Winning strategies to champion the branch transformation race

August 10, 2016

As we like to say at Mitek, winners have a plan… and get it done. Being strategic to capitalize the mobile momentum and win the banking transformation race is paramount to banks competing in an ever digital world, with very demanding and technology savvy clients whose expectations have never been higher.

Traditional banks and financial services are seeing how their customers want their banking needs to be answered in a convenient, fast, secure and delightful way. As more customers become accustomed to the ease and speed of digital experiences, time-consuming paper or desktop-driven branch applications represent an enormous obstacle to customer acquisition. 

These new audiences demand a new approach to in-branch assisted service for their banking needs. If you want to learn more about winning strategies to come out victorious in the branch transformation race, register today and attend to our upcoming webinar, Transforming your Branch with Mobile Capture and ID Verification.

Join our free webinar and learn how to be the winner of the branch transformation race

Being ready to adapt to the rapidly changing demands and needs from customers is an imperative for banks wanting to stay at the top of their game. Mitek has put together a list of five strategies to get the most out of the branch transformation movement.

  1.  Analyze customer behaviors and feedback to find your branch’s sweet spot in terms of density and coverage levels. Banks that want to redesign either customers’ everyday interactions or the more occasional high-value transactions, need to analyze their customer feedback and behaviors to define the right investments. McKinsey research suggests that there is a sweet spot in density and coverage levels for retail-bank branches—they become less efficient at any level below or above this optimal point. Banks must have the capacity to determine what these optimal levels are for given segments.
  2. Create a well-designed, segmented, and integrated customer experience, rather than use one-size-fits-all distribution. Due to the proliferation of mobile devices and shifting preferences among demographic groups, customers expect more real-time and cross-channel capabilities than before. As McKinsey points out, banks must recognize that customer expectations are increasingly being set by nonbanks and respond to these renewed demands. Mitek’s upcoming webinar with Jim Marous will dive deeper into how you can leverage mobile to move beyond the branch and engage consumers at community events. 
  3. “Connect the dots to improve entire episodes, not just individual interactions” recommend experts from Bain&Co. This is achievable by creating sales and service interactions that delight customers or, in other words, combining mobile-led design with empathetic, digitally skilled staff. During our webinar, featuring Jim Marous of the Financial Brand, we will examine how the mobile capture functionality for data pre-fill and ID verification provides an enhanced customer experience, accurate data, and a better way to authenticate new customers on the spot. 
  4. Uncap the potential of existing branches. The fact that increasing mobile banking usage has reduced the need for bank branches, resulting in more than 1,600 branches shut down across the U.S. in 2015 alone, doesn’t necessarily mean that physical branches are no longer useful. “Banks are looking to optimize their branch networks rather than eliminate them,” affirms Jean-Werner de T’Serclaes, a partner at The Boston Consulting Group. Banks such as Santander Bank are leading the way in terms of redesigning and optimizing their branches to extend paperless new account opening to tablets, using the camera for document capture.
  5. Invest in your people. If it’s true that nowadays branches have fewer staff – from the 13 people serving a full-service branch in 2004 to the average six working at most retail banks branches today, yet they are asked to be more prepared than ever. Investing in specialized training and efficient technology to help branch staff serve customers better across channels is easy with the adoption of solutions such as Mitek’s. New client onboarding doesn’t need to be a long and tedious process; actually, it can be done in less than five minutes by leveraging Mitek’s Mobile Verify to validate the identity of your prospect on the spot and ensure that the ID document presented is a valid, government-issued one. Attend our new webinar to find out how mobile capture for identity verification boosts productivity and efficiency for tellers by the time it increases customer satisfaction during the in-branch experience.

Don’t wait any longer and learn more about these and other effective strategies to win the branch transformation race. Register to join our free webinar Transforming your Branch with Mobile Capture and ID Verification and turn your branch transformation story into a successful one.