Viewing the effects of Open Banking from the remove of the U.S. provides somewhat a window to what we may see here in some ways. The article’s outline of how a renewed focus developing loyalty has financial institutions seeking to optimize convenience and continuity to consumers with branch strategy. This process is underway in the U.S. as well, as technology and market pressures have a similar drive underway within financial institutions.
Increasingly, banks are taking an overarching view about how they can satisfy customers via omnichannel services – combining digital and physical channels. With branches continuing to form an important part of the overall customer offering, it is more important than ever that financial institutions deliver the correct mix of branch formats in the right locations.
Mercator Advisory Group’s tracking of this central aspect of the relationship between financial institutions and consumers has examined many similar aspects, especially the importance of balancing utility with aesthetics within the points of presence branches represent. This is further enhanced by the increasingly wider range of mediums through which financial institutions and consumers interact. A recent viewpoint from the Customer Interaction Advisory Service titled Punching Above Their Weight: The Strategic Potential of Shared Delivery Channel examines the ways branches are integrating hybrid channels to further personalize service delivery.
Overview by Joseph Walent, Associate Director, Customer Interactions Advisory Service at Mercator Advisory Group
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