The groundwork: 3 essentials for successful branch transformation

As in so many things in life, success in branch transformation is all about thorough, careful groundwork.

The recent webinar, “Clearing the path for branch transformation: 3 management tactics to succeed,” offered the blueprint for a foundation of omnichannel integration that supports branch transformation.

The one-hour event was presented by Inetco Systems Ltd. and hosted by ATM Marketplace. Speakers for the webinar included Stacy Gorkoff, VP of marketing at Inetco; Lisa Kellermeyer, marketing manager for global systems management at NCR Financial Services; and Martin Shires, marketing manager for global branch transformation at NCR Financial Services.

Shires started off by explaining the demographics that make it essential for banks to unify their digital and branch strategies, citing research from Capgemini.

“FIs globally want 56 percent of their low value, volume product sales to be through digital channels. Conversely, both Gen X and Gen Y customers globally say that 53 percent of their low value, volume product purchases should be through the branch.”

Additionally, Shires said, both Gen X and Y customers follow the same buying process. More than half of them want to research and review products on the Internet, but they prefer to conclude the sale in the branch.

“Clearly there is a high disconnect between FI’s current digital migration strategy, and what their mass affluent and future customers prefer,” Shires said.

Gorkoff expanded on his comments, describing the form and function of the transformed branch, which she said would be physically smaller; focused on Gen X and Gen Y customers; and equipped with advanced ATMs and digital touchpoints, all with centralized history and visibility.

Also she said, employees at these lightly staffed branches will need a higher degree of digital competency. “Everyone in the branch will need to know a thing or two about why customer[s’ digital] interactions are not completing.”

Kellermeyer shifted the conversation to talk about the fundamentals of operating in this new, digitally dominated environment.

“Everyone is thinking about adjusting their branch strategy to more of an assisted service technology footprint,” she said. “As you move toward that device- and digitally dependent environment, it’s important to ask, ‘How are we going to manage that environment?’ How are you going to know it’s performing in a way that achieves the goals that were set for this environment?”

She said that laying the proper groundwork can later provide the answers to these questions. That groundwork consists of three management tactics, executed in real time:

  • device management (“It’s about more than just incidents — it’s about holistic self-service management.”);
  • transaction management (“Monitor all things digital from one centralized transaction hub.”); and
  • cash management (“One cash out experience is already one too many.”)

Get the replay of the full webinar and slide deck.

photo istock

Recommended Posts