Branch transformation and redesign remains a priority for institutions of all sizes. As financial executives address the role and function of the branch in the midst of rapidly changing consumer channel use, various innovations are influencing the future success of branches. These innovations are derived from many sources that influence consumers’perceptions, channel use and relationships with financial institutions. This article will identify some primary influences – economic, sociological and psychological – that impact successful branch change for financial institutions. These influences will be examined in the context of Everett Rogers’ five characteristics of innovation—relative advantage, compatibility, complexity, trialability and observability (see sidebar)—which serve to explain the rates of adoption for new innovations.
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