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When agencies successfully embrace digital transformation, they become more customer-centric, agile ...
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When agencies successfully embrace digital transformation, they become more customer-centric, agile ...
In this video, CGI professionals discuss how CGI has supported ...
For many retail banks, the bank branch is at the heart of the customer relationship. It is where customers go for information, open an account, cash a check, make a deposit, and more. Depending on the type of branch, it can even be a place for coffee and human interaction.
When retail bank branches began to close in response to the COVID-19 pandemic, customers were cut off from this relationship. Although many banks continued to provide services through drive-up windows and by appointment, others had to inform customers that their branches were completely closed. To maintain the customer relationship, banks directed customers to their digital channels.
As countries reopen, what will be the future of the retail bank branch? Given the general consensus that nearly all branches will reopen at least for now, there are three courses of action for retail banks to consider:
Now is the time to reinvent the branch concept altogether. Given the disruption in the industry and the greater emphasis on digital channels, the branch could become a key enabler of a bank’s technology supply chain, becoming an online-initiated destination for more detailed information and building upon the appointment-only model some branches used during the pandemic.
Although it is too soon to tell what branch traffic will look like post pandemic, changes in products and services, business models, and even branch layouts are a given. Rapidly identifying and adapting to the in-person and digital needs of the post-pandemic branch customer will enable banks to cascade changes across the branch network more quickly. In addition, it will enable them to quickly develop or acquire the products and services needed to preserve customer loyalty, a measure that has been in decline in recent years.
CGI is working with banks worldwide to help them respond, rebound and reinvent in the face of the COVID-19 pandemic. To learn more about our work, contact me at andy.schmidt@cgi.com.
Respond. Rebound. Reinvent.
Rely on us for practical solutions, co-created with clients, to solve complex challenges. Throughout the pandemic crisis, our local experts in 400+ locations, combined with our global resources, help you respond to unprecedented challenges, rebound at the right pace, and reinvent ways of working. We are committed to supporting you and the communities where we live and work. Visit cgi.com/3R to learn more.
Andy Schmidt is a former banker and industry analyst who currently helps drive CGI’s strategy across our financial services vertical. Andy has more than 25 years of financial services experience as a banker at Bank of America, a consultant at Ernst & Young and an ...
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