Dutch bank ABN Amro has begun a major overhaul of its high street network with the roll out of a new concept branch, dubbed the bankshop.
Ten bankshops throughout the Netherlands will open their doors to the public for the current trial run. Based on the experience gained in the pilot project, a network comprising 550 bankshops - 340 with human tellers - and 80 advisory branches will come into existence. Up to 210 of the new branches will be completely automated.
The bankshop idea was first unveiled in February as part of an accelerated cost-reduction programme aimed at yielding annual cost savings of EUR400 million by 2004. The re-organisation will result in the closure of some 200 branches from the bank's 830-strong high street network.
"ABN Amro continues to view brick-and-mortar outlets as an important distribution channel, and wants to employ its personnel in as customer-oriented a way as possible," says the bank in a statment. "For this reason, the administrative activities of bankshop and advisory-branch personnel will be kept to an absolute minimum, enabling employees to focus their efforts on offering personal advice and serving customers."
Bankshops offer customers facilities for day-to-day banking activities such as saving, payment, loan, insurance and investment transactions. In advisory branches, specialists will advise clients with regard to more complicated financial decisions, such as taking out a mortgage and financial planning.
ABN Amro says the new model branch has been devised in response to changing market conditions and changing customer behaviour.