BANKS BLENDING NEW TECHNOLOGIES WITH PERSONALIZED SERVICE

Have you noticed a change when you visit your local bank branch? Teller windows with no tellers? Huge, cavernous spaces that used to be a hub of activity. Maybe your Bank has opened a new location that looks very different from what you have seen in the past. It may be a smaller space now being shared with a coffee or tea house. For decades branch bankers have worked to find new ways to make transacting banking activities convenient, efficient, safe and less costly. This was accomplished with branch banking and the advent of such products as direct deposit and automatic teller machines. Today, the idea of banking at a branch location is in midst of a rapid change driven by further advancements in technology as well as the use of online and mobile banking. If online and mobile banking are becoming the most popular way to process transactions then what is the future of your local retail branch? Today this question is a topic of discussion throughout the industry with most of the data indicating Bank customers want to be able to use all avenues, including banking centers. This presents both challenges and opportunities for the industry. Creating a seamless experience for bank customers is the top priority. Coordinating customer interactions between all bank channels (branch, call center, ATM, online and mobile) has become a bigger task than anticipated. The number of banking centers, as reported by the Federal Deposit Insurance Agency, has declined by 4% in the last five years within Dade, Broward and Palm Beach Counties. While some branches are closing new ones are opening and chances are they look very different from the traditional banking center of old. Designed to provide a multi-channel approach for customer service, the banking center of today will come in many different sizes and have different functionality. Mercantil Bank’s recently opened banking center in the City of Wellington is a case study in blending new technology with personalized service. When designing this banking center, the objective was to create an inviting space with full service capabilities. The space encourages guests to learn about the Bank utilizing digital devices. When asked about the new Wellington banking center, Laura Trosclair, Executive VP of Retail Banking stated, “As a community bank headquartered in Coral Gables, we believe the transformation occurring in retail banking provides us a unique opportunity to compete with the national and regional banks. With the rise of online and mobile banking, gone are the days of needing a banking center on every corner. Having a presence in key communities with banking centers that are easy to locate and provide the products, services and consultative financial advice will keep us ahead of the competition.”