The Bank Branch of the Future
Rumours of the death of the bank branch
have been greatly exaggerated.
Although if measured by transactions and
traffic, it may appear to be diminished in the retail mix, the branch is
nonetheless evolving to become the centre of high-value advisory relationships.
The branch remains the place where the vast
majority of product sales are made; customers continue to place branch
proximity at the top of their reasons for choosing a bank and banks – chastened
by the public’s low estimation post-financial crisis – are investing in new
wave branch design to restate their brand values.
While technology is a key feature of the
branch bank of the future, the branch is also becoming the natural place where
all retail banking technologies converge – and so is seeing its role enhanced
rather than downgraded.
This new Lafferty Group report, The Bank Branch of the Future, looks
behind the reasons why banks of all types and sizes are choosing to upgrade
their bank branch presence.
the principles behind best
practice in branch design in the face of the rise of remote banking
technologies and details some 15 case studies in recent branch design
why the branch is not just
utterly central to retail banking in commercial terms, it is also its emotional
why the branch experience is
tied up with current profound questions related to what exactly a bank is, what
it is becoming and what it will be in the future
In a world experiencing an explosion of
options around personal finance, payments and banking, the branch experience is
almost synonomous with a retail bank’s brand projection.
Bank Branch of the Future looks at how the branch
remains the single most important expression of a bank’s brand and at the reasons
why this is something that cannot be replicated by the extensive range of new,
non-bank organisations that, enabled by facilitating regulation and technology,
have made major strides in taking a share of banks’ traditional business,
particularly in the realm of payments.
Case studies include: Abu Dhabi Investment
Bank, Bank Audi, Capitec, Citi Smart Banking, Columbia Credit Union, DBS Bank,
ING Direct Café, Mauritius Commercial Bank, National Australia Bank, National
Bank of Greece, North Shore Credit Union, Standard Bank, US Bank, Virgin Money,
About the author
Peter Kinahan is
senior researcher at Lafferty Group with responsibility for undertaking major
He has been
involved with the company since the early 1990s when he was group editor -
banking, responsible for editing titles such as Retail Banker International, Cards
International and European Banker.
He was formerly
markets editor with the Sunday Business
Post, Ireland’s leading financial, political and economic newspaper.
worked extensively in financial eLearning with some of the world’s largest
banking groups and he specialises in web-based marketing interventions based
around customer education and financial literacy for the financial services
Published: July 2012
About Lafferty Group
Group is a major provider of advanced knowledge services for the financial
industry worldwide, with particular specialisations in the fields of retail
banking, cards & payments and central banking.