The bank branch as we know it with tellers behind windows and bankers huddled in cubicles with desktop computers, is in need of a massive transformation.
Today. most customers now carry a bank in their pockets in the form of a smart phone app, and visit an actual branch is not really needed. But banks all over the world are still holding on to the traditional brick-and-morter branches.
Though many banks are closing these branches. In 2017 alone, SBI, India's largest bank closed 716 branches!
Today, despite all the modern mobile technologies, physical branches remain an essential part of banks' operations and customer advisory functions. Brick-and-mortar locations are still one of the leading sales channels, and even in digitally advanced European nations, between 30 and 60 percent of customers prefer doing at least some of their banking at branches.
While banks like to move customers to the mobile banking platform, changing customer behavior has become a major challenge. The diagram shows the 5 distinct stages of customer behavior and banks must nudge customers to go along this journey.
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