Pub. 3 2012 Issue 4

winter 2012 11 ones that are currently in the red, many of our clients are in reconfiguration mode. As their strategies play out, you will see fewer tellers and more touch screens. You will find little lounges instead of rows of cubicles. Instead of coffee while you wait, you’ll have coffee with a consultation. One of our largest clients has started replacing major-market branches with “specialty stores” that offer advice and consul- tation on investments, mortgages and more. Because of their upscale retail feel, these stores are shaping customer behavior. The perception is that these spaces are for big-money matters. Another bank, not wanting to invest in brick-and-mortar to expand its footprint, turned to outsourcing. In an agreement with UPS stores, its customers can deposit checks at more than 2,000 UPS locations nationwide. In doing so, they are demon- strating that a bank doesn’t always have to look like a bank. Finally, we’re working with another client to retool the role of their frontline employees. Instead of simply shuffling transac- tions, we’re empowering them to leverage their consultative thinking and advisory competencies during each customer interaction. Over time, we expect this to change the way their customers use the branch. What kind of branch configuration will give your customers what they want while retraining them to access the branch when consultation and advice are needed? Brand Promise and Customer Experience Financial performance data, demographics and economics aside, financial institutions still have to ask themselves this question: What role do we want our company to play in the lives of our customers? Some banks and credit unions discover that they simply can- not be what they want to be without full service, do-everything branches. If this is the case for you, then have courage! There are many solutions available to help you drive profitable busi- ness growth in the traditional branch setting. Additionally, branches are the most powerful place to deliver on your brand promise. Make sure your front-line employees are trained in the art and science of delivering consistent, intentional customer experiences – every time. While other institutions are funneling, you may attract people who are willing to pay extra for your high-touch service. On the flip side, if you’re an institution that will be focusing face time on high-value/high-profit activities, then other touch points will have to work harder at delivering on the brand prom- ise. You’ll need to be more deliberate about building in customer experience methodology and measurement to ensure you stay on the right path. When customers don’t feel valued or appreci- ated, they leave – regardless of your branch banking strategy. Q References: 1 http://www.economist.com/debate/overview/229 2 Novantas U.S. Multi-Channel Customer Survey, May 2012. 3 ABA Consumer Banking Survey, 2011. 4 Novantas U.S. Multi-Channel Customer Survey, May 2012. Branches Still Important: “Having a branch near where I live” is still the top criterion for consumers choosing a new bank or credit union, with 87% of respondents stressing the importance of proximity.” — Novantas U.S. Multi-Channel Customer Survey, May 2012. Resourceful. Responsive. Reliable. Celebrating 25 Years as Your Strategic Partner, Never Your Competitor 804.239.0452 www.CBBonline.com