As the attachment to traditional branches in banking continues to drop, a new method of network planning is required that revolves around building an enhanced customer experience. It comes as no surprise that banking customers are continuing to migrate routine transactions and interactions to digital channels. At the same time, there has been a rapid shift in online shopping that has altered the marketing and sales funnels for banks and credit unions.
The movement from transactions to interactions is aninteresting one, and one that we’ve been exploring for some time at Mercator Advisory Group. With banking customers increasingly choosingto use self-service channels for their daily transactions, and branches fortheir interactions, financial institutions are seeking out the best businessmodels to meet the specific needs of banking customers in their markets.
Overview by Ed O’Brien, Director, Banking Channels for Mercator Advisory Group
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