The debate whether the bank branch will exist in the future is interesting and it is very crucial. If you think of the branch as it is today, it will likely not. But when you see how the branch can and has evolved, it certainly will play a big role in the future.
Here below some sentences from Sharon Kam, DINN! SEA regional director, speech at the conference:
#1 The focus on the physical branch has to change because of digital. The physical space remains relevant but it has to be designed and used in a very different way.
#2 These are key takeaways from my sharing today.
#3 This new approach is not just for banking, it is the new retail.
Retail has 4 major functions for the customers
Customers now check online for store availability, check out websites and compare products and prices; they see the physical store windows’ displays and browse in the stores
They talk to the sales specialists to understand the product
They check out via mobile payment or complete the purchase online; alternatively, they pay the physical register or at self-checkout machine.
Either digital or physical.
Omni-channel is where all 4 functions are in both digital and physical
One channel is integrating these 4 functions or phases in a complementary way in the spaces that work best.
How are banks moving towards the one-channel approach?
Here are 3 major directions: