Fintech Today
  • About
  • Banking
  • Insurance
  • Resources
    • COVID-19
Subscribe
No Result
View All Result
  • Digital Transformation
  • Customer Experience
  • Cybersecurity & Risk
  • Regulation & Compliance
  • Claims Management
Fintech Today
  • Digital Transformation
  • Customer Experience
  • Cybersecurity & Risk
  • Regulation & Compliance
  • Claims Management
No Result
View All Result
Fintech Today
No Result
View All Result
Home Banking

Is Partnership the Solution for Banks Falling Behind the Digital Curve?

by Jackie Davis
March 21, 2019
in Banking
Reading Time: 3 mins read
A A
banks
Share on FacebookShare on Twitter

As banking customers demand a more digitized, customer-focused experience, banks must evolve their traditional ways. To do this, banks around the world are choosing to partner in order to expand their physical and digital reach. Could this be the answer for banks struggling with physical location expenses and modernization of digital tools? Read on to learn more.

Mini Shared Branches

In the United Kingdom, Barclays, Lloyds Banking Group, and NatWest are opening shared mini branches for business customers. The first Business Banking Hub opened in Birmingham last week with five more set to open within the next few months. The branches will not be manned by bank staff, but instead machines provided by each company.

Wes Streeting, a member of the Treasury Select Committee, thinks that sharing locations is a good way to help give people access to branches, but that this is ‘small beer’ in the grand scale of branch closures. Partnering to make mini branches may be just what UK banks need after over 750 branches closed last year.

Read more here.

Customers Still Need Branches

Steve Rymers, the Director of the Financial Services Location Analytics and Data practice at Pitney Bowes, spoke with us about the innovation surrounding bank branches. Despite reports of their demise, Rymers reports that retail branches are still very important assets for financial institutions, especially if they can reduce expenses and optimize their performance.

“There are significant changes in the branch today, including the role of technology and how the consumer wants to use the branch. Given these changes banks need to continuously assess how they can leverage their physical footprint to maximize and maintain their competitive advantage,” said Rymers. While physical locations use to focus on transactions, branches are becoming a place for advice, consultative selling, and problem-solving focused on customer needs.

Read more here.

Merge to Meet Challenges

SunTrust and BB&T announced a merger last month that will create the sixth-largest bank in the U.S. The merger was fueled by several factors, but one stood out – consumer digital demands. While mergers traditionally took place to grow branch networks and acquire new regions, today, the focus is on having the right branches paired with a strong mobile banking model and digital capabilities.

After the merger was announced, executives from both SunTrust and BB&T shared how the role of digitization impacted their decision. By pooling their tools, the newly formed bank has access to a variety of digital assets as well as branches in pivotal areas.

Read more here.

Interested in learning more about bank innovation? Subscribe today.

Tags: bank branchesBarclaysBB&TLloyds Banking GroupNatWestPitney BowesSunTrustTreasury Select Committee

RELATED POSTS

Three Things 2019 Taught Bankingtech Professionals About Data
Banking

Three Things 2019 Taught Bankingtech Professionals About Data

December 20, 2019
Using Knowledge Fabric to Meet Customer Expectations in the Digital Era
Banking

Using Knowledge Fabric to Meet Customer Expectations in the Digital Era

December 9, 2019
Is Place Data the Most Important Part of an Organization’s Knowledge Fabric?
Banking

Is Place Data the Most Important Part of an Organization’s Knowledge Fabric?

December 4, 2019

TRENDING NOW

  • Cybercrime and Cyber Risk: Strategies for Protecting Your Organization

    503 shares
    Share 201 Tweet 126
  • What 2023 Means for Commercial Construction Lending

    515 shares
    Share 206 Tweet 129
  • Arizona’s Motor Vehicles Department (MVD) Makes Payment Offerings More Accessible

    657 shares
    Share 263 Tweet 164
  • AI in Financial Services: Where Does Ethics Fit In?

    553 shares
    Share 221 Tweet 138
  • Matching Buyers and Sellers in M&A

    540 shares
    Share 216 Tweet 135

CONNECT WITH US

Advertisement Banner Ad Advertisement Banner Ad Advertisement Banner Ad
Advertisement Banner Advertisement Banner Advertisement Banner

BECOME AN INSIDER

Get Financial Technology Today news and updates in your inbox.

Strategic Communications Group is a digital media company that helps business-to-business marketers drive customer demand through content marketing, content syndication, and lead identification.

Related Communities

Future Healthcare Today
Government Technology Insider
Modern Marketing Today
Retail Technology Insider
Today’s Modern Educator

Quick Links

  • Home
  • About
  • Contact Us

Become a Sponsor

Financial Technology Today offers content and advertising sponsorships to leading technology solution and service providers. Interested in becoming a sponsor? Contact us!

© 2023 Strategic Communications Group, Inc.
Privacy Policy      |      Terms of Service

No Result
View All Result
  • Home
  • About
  • Banking
  • Insurance
  • Categories
    • Digital Transformation
    • Customer Experience
    • Cybersecurity & Risk
    • Regulation & Compliance
    • Claims Management
  • Contact Us