Brett King, our most sought-after banking expert and speaker, and founder of the Movenbank thinks that the future of banking is in digital and the importance of branches is going to decline and decline…
Below is extract from Brett’s recent article:
There are three problems with this assertion that should rightly challenge the superiority of the branch channel in bank operations today:
Customers rarely get advice in a branch
…What a banker might call advice – the cross-sell and upsell – is not advice from a customer perspective. True, unsolicited advice that helps the customer without expectation of revenue is very rare in the branch space because there is simply no metric in the system that allows for this.
The advisor no longer benefits from information scarcity
…the likelihood that an advisor will have access to information that a client or customer doesn’t have access to today, is increasingly unrealistic.
The best advice is time sensitive
…The pendulum needs to swing back to helping customers and help is best given when and where I need it. Not waiting for that day once or twice a year that I come into a branch to get something done or fixed, and the teller has a sales metric to cross-sell or up-sell me a credit product I can’t really afford. That’s not advice.