8 | | SEPTEMBER - 2021IN MY OPINIONWe live in a rapidly changing environment fueled by evolving client preferences and emerging technologies. We are privileged to work in an industry that is conducive to a tremendous amount of growth and opportunity. People frequently ask me about the future of branches. "Will technology replace our branches? Will we have branches in the future?" The simple answer is yes, branches are changing, but with the right mix of people and technology, branches will continue to evolve for the future.While branches remain important to our clients, their roles are changing thanks to advances in technology. People are increasingly comfortable transacting through online and mobile channels, and as a result, brick and mortar locations must change to support this. Like other banks, we've seen traffic in branches decline, with fewer teller transactions per year. At the same time nearly 80 percent of my banks' solutions are fulfilled by the branch distribution channel, which is similar to the industry average. This tells us that while clients still rely on our branches, their expectations for the in-branch experience have changed. As more clients use digital channels to deposit checks, transfer funds and manage their accounts, we must continue to move away from the transactional relationship and cultivate a deeper advisory role with our clients. Clients' changing needs have guided our digital channels, but they also have implications on our branches. We can attribute declines in branch traffic and teller transactions largely to the popularity of virtual payments, and can anticipate that cash needs and moving payments will continue to become less necessary in the branch to fulfill. Given these changes, we must THE FUTURE OF BANK'S BRANCHESBy Debbie Crowder, EVP-Head of Branch and Premier Banking, SunTrust Bank [IDX: BTPN]
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