Are bank branches still relevant in the mobile and digital world today?
Proceedings report from The Asian Banker’s "Excellence in Retail Financial Services Conference 2013” on banks’ latest channels and technologies to acquire, retain and maximise revenue from customers in retail banking. April 18, 2013 | Baron Laudermilk*The following is an extract of an important ten-page proceedings report on the Excellence in Retail Financial Services Conference 2013 that was held in conjunction with the Future Bank Korea Innovation Tour 2013. The entire report is available in English and Korean on the Reports Purchase page here. Are bank branches still relevant in the mobile and digital world today? a. Mobile banking will possibly be the most important channel in the 21st century in the financial services industry. b. According to Antonio Yobie Benjamin, Chairman, Innovation Lab, Citigroup, banking will be performed online completely in the next five to ten years’ time. Mobile banking will include branch banking features, such as account openings, currency conversions, and even mortgage and credit card applications. c. South Korean bankers stated that brick-and-mortar branches will continue to play a vital role in servicing customers in coming years. However, banks will have to focus on making their branches more useful to customers and boost efficiency by shortening lines, automating processes, and make banking services accessible for the non-technology savvy crowd. d. While South Korean banks are not keen on expanding their respective domestic branch networks, they do not plan to shut down any of their bank branches. e. Bank branches become points of contact for when mobile banking cannot provide its services. But bankers are predicting that this will change over time with the progression of mobile and online banking. f. South Korean banks are perhaps further along in mobile technology than the US and Europe, as we see mobile payments and contactless payments taking root in the country. g. According to the Benjamin, it is possible that, in the next five to ten years, banking could b... Please login to read the complete article. If you already have an account, you can login now or subscribe/register.
Categories: Channels, Innovation, Internet Banking, Mobile Banking, Retail Banking, Technology & OperationsChannels,Innovation,Internet Banking,Mobile banking,retail,technology, Channels,Innovation,Internet Banking,Mobile Banking,Retail Banking,Technology & Operations, Keywords:Antonio Yobie Benjamin, Citigroup, South Korea, Online Banking Antonio Yobie Benjamin, Citigroup, South Korea, Online Banking
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