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Bank branches can not only stay 'despite' but 'with' technology

Thirty-two per cent of US online consumers and 43 per cent of Canadian online consumers apply for their financial products in person at the branch, Forrester notes

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Pratima Harigunani
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SINGAPORE: The rise of online and mobile banking means there are fewer people going into the branch for transactional purposes than ever before. Faced by falling branch traffic and transaction volumes, many banks have focused on using technology in the branch to reduce costs, especially staff costs.

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But when it comes to buying a product and seeking advice, a new Forrester report finds that many consumers still want to visit a branch and have a human interaction. Thirty-two per cent of US online consumers and 43 per cent of Canadian online consumers apply for their financial products in person at the branch.

Forrester analyst Alyson Clarke writes in a post that 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, Alyson highlights that banks need to empower frontline staff with digital tools and technology. Clarke talks about use of Touchscreen technology to educate customers about products and services. For example, Commonwealth Bank of Australia allows customers to research products and access online banking. Customers at DBS Bank in Singapore can pre-complete electronic forms to save time while they wait for a banker.

"Needs based" diagnostic tools can help staff engage with customers and convert sales. Tablets filled with tools that are tailored to a specific banker role can help to guide staff through the sales process and help them better engage with the customer. Paperless applications and digital signatures can be leveraged for faster in-branch account opening. Banks need to give their branch staff access to the same or better account opening and origination processes than customers can already use online.