Natwest has opened the doors of its first digitally driven branch in Liverpool, Briony Richter writes. The store opened on 18 October, 2017 and aims to provide customers with a wider range of options on how they can conduct and oversee their banking activity.
The north of England’s two major cities, Liverpool and Manchester, are the venue for the country’s two largest retail banking groups latest branch initiatives.
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In October, RBI reported on Lloyds’ new flagship store of the future in Manchester. Hot on the heels of that store opening, Royal Bank of Scotland’s English retail banking subsidiary NatWest has opened its first digitally focused branch in Liverpool.
Michael Burrow, managing director of personal banking at NatWest tells RBI that new digital branches have great potential.
“With an increasing number of our customers choosing to bank with us using their mobile phones or online, we recognise the need to provide a branch that is both digitally focussed and supports customers with their financial needs.”
Earlier this year NatWest and Royal Bank of Scotland hired ‘TechXperts’ in each branch in England, Wales and Scotland to support customers using online and mobile banking through their mobile app. They also committed to a digital skills training programme for nearly 10,000 NatWest branch staff.
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By GlobalDataMore so than ever customers are taking advantage of the convenience and efficiency of online and mobile banking. The branch in Liverpool offers guidance as well as free Wi-Fi and access to iPads so that customers can easily register for the online banking services.
Burrow adds: “We’re continually innovating in the way that we serve customers face-to-face. With our TechXperts, community bankers and mobile bank branches, we’re excited to see how customers will engage with our new branch so we can learn and adapt how we serve them.
“Knowing our customers are becoming more ‘tech savvy’ in the way they engage with many different organisations, we feel it’s important to make sure our branches meet their changing needs. Our Liverpool branch is the first of our new digitally focussed branches. We live in a digital world and as a bank we need to embrace this through our branch network using the learning from Liverpool.”
First responses from customers have been positive as they embrace the modern look of the new branch.
“I think our customers like the look and feel of the branches as it doesn’t look like a traditional branch and feels very modern. Yes there is a counter service for complex transactions such as foreign exchanges but for the most part it’s very much self-service which is great for a customer who doesn’t want to queue.
“All of our staff are trained TechXperts who can support queries on how to use our mobile app across a range of devices or the automated tellers in the branch. As a bank we are a customer focussed provider and this remains central to everything we do including our mobile and internet banking services.”
Burrow stated that there are good reasons to be optimistic about digital branches when asked about any potential hurdles that may come about.
“I don’t think there are any hurdles to opening more digital branches assuming there is an appetite from. I think the bigger challenge is making sure we continue to provide the right types of services and products customers want within the digital space which is changing very rapidly.”
Digital branches, like the one in Liverpool are embracing the rapid growth of digital services and technologies in order to cater to the needs and preferences of their customers.
On the potential of digitally focused branches, Burrow stated: “I think the potential of our digitally focussed branches is their adaptability. We know technology is constantly changing so we need to make sure our digital products and services reflect these changes.
“We have a team of developers who are firmly focussed on developing our digital services to ensure we are meeting our customers’ banking needs. Our TechXperts also receive regular training on mobile devices and internet platforms so they are best-placed to support queries. All of our services are developed with our customers’ safety and security in mind as both are essential to good banking in the 21st Century.”
The emergence of new technologies and competitors has had a massive impact on the banking industry. With open banking just around the corner, it is imperative that banks grab on to the opportunities it has to offer. On open banking, Burrow highlights the need to take advantage of the benefits.
“We’re excited by the opportunities presented by the advent of open banking. We’re continuing to enhance and develop the integrated services that we offer customers, for example enabling small business customers to login to ‘FreeAgent’, an accountancy software platform. Customers can access this service by using their business banking login details.”
Across all customer segments the preference to use digital services is growing. NatWest are enthusiastic about the potential for more digital branches to be opened across the UK. By seizing the opportunities of going digital, banks will be able to strengthen their customer relationships and provide new and unique experiences.
