Study examines trends in branch transformation and self-service

From June to August 2018, ATM Marketplace surveyed FIs around the world to find out what they are looking for in omnichannel marketing technology. 

Data from the survey have now been compiled, compared, reviewed and written up in the free industry guide,Branch Transformation for Financial Institutions, produced by ATM Marketplace with sponsorship fromAuriga.

Following is an excerpt from the guide:

In this study, we investigate the main causes of disruption to the traditional branch banking model, and the distribution strategies banks are adopting — or planning to adopt — in order to achieve greater efficiency while constantly improving the customer experience. 

A primary objective of this white paper is to answer some of the most commonly asked questions within FIs today, including: 

How can advanced software and hardware solutions help financial institutions to maximize branch processes, sales and customer experience opportunities across a range of devices — i.e., assisted self-service; ATMs; digital signage; kiosks; smartphones and tablets. 

• Additionally, how can banks integrate physical and digital channels in order to achieve a truly omnichannel "phygital" strategy? 
• And finally, what do banks expect from service automation and how do they envision the bank branch of the future? 
• Which are the most important technology investments for banks within the next years? 

The world of banking continues to evolve toward a more customer-centric approach that includes a balance between improved efficiencies and more personalization.

Source: Branch Transformation for Financial Institutions: An Industry Guide

This balance is rooted in the need to provide a personal experience while leveraging technology to provide a superior customer experience. 

Another purpose of the research is to understand changes in the self-service channel and the teller network that have resulted from branch transformation, and to examine the dedicated role of advanced ATMs, known as "Assisted Self-service Devices" or "Assisted Self-service Terminals."

At these machines, customers can carry out self-service transactions and perform other banking tasks with in-person assistance from branch staff who monitor devices via tablets, or with remote assistance from a bank representative via two-way video conference. 

Assisted self-service devices can transform and optimize branch processes. Implementing assisted self-service can entail close integration between the ATM and the other bank channels, interaction with the teller platform and video systems, and new hardware such as integrated tablets for a real and complete phygital strategy. 

Branch transformation as a competitive differentiator 

Source: Branch Transformation for Financial Institutions: An Industry Guide

No longer is the discussion about touch vs. technology, rather it's now all about touch and technology. This approach includes advances in branch-based technology working in parallel with those available in the latest versions of online and mobile banking solutions. 

An increasing number of banks and other financial institutions have, or are considering to have, a comprehensive branch transformation strategy that includes elements of traditional branch banking and digital banking, while investing in more advanced functionalities and leveraging on the latest technologies such as Predictive Intelligence. Predictive Intelligence is used to make predictions and forecasts to make well-founded and intelligent decisions for the future as related to the customer and their banking experience, and assets in the internal banking network.

Download the free PDF,Branch Transformation for Financial Institutions: An Industry Guide.