Few dispute that the traditional branch format no longer fits most consumers’ banking habits, but therein lies an expensive dilemma: What to do with the 100,000-plus branches still in operation in the U.S. Some institutions have tried new approaches, but with unknown results. One existing option (if it were better executed) could provide the way...Read More

As the banking industry faces tighter margins and increasing competition for customers, many financial executives find themselves looking to cost reductions and department downsizing to better their bottom lines. Yet, those who take a balanced approach and identify the right operational efficiency initiatives may find that what’s good for profit margins may also improve the...Read More

You may already know this, but it’s worth revisiting the basic economy of banking. Banks and credit unions make money by acquiring funds through deposit accounts and then lending those same funds to customers with interest. While they have many direct and indirect channels to lend funds, the most cost-effective way to get the deposit...Read More

Everyone is still trying to make sense of CX. Chances are you’ve encountered endlessly diverse interpretations, opinions, strategies, theories and analyses by now about the emergence of customer experience (CX) as a fundamental business strategy. However, one principle connects them all: CX is critical, and it will only become more important as digital consumerism grows....Read More

If your ATMs are getting old and you are thinking about replacing them or if you have a branch transformation strategy that entails restructuring to a more cost-effective physical delivery platform, going to an interactive/video teller machine (ITMs) must be a consideration. This isn’t an easy decision, especially when there are few banks that can...Read More

The modern bank is evolving. As branch managers know, customers don’t use the branch the same way they did even a few years ago, because they have so many more options for handling transactions. Today, people can do most of their banking from their phones while they’re on the run. There are still many reasons people may...Read More

Community banks today find themselves under mounting pressure: The battle for deposits shows no signs of ceasing, new entrants to the space introduce unprecedented competition, customer expectations climb sky-high and technology continues to evolve at a dizzying rate. All the while, these institutions know they must effectively manage regulatory requirements, maintain security protocols and grow...Read More

Today’s financial institutions face yet another challenging stage of change: to align digital and physical touch points with the needs of today’s account holders in the most cost-efficient, effective way possible. Branch transformation strategies must balance, as well as integrate with, the game plans for online and mobile. After all, account holders expect (demand, even)...Read More

Not all that long ago—and perhaps it’s still the case in some corners—bank branches were targeted by cost cutters, who viewed physical space as hopelessly outdated in the digital world. But a problem emerged: “You can only cut so much cost before you basically lose your customers,” says Kerim Tumay, vice president of marketing for Kiran Analytics....Read More

The ATM was born just a stone’s throw from Swingin’ London in 1967. The first drive-thru pulled up moments after “The Great Gatsby,” in 1930. Two technologies, it would seem, better suited for a Time-Life documentary reel than the real demands of today’s life and times. And yet, bank history fans, they persist. For all...Read More