At the international RBR Branch Transformation Conference 2017 in London last week, participants gained a lot of deep insights into the contemporary understanding of branch transformation worldwide. Experts explored today’s and tomorrow’s challenges, and offered new strategies for running efficient, successful retail banks in the modern, digital banking ecosystem.
The thing that struck me throughout the conference was the prevailing view that the branch is still vitally important to banking. While speakers talked at length about new technology and innovations, the conversations inevitably seemed to circle back around to the irreplaceable component of the human touch. Of course, the concept of the branch must evolve within the context of the wider ecosystem of options and touchpoints available to consumers, but brick-and-mortar branches (and the very human relationships that are found within them) continue to be an integral component of banking relationships.
Amongst many barnstorming speeches, Sol Gindi, Chief Administrative Officer of Chase Consumer Bank, shared great insights into the vision of JPMorgan Chase’s Consumer Bank and discussed how they’ve evolved their branch transformation strategy to deepen consumer relationships and strengthen acquisition. The bank’s approach is paying off: Chase Consumer Bank has been the number-one fastest growing bank in the United States for the last five years in a row.
The largest (and steadily growing) group of consumers—Millennials—see cross-channel banking capabilities as a requirement, not an option. As bankers strive toward the goal of a network that moves beyond omnichannel, with the ability to offer every transaction anywhere, anytime, seamlessly connecting touchpoints throughout the banking ecosystem is key. In this vision of the future, the branch is part of something larger, not an isolated office or one channel for doing business.
In that context, branch transformation requires embracing change and finding innovative ways to meet consumers where they are today, and where they will be tomorrow. It means:
- Changing the branch experience to better engage with consumers.
- Creating strategic partnerships to benefit from innovation and enhance overall consumer reach.
- Embracing connected commerce to deliver a banking experience that is convenient, individualized, secure and seamless across all layers and all devices.
In a keynote presentation at RBR BT 2017, our SVP of Software, Alan Kerr, shared why connected commerce is the future of banking. Watch his insights on how banks can transcend channels and create connected touchpoints that extend well beyond the financial sector:
The transformational journey is an ongoing process of improvement. The next important step towards connected commerce is what the industry is demanding and Diebold Nixdorf is perfectly prepared to support FIs in the journey of transformation. We offer strategy and consulting services, innovative technology and solutions and implementation and operation services for your individual transformation journey. Let’s talk.