Banking Reinvented Through
Digital Branch Transformation

blog 11 July 2018

In the digital age, providing everyday services to customers on digital platforms such as mobile, social media, and the internet is a necessity rather than a luxury. This is demonstrated by the fact that modern customers demand perfection, speed, and personalised attention, along with the freedom and control of having near-limitless access to your product.

Banking Reinvented

The 2016 McKinsey Consumer Insights Survey highlights the fact that, although a large percentage of the customer base prefers using digital channels, there is no significant proof to support the complete closure of physical bank branches – for the foreseeable future, physical branches are here to stay. With this in mind, it becomes apparent that branches need to become spaces that are able to connect the customer to the bank at every available touchpoint to better suit their needs, as illustrated in the diagram below.

 

Another set of challenges modern banks are faced with is reducing paper usage, automating resources, and increasing the ROI at branches, while providing consistent high-quality customer service at all digital touchpoints. These challenges can be addressed by reinventing the layout of traditional bank branches in a manner best suited to:

  • Providing self-service features to digitally enrich the customer base.
  • Providing personalised service to long-standing customers.
  • Allowing branch staff to double up as support, enquiry, and sales associates as needed.

 

The above example of a digitally transformed bank branch offers a range of services and benefits for both the branch and its customers, including:

  • Digital tablet origination points that allow clients to initiate transactions and get a ticket number before queuing at a teller, leading to dispersed queues, and shortened transaction capture times for tellers.
  • Self-service kiosks.
  • A single interactive touch screen advertising board in the centre of the banking hall.
  • Eco-friendly thermal printers.
  • A single omni-channel, fully integrated digital branch, and banking hall.
  • A ticketing system ensuring the coordination of clients and work to be done by branch officials.
  • Fully digitally enabled tellers.
  • An automated, integrated middle-and-back office within the branch.
  • Up to 98% reduction in paper handling and usage.

Sybrin has a wide range of experience in the field of digital business transformation across the financial services industry on the African continent, and has developed a banking solution to fit the paradigm shift in the digital era. Sybrin's products have been developed with paperless banking features to provide potential clients with immediate solutions to challenges related to ROI and cost leakages, allowing executives to make strategic decisions in reinventing their banking solutions.

The sheer cost of paper handling is generally underestimated due to its extensive usage and the perceived need that arises due to a fear of digital transformation. The graphic below can help us wrap our heads around the cost of paper handling at a current bank branch in the process of shifting towards digital channels.

 

The environmental impact caused by that amount of paper is alarming as well, as demonstrated in the graphic below. It is clearly important for businesses to transform from paper based to digital processes, not only for business’ benefit but also to provide a sustainable environment for the future.

 

 

There is a definite necessity for retail banking corporations to digitally transform bank branches, thereby reducing their environmental footprint and working towards a greener industry without compromising on their customers’ needs or wants.

Although eliminating the paper handling process is one of the primary features of this solution, there are many other benefits that arise from the automation of paper, as illustrated by the flow diagram below.

 

 

The automation process allows for total business transformation on a digital platform, leading to reduced waiting times, ease of document generation and management, and also for the creation of customised digital forms and workflows to suit every business rule.

To find out more about how Sybrin’s solution can make your bank more efficient and environmentally friendly by means of digital transformation, visit the solutions section on our site!

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