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White Papers

We published our Branch Transformation whitepaper entitled “Branch Transformation: The Plain Truth” in 2015. Little did we know that the “plain truth” would be that the conversation around Branch Transformation would itself transform significantly over time.

Since 2015, GLORY has engaged in hundreds of strategic conversations with all types and sizes of financial institutions [FIs], as well as other industry stakeholders, as the banking landscape has continued to change to meet the needs and desires of banking customers. This paper attempts to synthesize those conversations, bring in recent research regarding customer desires, and provide fresh perspectives about the evolving nature of these conversations.

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Why a Branch Transformation is Not About Superficial Design

Abstract: Branch banking today is highly competitive. Banks and credit unions must design branches skillfully with customer experience and return on investment (ROI) foremost in mind. Community engagement, brand loyalty, and the incorporation of technology are all indicators of an institution’s relevance, and crucial for branch success. Simply put, the renovation of financial branches is no longer a cosmetic affair. What was once a matter of choosing the right carpets and wall color has now become a major undertaking requiring industry expertise and the coordination of numerous disciplines. A modern branch transformation is an exercise in efficiency and cost-saving due to advances in cash handling equipment, interface redesigns, and banking communications technology. For most, if not all, of today’s branches, these renovations are first generation. All of the considerations discussed below must be properly mapped out to project realistic hurdle rates and payback periods. For instance, a branch footprint can be overestimated if mobile apps are promoted after a branch is designed. Up to 30% of transactions may be transferred to apps, reducing the spatial requirements. This paper helps guide those without the requisite knowledge to a fuller understanding of which branch elements are of value to customers, and the ways in which these elements can be configured for optimal return on investment. The focus is on community banks and credit unions in New England.

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What used to be the ‘branch of the future’ turned out to be more of a journey than a destination. If form is to follow function, then the same is true about the concept of branch transformation. Thought leaders and suppliers to the financial services industry have written volumes on the topic of branch transformation. In fact, according to a recent research report conducted by International Data Corporation (IDC), a whopping $16 billion will be invested in branch transformation globally in 2017. But what exactly will that investment involve?

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