How Banks Can Modernize Branch Engagement in a Digital-First World

The financial services landscape’s shift to digital environment brings a variety of new opportunities for customer acquisition and engagement. Capitalizing on these opportunities requires banks to address the evolving challenges in an Omni-delivery ecosystem, particularly among their branch locations.

Banks must consider modernizing their branch assets to broaden their effectiveness across the entire customer journey. As consumer empowerment increases, a bank’s knowledge of customer intentions and behaviors decreases - reducing the institution’s visibility of consumer needs, desire, frustration, and attrition indicators.

Moreover, today’s consumer diversity has increased, with the U.S. having five distinct market segments varying widely by age, income, asset value and channel use preferences. Consumers value personalization and demand that engagement content be relevant. With critical purchasing power shifting to Millennials and Gen Z consumers, segmentation cannot be ignored. A lack of customer understanding leads to reduced content relevance and a loss of connection. Therefore, success requires a deep understanding of segmentation to be relevant.

For bankers to remain relevant in today’s hyper-competitive landscape, they need to regain their lost insights into customer needs and intentions. Doing so puts banks in a position to offer personalized and relevant experiences to their customers. Having earlier insight into the awareness and consideration stages of the customer journey equips bankers to influence purchasing decisions and extends the bankers roles beyond fulfillment and servicing.

For more information, download our interview: Acquiring Customers and Fulfilling Their Needs in an Omni-Delivery Ecosystem