In the previous blog, we looked at a scenario that shows how a 20th Century bank branch handles staff management, customer metrics, physical layout and related matters.  Our second scenario lays out how a 21st Century branch approaches these concerns.

Scenario Two: 

Bank management has provided the branch and area managers the means to determine how staff perform and how customers behave, both in the branch and just outside.  Customer messaging is automated and highly relevant to each customer.  Many more data points can be derived from customer and staff interactions.  Branch design is delivered as a service, with revisions possible every six months through rapid design sprints.

John, the branch manager, receives dedicated reports with insights into the performance of his branch and staff, not only from a sales perspective but in terms of behavior.  He therefore knows what to focus on for the employees in his branch.  Of the six employees, two need more empathy and proactiveness while four need to be more effective in meetings, with a focus on helping customers adopt the bank’s new digital capabilities.

A month later, John receives a new report pointing out that his branch has been selling one more account and mortgage per day, bringing in over 200 accounts and/or mortgages on an annual basis.  His conversion rate has increased by 50%.  He also notices that his customers’ digital registration rates have increased.

Things have changed for customers, too, with customer progress through the branch now accurately measured.  Time to serve, “drop-offs” where visits are unfulfilled, ATM performance, and interest in product displays are all measured and cross-referenced.  An individual’s online interactions with the bank can be joined up to the branch visit via geolocation, so messaging can be instantly and automatically updated to appeal that customer’s area of interest.

Video cameras identify hotspots within the branch, informing quick and subtle changes in layout to optimize customer flow.  Staff performance and customer engagement are accurately measured.  By combining metrics that reveal the way certain customers spend time in specific branches with an agile approach to store design, the bank creates new layouts to serve these customer communities.  The bank has an entirely new approach to customer segmentation.

The data captured in Scenario Two can be obtained without compromising any data privacy rules.  Information about customers is provided in an aggregated fashion to branch managers, and all solutions are compliant with new European GDPR rules.

As we have discussed, branch enablement is essential.  The first step is adapting the size and format of the branch network to the needs of the customers.  Next is the progressive upgrade of branches with new tools and technologies.  There is a broad range of ways to make this happen, but starting now is vital for banks that want to remain competitive.

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