bottom line is that the branch is not so much going away as it is evolving.


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