Chalk up another ex CBA employee here (1985-1990)
I have enjoyed reading through this thread
This to me is an interesting line of thinking, the belief / hope from your head office is that this is a cross selling opportunity, not an inconvenience and a chance to convert the customer into a "Raving Fan".
Warning: Boring Retail Banking blurb to follow:
Retail Banking goes in cycles, pre my days the Banks invested heavily in bricks and mortar to reach their customers base. Early to mid 80's the Banks were pushing customers out the doors to ATMs and with the Keycard hoping for the death of the passbook as it is expensive to staff branches and the per transaction costs were so much cheap electronically. This push enabled them to reduce their retail footprint and rightfully so because as a public company they didn't need these massive assets stagnant on the P/L, for growth, liquidity was key. Through time the Banks did this so well it had a consequence in a serious decline in the average number of products held by each customer, without face to face contact upselling was limited. 2000 on there seems much debate on how best to balance the need between physical presence, customer experience, customer convenience, cost of delivery and profit but I'm sure whenever a customer speaks to an employee the first directive should be "smile and nod".
The current thinking with many in the industry is a "Hub and Spoke" model with a large central branch surrounded by touch points, via 24hr self service walls, staffed by 1 person during business hours................this will be followed by a need to expand branch presence, followed by a need to save costs via branch closures followed by a recognition they cut to close to the bone so a push to expand etc etc etc
Hey lunch time, there's a good mornings work (well I looked busy typing ayway
Cheers
Ross
I have enjoyed reading through this thread
This to me is an interesting line of thinking, the belief / hope from your head office is that this is a cross selling opportunity, not an inconvenience and a chance to convert the customer into a "Raving Fan".
Warning: Boring Retail Banking blurb to follow:
Retail Banking goes in cycles, pre my days the Banks invested heavily in bricks and mortar to reach their customers base. Early to mid 80's the Banks were pushing customers out the doors to ATMs and with the Keycard hoping for the death of the passbook as it is expensive to staff branches and the per transaction costs were so much cheap electronically. This push enabled them to reduce their retail footprint and rightfully so because as a public company they didn't need these massive assets stagnant on the P/L, for growth, liquidity was key. Through time the Banks did this so well it had a consequence in a serious decline in the average number of products held by each customer, without face to face contact upselling was limited. 2000 on there seems much debate on how best to balance the need between physical presence, customer experience, customer convenience, cost of delivery and profit but I'm sure whenever a customer speaks to an employee the first directive should be "smile and nod".
The current thinking with many in the industry is a "Hub and Spoke" model with a large central branch surrounded by touch points, via 24hr self service walls, staffed by 1 person during business hours................this will be followed by a need to expand branch presence, followed by a need to save costs via branch closures followed by a recognition they cut to close to the bone so a push to expand etc etc etc
Hey lunch time, there's a good mornings work (well I looked busy typing ayway
Cheers
Ross