Inside the New Financial Institution Workspace Driven by the Workforce of Tomorrow
With advanced digital technology skills and a desire for work-life balance, Gen Z and millennials are poised to reshape the future of work—both in...
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We are always looking to add talented, forward-thinking innovators to our team. If that sounds like you, you should apply for a role with us.
3 min read
Emily Sweillam
:
9/9/21 7:15 AM
If you completed a quick Google search on the total number of branches today versus 20 years ago, do you think there are more or fewer branches today than back then? The right answer: less.
In fact, just over the past five years, the number of branch locations in America declined by 7%.
However, even though you might feel like branches are disappearing, if you look beyond the numbers, you’ll find a different story. Rather than disappearing, banks and credit unions are merely reinventing themselves for the digital age. And while they are reducing their branch count, at the exact same time they are increasing the value of the branch for a client.
How exactly are they doing this?
We’ve broken down 3 different tactics you can get started on as soon as today, including:
What better way to keep up with the digital shift of the industry than to just bring the digital features everyone loves into the branch? From your website to your mobile and online banking platforms, they all deserve to be featured in your physical retail locations.
There are a ton of ways you can do this, but the easiest way is through digital signage displays, like:
One reason people love the ability to bank online is the convenience that comes with it. So how can you bring this convenience into your branch? With technology, like:
With more and more people using online banking methods or self-service machines to complete their more basic transactions, branches have become advisory centers rather than Friday afternoon stops to deposit a paycheck on their way home. This means you need to shift your in-branch experience away from a transactional one and towards an advisory one that provides clients with high-value interactions. This is best done by:
Put simply, embracing digital transformation is essential for survival. And while the branch will without a doubt continue to have a place in banking for years down the road, if that branch is to be anywhere near the center of the action, many will need to transform. The 3 ideas above are a great start—but you should not stop there—because there are a ton of other things you can do. Ranging from a simple tech upgrade to a strategic remodel to a brand-new branch build, DBSI is ready to help you create a go-forward strategy for transforming in the digital age.
Want to speak with a transformation strategist and make a plan for keeping your branches relevant in the digital age? We’re ready to talk!
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