Kookmin Bank targets work process innovation through smart branch concept
With the introduction of its smart branch, Kookmin Bank enables staff to spend 70% of their time on sales and advisory services. October 24, 2012 | ResearchWith the advent of mobile banking, the role of brick and mortar branches has come under increased scrutiny. Banks from Japan to Korea and Dubai have responded— partly because of their own refreshment cycles—with the next generation of branch banking, offering a community-like banking experience with a high-touch and personalised feel, but with large-scale infrastructure capabilities behind it. Simpler transactions will continue to be conducted through e-banking channels, but through a fully-integrated multi-channel strategy in which customers decide which channels are best for them. At the same time, banks’ branch innovations are focused on improving their services and sales experience, with significantly higher levels of automated front-end workflow processes, and by moving sales and advisory functions, upon which staff spend beyond 70% of their time, to more general-skilled branch staff. Products, processes and service innovation are increasingly tied to new media and mobile devices to introduce more fun, flexibility and discovery options into customer engagement. Orchestrating these touch-points will require an integrated customer information system that operates in real-time, a level of functionality that remains elusive for many institutions. Even when a platform does make the grade, a provider can only call itself transactionally-integrated; the all-important relationship factor still largely hinges on face-to-face interactions within the branch where staff can create synergies with the tools and information provided to solve ad hoc problems swiftly. Kookmin Bank is the largest commercial consumer bank in Korea, with retail assets of $93 billion and 1,180 branches, including eight corporate, 23 private banking and 41 campus branches currently testing their newly set-up smart branch concept to find out whether customers are willing to bank/spend more. Kookmin Bank aims to eventually roll out the smart branch concept to its entire 1... Please login to read the complete article. If you already have an account, you can login now or subscribe/register.
Categories: Branch Banking, Channels, Customer Centricity, Innovation, Retail Banking, South Korea, Technology & OperationsBranch Banking,Channels,Customer Centricity,Innovation,retail,south korea,technology, Branch Banking,Channels,Customer Centricity,Innovation,Retail Banking,South Korea,Technology & Operations, Keywords:Kookmin Bank, Kang Jin Seop, Branch Innovation, Customer Engagement, Smart Branch, Self-Service Operations, J2EE, IBM Kookmin Bank, Kang Jin Seop, Branch Innovation, Customer Engagement, Smart Branch, Self-Service Operations, J2EE, IBM
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