the digital branch: integrating technology and innovation to re-imagine the traditional bank
TRANSCRIPT
Mapa Insight SeriesFind out more about our research:www.maparesearch.com/research
The Digital Branch Integrating technology and innovation to re-imagine the traditional branch
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Objectives
The key objectives of the research were to:
• Examine how banks are utilising technology to revamp their branches. More specifically, to explore the manner in which digital is being harnessed to improve services and efficiency of traditional branches as well as how technology is being used by some banks to completely reimagine the branch as a concept.
• Highlight digital trends that are emerging in this space outside of the financial services industry.
This report will feed into internal planning processes by providing a strategic understanding of what is happening in the marketplace. Furthermore innovative examples and approaches can be used to gain inspiration as well as strengthening existing business cases.
Methodology
We have conducted desk research to uncover other initiatives of interest and insights relevant to the topic. We have researched more than 40 banks across 10 countries. Our findings are summarised in this report, providing in-depth insight into a numberof innovative banks and initiatives from across the globe.
Chapters covered
The executive summary provides you with a quick digest of the key findings from the report.
In Chapter 1 we explore the manner in which digital innovations are changing the traditional bank branch. We look at the current state of play in terms of digital branches, including examples of good practice.
In Chapter 2 we took a closer look at digital trends and concepts that have emerged in non-bank retail stores to improve and personalise the customer experience. Although not designed for financial services customers, they can be used as a point of reference and inspiration for digital strategies in banks.
What’s next?
Please make sure to look at the list of coming reports for the 2015 Mapa Insight Series (see end of this report). Next, we look at The Promise of Wearables: An Internet of Things in Banking.
Stay tuned!
Objectives and MethodologyA
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Sample Slides
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Nationwide (UK): Nationwide NOW, a remote advisory service, has been offered at a total of 161 branches since April 2015. The service was initially launched in November last year at 60 branches and was expanded after successful trials. The video link service aims to allow more customers access to specialist advisors within the branch. Continues on the next page.
The Digital Branch1
Mobile and online technologies are shifting transactions away from the branch to online channels. To have specialists in branches is expensive, and by providing video services, banks can maximise capacity and provide service to customers at times and places that are convenient to them.
According to Nationwide, there has been an improved customer experience, increased business and reduced costs as a result of the new service.
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The Digital Branch1
Eastern Bank (US): “Branch of the future” branches that have been opened in various locations offer a self-sufficient and technologically supported environment to help customers. The branches feature a mix of management offices and open collaborative space for the bank’s innovation centre, Eastern Labs. Continues on the next page.
Key Features:
Mobile reception desk provides flexibility for events
Multiple Kiosks• Kiosk staff can assist customers or direct
them to a virtual expert in a private room for more information on a service
• Interactive touch-screen tables allow customers to independently complete a transaction
Electronic community board offers alternative access points to:• Information on banking products• Tips for setting up banking apps• Local news feeds• Video games for children accompanying
parents to the bank • AV capability for videoconference calls
Tablet bar offers complimentary use of tablets with different operating systems (iPad air, Samsung Galaxy and Apple Macbook)
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Banco Bradesco (BR): A high-tech branch in Sao Paolo (Brazil), called Bradesco Next offers biometric ATMs, robots that greet customers at the entrance and touchscreens for transactions. Bradesco has big interactive screens throughout the branch that display life-cycle simulators that guide users through big life events. Unlike conventional touchscreen displays, the panels arebiometrically enabled which means that customers can put their hand on the touchscreen an instantly generate advice such as long-term savings and investment plans. The biometric scanners automatically identify Bradesco customers with information on file.
The Digital Branch1
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Rebecca Minkoff: (US) has redesigned its New York City Flagship store to combine online and physical shopping experiences. The store lets customers order a complimentary beverage, browse through the latest collections and even adjust the lighting in the fitting rooms via the interactive video wall, to help customers find the right products for them. Customers can also save their fitting room session, swap colours and sizes with a tap of the mirror and can get recommendations based on their preferences
Interactive Tools: Tablets / Screens1
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Mapa Insight Series: Report Schedule 2015
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4 Mapa Insight Series: Report Schedule 2015
1. Tablet Banking Series – 7th edition: A deep diveinto five standout initiativesPublished: February
2. SME Banking: How to win share throughsuccessful differentiation Published: March
3. Mobile Banking Series: How to successfully implement increased app functionality Published: April
4. Bank Disruption: Assessing the Disruptive Threat in Retail BankingPublished: May
5. Building PFM With Mass Market Appeal Published: July
6. Mobile Sales: Leveraging Sales Opportunities in Mobile Browsers and AppsPublished: August
7. The Digital Branch: Integrating technology and innovation to re-imagine the traditional branchPublished: September
8. The Promise Of Wearables: An Internet Of Things In Banking Due: September
9. An Engagement Banking Master Class Due: October
10. Digital Banking Security Insight Series, 4th Edition Due: November
11. Ten Things Digital Teams Should Do In 2016Due: December
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Contact Details
Author
Katie NachshonResearch [email protected]
Management
Chris GuerinBusiness Development Director [email protected]
Jane CollinsGeneral [email protected]
Ross MethvenDirector of Client [email protected]
Mapa Research HQ4th floor 101-102 Turnmill streetLondonEC1M 5QP
Tel: +44 207 566 3940www.maparesearch.com
Subscription and Consultancy Enquiries
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