Bank Branch Transformation - Thematic Intelligence
Description
Bank Branch Transformation - Thematic Intelligence
Summary
This report analyzes the changes branch banking is undergoing as a result of the trend towards digitalization. The technological innovations and economic trends changing the way in which branch banking is being provided are noted and their implications are discussed. Several key innovators in the area of branch transformation are mentioned and the changes they have made are identified. These case studies provide useful examples of ways in which banks have adapted to meet consumer demand for in-person banking in a time where more and more banks are moving their services online.
When thinking about bank branches, many believe that they are a relic of the past that will eventually fail to withstand the waves of automation and digitalization. However, even though data undeniably point towards a continuous drop in the net number of branches in most countries, the fact that banks have carried on opening new branches and invested considerable sums in rethinking their physical channels means branches will remain part of high-street landscapes for the foreseeable future. Moreover, while some aspects of branch transformation have been in response to lower profit margins and the COVID-19 pandemic, other aspects represent strategic efforts by banks to expand their client base and deepen and upgrade their customer relationships.
Scope
Summary
This report analyzes the changes branch banking is undergoing as a result of the trend towards digitalization. The technological innovations and economic trends changing the way in which branch banking is being provided are noted and their implications are discussed. Several key innovators in the area of branch transformation are mentioned and the changes they have made are identified. These case studies provide useful examples of ways in which banks have adapted to meet consumer demand for in-person banking in a time where more and more banks are moving their services online.
When thinking about bank branches, many believe that they are a relic of the past that will eventually fail to withstand the waves of automation and digitalization. However, even though data undeniably point towards a continuous drop in the net number of branches in most countries, the fact that banks have carried on opening new branches and invested considerable sums in rethinking their physical channels means branches will remain part of high-street landscapes for the foreseeable future. Moreover, while some aspects of branch transformation have been in response to lower profit margins and the COVID-19 pandemic, other aspects represent strategic efforts by banks to expand their client base and deepen and upgrade their customer relationships.
Scope
- Even though only around 15% of customers never go to branches, customers who rarely use branch services constitute the largest group (39%).
- Clear and simple-to-understand financial products, easy access to branches, and helpful and knowledgeable bank representatives are all relatively important factors that at least 10% of customers consider in choosing their primary bank.
- In 2020, as a response to COVID-19, DBS embarked on a plan to transform a third of its branches over the span of a 18 months.
- Understand key technology, macroeconomic and regulatory trends characterizing the transformation of branch banking.
- Access the latest consumer survey data on preferences regarding branch banking.
- Identify the key innovations being made by banks that will change the way branch banking is conducted in the near future.
- Access firm-level insight on leading players within the branch transformation theme.
Table of Contents
27 Pages
- Executive Summary
- Thematic Briefing
- Automation and self-servicing
- Reskilling and upskilling
- Open-space design
- Centralization
- Non-banking services
- Trends
- Technology trends
- Macroeconomic trends
- Regulatory trends
- Industry Analysis
- Timeline
- Value Chain
- Enabling conditions
- Factors
- Functions
- Services
- Compjanies
- Further Reading
- GlobalData reports
- Our Thematic Research Methodology
- About GlobalData
- Contact Us
- List of Tables
- Table 1: Technology trends
- Table 2: Macroeconomic trends
- Table 3: Regulatory trends
- Table 4: Compjanies
- Table 5: GlobalData reports
- List of Figures
- Figure 1: The older the customer, the more likely that they have a strong preference for banks with branches
- Figure 2: The oldest age groups are the least likely to visit branches on a daily and weekly basis
- Figure 3: Though online and mobile are the most frequently used channels on a weekly and daily basis, branches are the most used channel in general after online banking
- Figure 4: Branches are more commonly used for complex transactions compared to more basic ones
- Figure 5: Compared to other channels, visiting a branch is the most common method used by a customer to find out about financial products
- Figure 6: The bank branch story
- Figure 7: The branch transformation value chain
- Figure 8: Who are the leading innovators when it comes to branch transformation?
- Figure 9: Our five-step approach for generating a sector scorecard
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