Critical Pieces of the Branch Transformation Puzzle
Clearly, the first and most critical piece of the branch transformation puzzle is the CUSTOMER. Branches are still important from the customers’ point of view and the bankers’ point of view. Top reasons why customers choose the branch channel are human interaction, new account openings, convenient access, and brand reputation.
The second critical piece is DISTRIBUTION. In order to improve distribution efficiency while improving customer experience, retail banks are executing various branch transformation strategies.
The third piece is SALES EFFECTIVENESS. The key performance levers for branch sales effectiveness are:
- Hire bankers with stronger sales and complex service skills
- Increase staff time spent on sales
- Provide sales training and incentives
- Change the optimal resource mix
WORKFORCE is the lifeblood of any organization and when it’s operating at a high level, the likelihood of a company reaching its business goals is raised considerably. Branch workforce optimization (WFO) involves an interrelated set of sub-processes from forecasting customer arrivals to workforce planning, and from resource alignment to labor scheduling.
The fifth critical piece is ANALYTICS. Leaders in branch transformation are utilizing workforce analytics to improve the quality of hires, enhance employee retention, optimize position mix, align selling capacity to market opportunity and optimize staff scheduling.