How is branch transformation changing?

Bank branches are by no means dying off. There are several data points to counter that, with big banks such as Bank of America making huge efforts to expand their branch presence to the majority of America. These branches are not the same as in the past, as they are moving traditional teller tasks to ATMs.

Michele Riley, VP of global software and services delivery at Diebold Nixdorf joined Bradley Cooper, editor of ATM Marketplace, on the Bank Customer Experience podcast to do a deep dive on how branch transformation efforts have evolved over the past five years, especially with ATMs.

Riley first noted that banks are looking at technologies that deliver operational efficiencies that "reduce costs."

"They need to leverage technology to create operational efficiencies, which creates a better client experience," Riley said.

When it comes to how much tech should be used vs. human interaction, she said it should follow the 80/20 rule of automating the simple transactions that take up 80% of most tellers time so they can focus on the more personalized services they can provide 20% of the time.

This can look different with bigger financial institutions vs. smaller ones, as they are both going for the same goal of "transforming their branches, becoming more efficient, and optimizing the client experience," but they have different means to reach it. For example, bigger ones can build it in-house, while smaller ones often need more dedicated partners.

Riley also examined:

• Why is it important to look beyond the ATM and consider the full branch ecosystem?
• How can banks move customers towards self-service channels?
• If more routine banking is happening digitally, why do branches still matter?
• Where do banks typically experience the greatest operational friction across their branch and self-service networks?
• What role does cash continue to play in branch strategy, and where are the biggest opportunities to manage it more efficiently?
• What early lessons are emerging from institutions that have started this journey?

Listen to the podcast in full above.