Retail Banking 2010s - Branch Banking
Branch banking used to be the only way.
With technology, we have telephone banking, call center, ATM, mobile phone banking, internet banking etc.
These channels are all different and can be used to fulfill transaction, product inquiry, financial planning or as a tool for banks to market themselves.
Branch banking has the ability to add an extra notch, premium service.
It is no fun to be called a Super VIP customer when no one is around acknowledge that. It is no fun to be called a Beauty when there is no one around to admire you.
Therefore at a branch, the bank has the opportunity to add that touch that may prove to be key in retaining the customers.... and grow their wallet share.
In early to mid 2000s, banks re-modeled branches to be more sales-centric. Pushing traditional tellering operations to ATMs.
Banks have also started to invest in technology to understand their customers better. Multi-channel integration project was also started as IT felt the strain to manage communications across different channels.
From a customer's perspective, it was good to have a variety of channels now. It was very good to have the option to avoid visiting the branch.
When we do visit bank branch, besides noticing the newly renovated premise, was there any other major difference? My answer is - no, not really. If yours is the same, banks then really have to figure out why and improve on that.
If you've answered no. The answer is probably that... the banking staff still behave as though they do not know me (or very little). I don't get the greeting that great hotel gives me "Hello Mr. Adeio, should we check you in to the room facing south again like last time?".... a while later "and Sir, warm water is waiting for you in the room".
Customer Experience is key. Bank can score high through their Branch banking offerings.
posted by PlaThai @ 1:11 AM
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