28.04.2020

COVID:19 reshaping bank branches

COVID:19 reshaping bank branches In this COVID-19 world when movement is so restricted for so many, there is no doubt that remote banking will be seeing huge levels of growth. Those who had already adopted it are carrying on; those who are new to it are learning how to do it and finding that it’s surprisingly easy, simple and quick. In any case, most people won’t want to go to a branch even if they can as it means coming into proximity with others.
According to KPMG, the ideal model for a bank is that their branches are for selling products – like a store – rather than dealing with transactions such as cash withdrawals or transfers between accounts. The sweet spot for a branch is the sale of wealth management products, mortgages, auto finance, loans and credit cards, and the servicing of business customers with high volumes of deposits or payroll needs. Allied with these factors, and reinforcing them, is another trend that has already been taking hold.

More on the subject in the article below, by Judd Caplain  Global Head of Banking & Capital Markets, KPMG
https://home.kpmg/xx/en/blogs/home/posts/2020/04/a-catalyst-for-change-for-bank-branches.html

 

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