Branch Banking in a Multichannel World, Part III: Case Studies in Branch Transformation
Branch transformation isn’t just about ambiance. Although the minority, plenty of financial institutions are markedly improving branch channel effectiveness and efficiency by implementing time-tested technology alongside cultural and organizational change.
The first report in this series, Branch Banking in a Multichannel World: What Ever Happened to the "Branch of the Future?", August 2010, detailed the state of North American branch infrastructure along with its likely rate and extent of evolution. The second report, Branch Banking in a Multichannel World, Part II: The Many Faces of Change, February 2011, supplemented the quantitative picture with an analysis of the highly varied ways in which branch channel evolution is taking shape. This report presents multiple case studies in branch channel transformation from North America and Europe. Beyond what was done, these case studies look into how transformation occurred and the results obtained.
“The changing regulatory, economic, social and technological environment has created an imperative for branch channel evolution. Said simply, the branch isn’t dead, just different.” says Bob Meara, Senior Analyst with Celent’s Banking Group and author of the report. “The good news is that well-established technologies and operating models are available. Financial institutions don’t have to be on the bleeding edge to transform their branch channel performance."
This report begins with a brief discussion of the “new normal” in retail banking: the factors driving the acceleration of branch channel transformation and their likely persistence. We then present four case studies in incremental branch channel evolution, which is where most financial institutions will start their journey: CRM lite, teller capture, teller cash recycling, and self-service. The report then presents four case studies in more comprehensive branch redesign efforts.
Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned subsidiary of Marsh & McLennan Companies [NYSE: MMC].
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Table of Contents
Branch Banking in a Multichannel World
The Many Faces of Change
Case Studies in Incremental Change
Kennebec Savings Bank: Electronic Banking Center
Northway Bank: Sales Effectiveness Solution
Sterling Savings Bank: Teller Capture
Webster Bank: Tell Cash Recycling
Case Studies in Branch Redesign
Coastal Federal Credit Union: Personal Teller Machines
Extraco Banks: Swarm Banking
Metro Bank: Love Your Bank at Last
North Shore Credit Union: iBranch
Leveraging Celent’s Expertise
Support for Financial Institutions
Support for Vendors
Related Celent Research