Digital Branch Banking for a Future-Proof Tomorrow

Digital branch banking is no longer just a trend, it's the future of banking. According to a study, 75% of banking customers prefer digital channels for their banking needs.

As technology advances, digital branch banking is becoming increasingly popular. The number of mobile banking users is expected to reach 2.1 billion by 2025.

This shift is driven by the convenience and accessibility of digital banking. With digital branch banking, customers can access their accounts, pay bills, and transfer funds from anywhere, at any time.

Traditional branches can be transformed into technologically fully equipped branches by using value-added digital banking technology, enabling banks to create authenticated, frictionless customer journeys.

By providing a true omni-channel experience with the right mix between a physical branch and advanced technology, banks can enhance customer experience and increase channel engagement. This can be achieved through the use of self-service kiosks, consolidated user interfaces, video teller machines, and interactive digital walls.

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Financial institutions globally are redefining how customer experiences can be enhanced and channel engagement increased, with the role of the branch at the epicenter of this discussion. Banks and credit unions must support channel-agnostic delivery where data and applied analytics allow a customer to determine when and where to engage without a change in service levels.

Here are some key benefits of digital branch banking:

Creating a Future-Proof Branch is crucial for banks to stay relevant in today's digital age. By leveraging digital banking technology, banks can create authenticated, frictionless customer journeys and turn traditional branches into technologically fully equipped branches.

Digital Branch Solutions, like VeriPark's Digital Branch Solution, enable banks to provide a true omni-channel experience with the right mix between physical branches and advanced technology. This includes self-service kiosks, consolidated user interfaces, video teller machines, and interactive digital walls.

Banks can no longer afford to focus solely on low-value transactions, but rather put customer experience at the heart of branch operations. By doing so, they can drive up sales and provide a better experience for customers.

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A study by Valiant Bank found that there was a 35% decline in personal assisted transactions from 2014 to 2017, highlighting the need for banks to reimagine the future role of physical delivery.

Here are some ways banks can create a future-proof branch:

By implementing these solutions, banks can reduce costs, increase efficiency, and provide a better experience for customers.

Implementing a modular system for bank branches has led to significant cost savings.

The initial setup costs for these new branches were reduced from CHF 3,000,000–4,000,000 to CHF 500,000–900,000.

This reduction in setup costs is a substantial savings, and it's a direct result of the modular system's design.

Having one agent able to service six branches means that five physical bank branches can operate without the need for additional agents.

This translates to a savings of 400k per year for every five branches, as seen in Valiant's case.

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Digital branch banking is revolutionizing the way we interact with banks. It's now possible to have an entirely digital customer experience through self-service and assisted terminals, such as kiosks and digital touchscreen walls.

Customers can also enjoy new physical branch layouts designed to provide a great in-person experience. The branch is divided into different zones, including a self-service banking zone, an assisted-service zone, and a cash & cheque zone.

One of the most innovative features is the consolidated user interface for all banking functionalities, which can be accessed through a single application with a unified front end. This makes it easy to navigate and find what you need.

Customers can even start a transaction using digital channels and then pick it up face-to-face in the branch. This seamless integration makes banking more efficient and convenient.

Tellers are now freed up to focus on sales and educating customers on innovative self-services, such as digitally selling complex banking products with ease. This helps customers make real-time decisions and drives up sales.

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The ASEE Solution Overview is all about making digital branch banking a seamless experience for customers. Predefined processes, an integral part of Digital Branch, ensure an identical client experience as on other digital channels.

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This consistency is key to building trust and loyalty with customers. They know exactly what to expect, every time they interact with the bank, whether it's online or in-person.

By streamlining processes, Digital Branch makes it easier for customers to manage their finances and get the help they need. This is a big win for customers, and a testament to the power of digital branch banking.

ASEE is a comprehensive solution that offers a wide range of features and tools to support various business needs.

It provides a centralized platform for managing multiple projects and tasks, allowing teams to stay organized and focused.

ASEE has a user-friendly interface that makes it easy to navigate and use, even for those with limited technical expertise.

The solution offers robust reporting and analytics capabilities, providing valuable insights and data to inform business decisions.

Its flexible workflow management system allows for customization to meet the unique needs of each organization.

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To start with the ASEE Digital Branch solution, you'll want to meet and exceed customer expectations by providing flexible and scalable omnichannel banking solutions that make a positive impact on customers' day-to-day lives.

You'll need to define roles, rules, and a workflow journey to mark business-critical processes. This will help you identify areas where the solution can have the greatest impact.

Start with the initial process implementation and training to get everyone on board and familiar with the new system.

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Digital branch banking is all about providing a seamless and personalized experience for customers. By integrating digital tools with physical branches, banks can offer extended hours, with some branches now open 50 hours a week, significantly increasing accessibility.

The average waiting time to be served is just 60 seconds, making it a convenient option for customers. This is a far cry from the 15 hours a week some branches used to operate.

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Customers can now interact with agents remotely, reducing the need for physical presence and allowing one agent to serve up to six branches. This efficiency boost also enables banks to provide more comprehensive assistance to customers who need it.

Digital receptionists can direct customers to designated stations for secure identification, making processes like cash withdrawals more streamlined and secure. This not only benefits customers but also reduces expenses for banks.

With digital branch banking, customers can expect a consistent experience across all touchpoints, thanks to predefined processes that mirror those found on digital channels. This consistency is key to delivering a delightful customer experience.

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Digital branch banking offers a range of technical details and features that enhance the customer experience.

The online banking platform is accessible 24/7, allowing customers to bank at their convenience. This is thanks to the cloud-based infrastructure, which ensures high uptime and scalability.

Mobile banking apps are also available, providing customers with the ability to check their account balances, transfer funds, and pay bills on-the-go. These apps are designed to be user-friendly and can be downloaded for free from the app store.

Digital branch banking also incorporates advanced security measures, such as two-factor authentication and encryption, to protect customer data. This provides customers with peace of mind when using the online banking platform.

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Our platform includes a BPM (Business Process Management) and Decision Engine that allows for automated, flexible, and result-oriented banking processes.

This means you can scale your business while maintaining the highest quality of operations. Hundreds of processes are designed specifically for modern bank operations, aiming to provide effective customer servicing.

You can access these functionalities in a programmatic way through our APIs, making it easy to integrate with your existing infrastructure.

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The Valiant model is a viable solution for bank branches looking to improve their operations and customer experience. It's clear that this model is effective in reducing costs, driving business growth, and increasing customer satisfaction.

Cost savings are a major benefit of the Valiant model, allowing bank branches to operate more efficiently. This is achieved through streamlined processes and reduced overhead costs.

The Valiant model is also a key driver of business growth, helping banks to reach new customers and increase revenue. By providing a fully personalized experience, banks can build strong relationships with their customers and encourage loyalty.

Customer service satisfaction is another area where the Valiant model excels, allowing banks to provide a delightful experience at every touchpoint. This is achieved by helping customers solve their real needs in a fully personalized way.

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The Valiant model is a viable solution for bank branches, offering cost savings, business growth, and customer service satisfaction across three essential areas.

Banks and credit unions are redefining customer experiences and channel engagement, focusing on tech-enabled, integrated ecosystems. This shift is driven by consumers embracing digital alternatives to save time, with the pandemic accelerating the trend away from physical engagement.

Most consumers are willing to pay a bit more for an exceptional experience, as seen with Amazon Prime. This has led financial institutions to prioritize delivering exceptional experiences.

Collaborations with fintech providers and third-party solution providers can accelerate the digital transformation process, making existing branches more aligned with an omnichannel experience. This approach can also help with rethinking back-office processes and operations that create barriers to delivering fast and easy digital solutions.

Legacy banking business models require a rethink to achieve competitive differentiation in the future. This involves leveraging technology, innovation, and collaboration to stay ahead of disruption from small fintech firms and large digital platform providers.

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Financial institutions globally are redefining customer experiences and channel engagement. The role of the branch is at the epicenter of this discussion, as organizations focus on creating tech-enabled, integrated ecosystems.

Consumers in all age categories are embracing digital alternatives to save time, and the pandemic accelerated the trend away from physical engagement. The exodus of customers using physical branches started way before the pandemic.

Banks and credit unions must support channel-agnostic delivery, where data and applied analytics allow customers to determine when and where to engage without a change in service levels.

Financial institutions globally are redefining customer experiences and channel engagement. The role of the branch is at the epicenter of this discussion, as organizations focus on creating tech-enabled, integrated ecosystems.

Banks and credit unions must support channel-agnostic delivery, allowing customers to engage without a change in service levels. This is made possible by data and applied analytics.

The pandemic accelerated the trend away from physical engagement, but it doesn't equate to the elimination of branches. Instead, it creates the need to reimagine the future role of physical delivery.

Consumers are looking for value in every level of engagement, and most are willing to pay a bit more for an exceptional experience. This is why Amazon can charge over $100 for Amazon Prime.

Legacy financial institutions are opting to collaborate with fintech providers and third-party solution providers to accelerate digital transformation and make existing branches more aligned with an omnichannel experience.

Transforming your business to a digital branch can be a game-changer. By bridging the gap between your digital and physical channels, you can provide 24/7 access to services, making it easier for customers to carry out transactions around the clock.

With digital branch transformation solutions, customers can be guided to a service employee, a video agent, or to a self-service machine. This increases customer satisfaction and reduces wait times. Customers can also reach service agents via video call anytime, anywhere with virtual service machines.

To accelerate your business transformation journey, consider the following benefits of digital branches:

By leveraging these benefits, you can create a more efficient and customer-centric business model.