The future of bank branch transformation

Digitalisation within the financial industry will affect how banks will actually implement new digital processes within their own branches. Doing so will turn bank branches into important pieces of the overall jigsaw puzzle of future banking.

This paper exposes how the digitisation of banking will affect the bank branches digitising branches themselves, making branches as an important piece of the banking of the future as a gate between what will keep as physical in the customer-bank relations, and what will become digital.

New technologies and their rate of adoption by customers will cause a new segmentation of banking customers, in this case based on their level of digitalization. In light of this situation, the majority of banks are adopting one of two strategies. One is the “disruption” strategy, in which banks become entirely digital and deal with only digital customers.

The second strategy, which most traditional banks appear to be adopting, is the “evolution” strategy, where neither the branch customer nor the digital customer is excluded. These banks must adapt to meet the needs of all customer segments, each of which has its own unique characteristics. To undertake this successfully, banks must review their existing branch model in order to enable it to evolve.

 

How GFT can help

it’s clear from this short document that we live in exciting times for digital transformation and enhanced customer experiences in banking. GFT can support you in defining the bank branch of the future in an interactive way testing the defined scenarios in our Digital Banking Lab.

GFT‘s Digital Banking Lab is designed to identify the needs of retail banks and their customers, enabling them to experience first-hand the new culture of innovation in the financial sector. Combining physical and digital channels, the Lab deeply integrates the customer’s digital life with the bank’s operational functions in a uniquely collaborative environment.

Through its multidisciplinary innovation team, GFT combines creative thinking with cutting-edge technologies to build customer-centric solutions that lead into the future of banking. Our innovation and design thinking workshops guide institutions through the creation of innovation roadmaps that clearly lay out the journey to
digital transformation.

To discuss this topic further, please get in touch with our specialists