Top 5 Takeaways from Future Branches Austin 2019
Every year, hundreds credit union and banking executives attend the Future Branches conference in Austin to discuss the latest branching trends as well as share the stories of their successes and failures. It’s a great learning experience, and we’d like to share out top five takeaways this year.
- The Branch Experience is Paramount. Regardless of the footprint or types of technology employed, the branch shapes an experience. That experience must be one that resonates with your members or customers. The world is cluttered enough with forgettable transactional relationships, so financial institutions should strive to create memorable ones.
- Digital Transformation is a Balancing Act. Technology enables financial institutions to deliver their services in a wide range of channels on a larger scale. But it’s important not to forget your organization’s purpose: serving the people who choose to do business with you. When embarking on a digital transformation be sure to avoid the trap of overlooking the human element and automating away your relevance to members and customers.
- Data Analytics is Essential for Informed Branch Network Decisions. Big data, AI, and predictive analytics have changed the game for making branch network decisions. Basic demographic data is simply not enough to make branch decisions in a rapidly changing, highly competitive, and highly mobile world. The data, tools and associated expertise are available in the market, and the financial institutions that are winning are the ones leveraging those types of resources.
- Agility Matters. The one thing that is constant is change. Financial institutions are recognizing that they need to develop a branch strategy that is rooted in the agility to change over time. This requires a different level of planning and thought to ensure the organization can quickly shift to meet demands in the market.
- Staff Empowerment. Financial institutions are making significant investments in their retail staff, helping them develop expertise in a wider range of areas and empowering them to make decisions and work autonomously. This transforms employees from feeling like cogs in the machine to being valued professionals with a sense of ownership in the success of the organization. Employees functioning at this level deliver stronger and more memorable experiences.
These are concepts that we help our clients engage with every day, and we’re excited to see how they evolve throughout the 2020s. To be a part of the branch of the future revolution, reach out to us today and start the conversation!