Improving Customer Engagement with the Next Generation Digital Branch

The Bank Branch

Then and Now

“Rumors of my death have been greatly exaggerated..” – Mark Twain.

Remember when the ATM would kill the Bank Branch?

UK has lost 7500 branches since 1989

40% Bank of America 193

PNC 54

RBS Citizens 53

U.S. Bank 44

Wells Fargo 43

Number of EU Branches

fell 2.5% in 2012

2,267 Branches in 2012

2.21 Visits per Month

26.5 Visits per Year

0.26 Visits per Month

3.2 Visits per Year

Free Checking Services 46%

Convenient Branch Locations 46%

Easy Online Banking Services 44%

More Personalized Services 43%

Friendly Service “Feeling welcome” 43%

A stable, financially secure Bank 30%

Convenient ATM Network 28%

Access to free financial advice 23%

Recommend from friend/relative 21%

Complete service in one bank 16%

Open or Close an Account

14%

Apply for a Loan

12%

Ask for Financial

Advice

13%

Report a Problem or Complaint

24%

Enquire about fees or charges

25%

Deposit Cash

16%

Withdraw Cash

13%

Investigate Products &

Services

26%

Request Loan payoff amount

28%

Receive Statements

13%

Request Account Info like balance

enquiry, transaction history or cheque

images

30%

Transfer Funds

11%

Pay Bills

12%

Receive Alerts

20%

prefer closing their local branch

Over more fees

Or Lower Service

Customers are times

To switch banks because of additional fees thanBecause of branch closures

. . . as long as there is a branch

within of where they bank

Why Do Branches Still Matter? Because Consumers Say They Do!

Research Products online - YES, but when it comes to making big ticket decisions like my loan or mortgage I want to do it

in person in the branch.

60% will not

consider a bank if it has no

branch nearby

Simple FACT: People like Branches!

From Multi-Channel Omni-Channel

Digital & Mobile convergence with payments 23%

Establishing TRUST in the eCommerce Platform 23%

Security of Mobile Banking & Payments 19%

Low Customer Adoption of Mobile 15%

Consistent Brand Experience 14%

Combining Virtual & Physical Banking 6%

Branch Evolution from Transactional to Relationship

The eCube Key Ingredients

eCube

People

Technology Content

Customers Staff

Omni-channel : Converge your Digital & Physical Channels

Customer Centric: Individualize Each Branch Experience

Enable Choice of Form Factor

Enable Quick and Easy Self Service Channels

Simplify Banking: Make it understandable & relevant

Simple Products: Clear, crisp and simple Product Information

Don’t just use your website content!

Facilitate Feedback: LISTEN and Evolve the Experience

“The Customer is not just King, they are Dictator”

Invest in Design: Make it elegant & beautiful!

Top Tips for creating an Engaging Branch Experience

Experience Branch Banking the Mashreq Way: eCube

David Horton davidho@mashreq.com