Retail Banking Without Branches

Retail Banking Without Branches: 7 Critical Elements of the New Reality

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With customers not returning to branches and digital having gained increased prominence, banks and credit unions must execute a rapid shift in channel priorities and tactics. Start by re-thinking the customer journey from a digital starting point to a digital ending guided by these seven factors.

In the blink of an eye the world of retail banking has changed. Traditional branch banking, long a pillar of the sales strategy for financial institutions, has all but disappeared. Furthermore, consumer habits and behavior have permanently changed. When the current health crisis is finally behind us, we will not be returning to the high-touch world of the recent past.

Retail executives across industries know this and are racing to improve their digital sales, service, and fulfilment capabilities in the knowledge that digital-first is the only viable strategy for continued survival. For banks and credit unions that have long relied on relationships and consultative person-to-person (P2P) selling practices, a rapid shift in channel priorities and tactics will be necessary to remain viable.

Data and polling reinforce the consensus view that consumers will not be returning to the branch anytime soon — if at all. An ABC News/IPSOS poll released - continue reading