Trends Report

The Future Of The Branch Lies In Digitally Empowering Employees

Digital Executives Must Lead A Digital Revolution In The Branch

November 25th, 2014
Alyson Clarke, Principal Analyst
Alyson Clarke Principal Analyst
With contributors:
Peter Wannemacher , Benjamin Ensor , Audrey Blumstein

Summary

The rise of online and mobile banking means there are fewer people going into the branch for transactional purposes than ever before. But when it comes to buying a product and seeking advice, many consumers still want to visit a branch and have a human interaction. Branches will continue to be a significant channel of choice for consumers in developed economies, especially for high value, complex, or emotional interactions. The branch is far from dead. The future of the branch lies in being a key sales conversion and customer engagement channel, which can be a significant competitive advantage for traditional banks. To succeed, banks need to empower frontline staff with digital tools and technology. eBusiness executives must play a leading role in the much needed revival of the branch and bring their crucial digital expertise to the table.

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