Banks are evolving and so too are the branches. The traditional branch banking model is no longer an effective proposition in the new paradigm driven by efficiency, cost reduction, digital enablement and customer experience Banks have to raise the profile of the branches from a being a transaction center to being at the forefront of customer advisory and education.
The customer expectations from branches are undergoing significant change as the online and mobile media are gaining in popularity. The trend is even more apparent for millennial customers whose preference for the mobile channel is well documented. In the changing times, there is increasing scrutiny on branch costs and ways to make them deliver greater value
Smart Branch is a technology driven solution with the primary objective of delivering higher business value through transformational change in branch operations
Virtusa Polaris helps banks to improve branch efficiency and customer experience with innovative technological and network upgrades. To start with branch automation program and subsequently envisioning utilizing the branches for customer advisory and education services.
Polaris solution of Branch rationalization helps banks optimize distribution network strategy to showcase brand presence in communities. It also helps in technology integration for self service, sales and advisory services. This helps banks increase their workforce efficiency, sales and enable them to handle complex transactions, customer services and problem resolution
Key Challenges for Banks
- Multiple, redundant complex processes and legacy technologies that lead to delays in processing, poor customer experience and high costs
- Cash Management within the branch is a complex and overly manual, leaving staff with less time to deal with customers, resulting in dissatisfaction
- Outdated Branch Network with complex, legacy infrastructure
- Threat due to technology trends exacerbated by the preference of online and mobile channels by millennial population
Benefits to Customers
- Digital customer acquisition using tools like pop up branches, tablet on-boarding among others, which free up RMs time for advisory services
- Effective customer engagement through a comprehensive 360 view and cross selling/up selling opportunities
- Superior customer experience through an omni-channel model
- Improved branch efficiency through process and technology intervention like “Design your canvas” and “No more menus”