Least satisfied with more mature technologies, retail banking executives are most likely to replace teller and platform systems.
Boston, November 2, 2016 – In recent months, there has been much press surrounding the explosive growth of the digital channels, in particular mobile, and continued speculation that the growth of these channels might diminish the need for brick-and-mortar bank branches. Aite Group finds that since 2010, the number of bank branches at FDIC-insured institutions has decreased from 97,954 in 2010 to 93,835 in 2015. As financial institutions grapple with slow branch-generated revenue growth and stringent cost controls, they are rethinking their retail distribution business model and right-sizing their branch networks.
“While digital channels are taking over after the onboarding process, the future of the branch channel lies in new customer acquisition, the sale of more complex products, and more pointed guidance for customers wanting face-to-face interactions,” advises Aite Group senior analyst David Albertazzi.
Aite Group’s latest report, Branch Technology Evolution: Capabilities to Meet Retail Banking Challenges, describes retail banking executives' views of how branch technology is evolving, and it makes recommendations for financial institutions and vendors participating in the branch technology market.
About Aite Group:
Aite Group is a global research and advisory firm delivering comprehensive, actionable advice on business, technology, and regulatory issues and their impact on the financial services industry. With expertise in banking, payments, insurance, wealth management, and the capital markets, we guide financial institutions, technology providers, and consulting firms worldwide. We partner with our clients, revealing their blind spots and delivering insights to make their businesses smarter and stronger. Visit us on the web and connect with us on Twitter and LinkedIn.
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