The fast-paced development of banking technologies, combined with consumer demand for bricks and mortar branches, is creating the perfect storm for the continuation of in-branch banking innovation.

Just over half of the UK’s population currently banks online and globally, the number of mobile banking users is expected to rise to one billion by 2017. Yet against the backdrop of increasingly sophisticated online and mobile banking platforms, physical branches are still playing a vital role in the customer journey. In fact, 80% of consumers say branch location influences their choice of bank.  The branch therefore continues to remain a vital – and valued – part of the wider banking channel mix and a key part of the banking customer experience.

With online banking platforms setting a new precedence in banking innovation, financial institutions are currently working hard to integrate fit for purpose technologies in branch too. The future of banking lies in providing a seamless experience to customers, utilising technology as the enabler in delivering an omni-channel end-user experience across the entire banking channel mix.

Many high street banks and building societies are already in the process of evolving their in-branch strategies and evaluating ways to meet the ever increasing demands of customers. Convenience and choice are vital elements of delivering a valuable customer experience which coupled with ongoing challenges and reducing operating costs, is forcing financial institutions to adapt to, and deliver change at an unprecedented rate.  

Digital signage, self-service kiosks and visually interactive technologies will continue to be integrated into the branch environment over the coming months and years, enhancing the overall customer experience. Providing intuitive and convenience focused technology will ensure the in-branch experience is flexible enough to adapt to customer needs. If a customer wants to start a transaction online and complete it in a branch they should easily be able to do this, or if a customer would like to quickly check some information about their mortgage whilst in a branch, this should be quick and convenient too.

Deploying multi-functional, self-service or assisted service technology also means that branch staff can focus on delivering customer orientated service in a more advisory way. Staff are freed up to assist customers and give customers a higher level of face-to-face interaction, deepening relationships and adding value to the customer journey.

The continued rise in digital banking and the availability of next generation technology will encourage more banks to adjust, enhance and develop their in-branch strategies. Banks and customers alike will continue to recognise the branch as a key channel in the wider banking journey. So, whilst mobile and online banking technologies will continue to develop, we can expect banks to accelerate the deployment of innovative technologies in their branches too.