Why the Right Technology is the Key to Personalizing Your Branch by Location

Access the full report: Available September 2020

Taking full advantage of what the bank branch has to offer customers doesn’t need to stop at the definition of a group or region-wide strategy. In fact, playing to the individual distinctions of branch locations can be a major differentiator, as 30% of respondents to the 2019 Future Branches Consumer Study indicated that a sense of belonging to the community was an important factor in their overall choice of banking institution.1

Aside from developing the personality of each branch location, the delivery of personalization within customer engagements will also be a priority. Leveraging personal preferences captured from online interactions is an important strategy that can equip bank personnel with the information they need to better serve banking customers. One area of technology that is improving engagement and personalization within banking is the introduction of AI. By providing an intelligent interface for customers to interact with, as well as streamlining the collection and utilization of data on the back-end, the applications of AI for helping to improve customer service within the financial services are only limited by compliance regulations and the work needed to effectively put them into place.

When it comes to personalization, the end game is the provision of choices based on who the customer is. Engagement through self-service kiosks in one element of in-branch strategy that offer the ability for the customer to make their own choices, something that they should be continually empowered to do even when they are interacting with a bank representative. Unifying all sources of customer data into a single cohesive experience is something that financial institutions can learn from sectors like retail and travel, where the importance of customer preferences have long been recognized as critical.

Future Branches is set to research the developing strategies that retail banking is putting into place. Despite a business world in the midst of coping with crisis, the development of understanding around customer relationships is not something that can be indefinitely tabled. Our upcoming report on location-based personalization strategies will illuminate how a combination of technology and planning will allow your organization to develop a branch-by-branch approach to the delivery of outstanding customer experiences.

Access the full report: Available September 2020