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Where does your bank fit in between Modern Bank Cafés and the traditional model?

Where does your bank fit in between Modern Bank Cafés and the traditional model?

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Somewhere between this uncertain age of evolving expectations, digital transformation and pandemic-influenced behaviors, you realize your traditional bank design just won’t cut it when compared with the Capital One Café-type experiments and the Credit Union renaissance. The path of evolution is so wide that it can be paralyzingly unclear. Advice on how to proceed is seemingly everywhere but where do you start and how do you navigate the constrains on budget, dependency on legacy infrastructure and the challenges of internal staffing? These barriers can lead to inaction and fading into history like a set of dictionaries! Start with an honest self-assessment. Are you an obsolete Blackberry, the latest iPhone 12 or somewhere in between? This hard, inward look can help analyze your risk and avoid the pitfalls of experimenting while giving you a place to start. Wherever you fall on the spectrum, think about laying a solid foundation for technology, consolidating and outsourcing everything you can and moving to digital in the easiest fashion possible. Here are a few high-level suggestions:

– Consolidate Back-End Systems and outsource what is not a core competency

– Increase Self-Service Choices and Transaction Sets across your ATM/ITM fleet to at least be on-par with technology-leading FIs

– Analyze your footprint and Re-Size Branches & include Teller Cash Recyclers

– Optimize Teller Performance / Revise Job Descriptions / Retrain / Rehire

– Re-Invent Your Brand to Differentiate and focus on what you should do best: servicing customers

Shields Business Solutions can help define the steps in this path in basic, plain language with a pragmatic approach. This 50-year-old company has a rich history partnering with the industry leaders who can help with each of these. While the journey is a multi-step, multi-partner one, Shields and NCR have the scalable solutions to work with the smallest to the largest FIs.

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