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“Consumer Attitudes and Online Retail Dynamics in the
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The retail
banking industry’s banking channel has evolved from traditional full-service
branch banking to alternate channels such as online, mobile and self-service.
Full-service branches still play a key role in the distribution of banking
products and services as banks rely on these branches to generate the vast
majority of revenue. However the operating expenses and infrastructural
investments associated with full-service branches encourage banks to consider
low-cost self-service branch banking to expand their market presence.
Adoption of low-cost channels to
achieve operational efficiency
Banks have
redefined branch banking following the financial crisis in order to maintain
operational efficiency and to improve overall financial performance. While
full-service branches remain the primary contact point for customers, banks
realize that the expansion of the branch model is not sustainable due to rising
real estate costs and changing consumer preferences. Low-cost channels such as
self-service, online and mobile banking have therefore been gaining momentum.
These channels are adopted with the aim of cost-effectively expanding business
in rural and unbanked areas.
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Self-service branch banking has been
evolving into an alternative to full-service branch banking
Increasing
competition in the global banking industry forces banks to introduce
distinguished offerings from that of their peers. Technological advancements
and shifting consumer preferences forced banks to innovate to provide improved
banking experiences. Self-service banking has evolved into an alternative to
full-service branch banking to cost-effectiveness offer banking services to
customers. This channel offers banking services through automated kiosks,
flagship branches, contactless ATMs and in-store self-service terminals. The
advancement of self-service branches means consumers can conduct the majority of
their banking transactions through ATMs and other automated banking channels.
Advent of next generation
self-service branch provides convenience and security
The advent
of advanced technology has enabled to upgrade self-service branch banking
channels to cater to changing consumer requirements. Due to technological
advancements, there is a shift in consumer focus from traditional banking to
more advanced and convenient channels. ATMs with videoconferencing,
contactless, biometric and mobile features are some of the developments
observed. While contactless ATMs speed up the transaction process, biometric
ATMs enable customers to conduct secured banking transactions. Furthermore,
in-store branches and flagship stores have evolved as a next generation branch banking
model targeting the urban population and affluent demographics.
Use of analytical software helps in
understanding consumer transaction behavior
Banks are
increasingly adopting advanced technology to enhance their banking solutions
and build strong customer relationships. Banks partnered with a number of
analytical firms to develop frameworks and applications to obtain customer
transaction data. The use of advanced customer analytics tools in self-service
branch banking helps banks to understand patterns, enabling them to offer
personalized services which further results in increased customer acquisition
and retention.
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