Tag: Branch Transformation

Changing Payments and Bank Strategy

Bank Strategy
BANK STRATEGY

One item that should be on every bank’s strategic horizon is how to adapt to the changing face of payments. If you are one of those bankers that say, “Cash won’t go away in my lifetime,” you could be right. However, we would posit that the sentiment is the wrong way to frame the challenge and the rationalization that you don’t have to worry about cash, checks and the payment channel will likely lead you to disaster. In this article, we highlight the newest data from the Fed and what it might mean for every community bank.

 

March Madness – Picking a Digital Banking Platform

Banking Platform Choices - Picture of basketball

It’s March, so that means tournament time – the Zags, Cavs, Blue Devils, KCats, Heels and, of course, our dark horse, FL State. Along with college basketball, it also means we update our strategy on bank delivery transformation. This year, we focus on taking a look at all available digital banking platforms to see which fits what type of bank. We will do this in an NCAA college basketball format (‘Tis the season) with the goal of choosing the best platform given a set of predefined criteria.

How To Make The Interactive Teller Decision

The Strategic Use of Interactive Tellers

If your ATMs are getting old and you are thinking about replacing them or if you have a branch transformation strategy that entails restructuring to a more cost-effective physical delivery platform, going to an interactive/video teller machine (ITMs) must be a consideration. This isn’t an easy decision, especially when there are few banks that can make a clear case for an ITM, but in this article, we take a look at the strategy and economics of what a successful execution looks like.

 

Here is What Your Future Branch Portfolio Looks Like

Managing Branch Transformation

Last week’s article on branch transformation generated more questions than usual with many bankers asking what an “optimized” branch network looks like in the omnichannel model. While we are not confident that most community banks can achieve that model and would be better off focusing on a mobile-first architecture, most banks are in the process of trying. In this article, we review what a new branch delivery portfolio might look like, looking at both the economics and engagement of each location tactic.

 

Branch Transformation: A Q&A with American Bank of the North

Branch Plan

We recently sat down with Marci Knight, CMO for American Bank of the North - a $550 million community bank with nine locations across northern Minnesota – to get her thoughts on the future of the branch and what customer engagement looks like over the next ten years. 

 

Nichols: How does your bank think about branch network ten years from now?  More or fewer branches?  Will the size be shrinking?  What will the branch look like?

The 8 Virtual Functions You Need For Branch Transformation

A Branch Transformation Strategy

If you are a bank that believes in either the omnichannel or mobile-first view of the future, then you need a five-year roadmap to achieve the transformation. If you are a closely held bank that is $500mm in assets or below and do not have the need to grow, then it’s possible that you can skip this strategic step and take your chances. Other than that, not having a clear transformation roadmap within your strategic plan is asking to be sold at just slightly above book value.

Which of These Branch Transformation Strategies Are You Pursuing?

The Future of the Branch

At present, there are two major schools of thought over what the future of the branch looks like. In one camp, we have the “omnichannel” group, while the other is the “mobile-first” faction. How you fall out is of no small consequence, as the difference between the two is huge in terms of customer experience and cost.

Could Capital One’s Branch Concept Work For You?

Capital One Cafe Branch

Bank branches remain a critical channel for delivering financial services to individuals and businesses.  However, as banks consolidate and technology advances, branch traffic, and items processed remains on a rapid decline.  Further, the need for the physical branch is running into bank’s need to reduce costs. From a cost standpoint, a bank’s branch network is their largest single functional cost.

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