Cummins Allison, a US-based financial solutions developer, has outlined few strategies for retail bank branches to achieve success in 2014.
According to Cummins, banks must not close their branches just because digital technology is gaining momentum.
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Instead, they should create a dynamic, integrated experience across all channels to attract customers to branches, as recent studies prove that bank branches are not dead yet.
According to the study titled ‘A Critical Balancing Act: US Retail Banking in the Digital Era’ conducted by Accenture in November 2013, majority of bank customers are still willing to visit their branch, which shows banks must adapt to new industry trends to retain customers.
Banks can provide customers with access to self-service coin counting machines, which could be an effective way to attract non-customers, promote interactions within existing customers and drive cross-selling opportunities.
Cummins also stated that banks must make some of their financial processes easier for customers to perform. This will enable them to retain customers for longer durations.
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