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Financial institutions are increasingly blending the physical and digital world to deliver better customer experiences. According to Q1 2016 research from KPMG, some banking executives are prioritizing various initiatives to transform the overall physical bank branch experience.
Some 37% of US banking executives surveyed said that one of the primary priorities for transforming the physical bank experience was by deploying digitally enabled self service capabilities for teller transactions. Additionally, 35% of respondents said that deploying digitally enabled self service capabilities for account opening and maintenance was another thing they are prioritizing.
Banking execs are also looking to invest in branch technology to increase operational efficiencies and re-define banker roles. Only 3% of respondents said they don’t have plans to transform the physical bank branch experience.
KPMG also looked at the actions that banking execs have taken to drive revenue growth. More than half of respondents said they develop or sell new capabilities for investment services. Some 38% of respondents said they cross-sell services, like IRAs and CDs.
Furthermore, nearly a quarter of banking executives said they unbundle services or pricing to drive revenue growth.
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