Clearly, branch transformation, means different things to different people.
For some, it is a paint job on the branch.
For others it is a digitization of the complete infrastructure that facilitate new offerings that can be available within a branch (among other channels).
For others, it is a complete rebrand of your FI and what customer experience you are offering.
We all recognise the value of having a clear vision for your branch or branch network, that firmly sits within a vision for your FI and its brand to ensure everyone is rowing in the same direction to maximize the benefit/return.
A helpful reminder for us all: define what you want to do AND, importantly, why!
Why? Because they are right!
A well defined success criteria is the yard stick to measure your decisions against.
We all want multiple outcomes for our FI brand, the question is, how do you prioritize them?
1. Win more sales
2. Build Brand awareness (branch location, new services)
3. Customer Focus (e.g. less waiting time)
4. Drive efficiencies (automation) (and reduce costs)
Does building a new 5000 square foot branch on the outskirts of the city with very fancy technology, comfy couches and an ice-cream machine deliver on all of those?
If you had $1m to spend on a new branch how would you allocate that budget to your objectives?
Gone are the days of measuring a branch purely as a profit center and looking at the number of transactions performed.
If you have a thought or two on prioritising outcomes, perhaps you'll leave a comment below for us to ponder and revert back?
What happens when...motivation and objectives differ?
We already know that not every branch or branch network, will be the same. We came across this report ... and it starts to unpack the different approaches and the motivation for different outcomes. We trust you'll find it as helpful as we did.
This sample report shows the differences in approach, and the motivation and potential outcome for each.
And sure, while it is predominantly pro branch, the report makes a point to give good ideas worth considering before going ahead with a branch redesign and re think.
ELEPHANT IN BRANCH! A SPECIAL REPORT. COMING SOON!
Click the picture below to get your copy, coming soon.