Source: Glory Global Solutions
Three quarters of Britons believe branches will still exist in 2025, with shorter queues (43%), access to more experts (29%) and a more personalised service (27%) top of the list of desirable features for the bank branch of the future.
Despite the adoption of online and mobile banking services and as banks continue to close branches around the UK, 57% of the 2030 respondents surveyed by cash management experts Glory Global Solutions said they still visit their bank branch once every two to three months or more.
Access to expert advice is particularly important to 18-24 year olds with 36% saying they want more experts available in branches in the future. Over half of 18-24 year olds (51%) say they want their branch to provide a more ad hoc drop-in banking advice service by 2018. For the 25 to 34 year olds, longer opening hours are the priority, with 58% saying they want their branch to offer longer opening hours by 2018.
Paul Adams, CEO of Glory, described the findings of the survey as particularly encouraging for those banks investing in front end technology that improves the customer experience and releases staff to spend more time providing financial advice.
“The challenge for banks is how to respond to customer demands for more face-to-face interaction without significant increases in their cost base. By automating cash transactions at the counter and expanding the range of transactions available to customers through assisted service devices, banks have the opportunity to transform the customer experience without increasing staff costs,” Mr Adams said. “Glory delivers expert planning, knowledge and solutions to help banks optimise that customer experience and ultimately improve revenue.”
Glory’s assisted service solution, TellerInfinity® provides a unique combination of features that transform the way traditional banking services are delivered in branch. Developed with the world’s leading financial institutions, it aligns with existing branch processes and systems, performing all transactions that are often conducted by tellers, mobile, online and ATMs.
Combined with the Glory teller automation technologies, which provide full banknote authentication, counting and fitness sorting, such innovative banking solutions help banks reduce the time and costs associated with the complicated manual handling of cash, freeing up staff and teller time so they can engage with customers more effectively and improve the customer experience.
Other relevant findings from the survey include:
• 57% of those surveyed still feel that making transactions in branch is safer and more secure than online
• 41% said they would prefer to apply for a mortgage in branch and 34% said they would want to apply for a large loan of £10,000 or more in branch, although the number was much higher among 18 to 24 years olds (55% and 54% respectively)