Retail Banking Transformation

The Universal Banker: A Critical Success Factor For Branch Workforce Evolution

The branch workforce is the lifeblood of any retail bank. When it’s operating at a high level, the likelihood of a bank achieving its goals is raised considerably. All retail banking managers intuitively know this. Yet, in the face of pressures to cut labor costs and migrate consumers to less expensive digital channels, most banks are struggling with what to do about evolving and optimizing their branch workforce. One widely popular approach is adoption of the universal banker staffing model.

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Distribution and Workforce Optimization: Next Stage Banking Transformation Strategies

The first stage of banking transformation primarily focused on distribution and workforce strategies for reducing expenses. Why? Because most banks viewed their branch network and branch staff as expenses. The next stage of banking transformation will focus on strategies for growing revenue as banks turn their branch networks into sales and advice centers rather than transaction centers. Maintaining and improving the customer experience will be critical while still improving operational efficiency. Leaders in the next stage of banking transformation will view their branch network and branch workforce as under-utilized assets and they will deploy advanced analytics to maximize their value.

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Five Critical Pieces of the Branch Transformation Puzzle

In the wake of changing consumer behaviors, “branch experience” continues to be important for overall customer satisfaction. No matter what retail banks do with their distribution strategy, branch formats and layouts, and branch technology, their workforce happens to be the single most critical piece of the branch transformation puzzle. Those that can align their branch workforce with the way consumers use the channel are more likely to succeed than others. And, those banks that can implement collaborative workforce optimization processes driven by predictive analytics will have a significant competitive advantage.

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Kiran Analytics conducted an online survey of retail banks to gain insights on top branch transformation strategies as they relate to customers, distribution, performance, workforce, and analytics.

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