Event – Fintech kidnapped branch

Citizens obtain 41% of all their purchase-related information from digital sources. The wave of digitalization has long ago transformed banking as well. It continues to challenge the top management—more strongly than ever during the past decades.

 

Traditional branches seem less and less relevant.

Could customers be carrying the branch of the future in their pockets? Will there only be “financial services to go” left at the end of this road? We discuss the present situation in our lecture series “FinTech kidnapped branch?” from several perspectives.

  1. From the perspective of FinTech: How does the entire digital process work?
  2. From the perspective of a seemingly unrelated industry: How does the automotive industry combine digitalization with car dealerships?
  3. From the perspective of the wealth of data generated in each of the channels: Are these used productively at all for any of the channels?
  4. And from the perspective of the good “old” branch: Why is the branch vilified at every turn, but no one is doing anything apart from closing it?!

    Because branches hold significantly greater potential when we consider the following parameters:

    • quality consulting
    • excellent processes
    • competence transfer
    • defining customer benefits


    Because the customer expects a significant added value from the branch. To him, the branch office is a place for personal consulting and advice. Even those who originally start their business on the online channel still conclude it in the branch 41% of the time. And if these customers do not get the level of service they expect when logging into the online channel, then they will conclude their transaction elsewhere offline—no matter how enjoyable the online channel was.

    Of course, the conclusion rate of 41% in branches also shows that online channels still have considerable weaknesses. Especially as regards guiding the customer to a conclusion and the actual conclusion. Here we look at a different industry: the automotive industry.

    The configurator is considered the heart of car advertising.

    Because it provides a digital experience even before entering the car dealership. Configurators are like virtual legos for grown-up boys and girls. The customer is strongly influenced emotionally, so he will not leave as easily. What lessons can the financial industry draw from these “experiences”?

    Possibly, the realization of fully digital asset management. Investors can align their personal investment strategy based on their own personal investment theme ideas. Beyond the consideration of legal requirements, the emotional and ethical perspective of the customer also play a central role here. An excellent process is accompanied by strong images and emotions. Many factors are taken into account that lead to a significant leap in quality in the branch service as well.

    A large amount of data is collected...

    ... about the customer in all three places: the online channel, the branch, and the configurator. So what do we do with it? Do we use it to identify hidden patterns, unknown relationships, market trends, and customer preferences? Or will we honestly admit that we overlook much of the data and fail to utilize it?! Even when this data would greatly strengthen each channel.
    As you can see, the topic is complex. It is not so much a matter of linking the individual channels with each other at the right places. Every channel must be strong enough on its own so that it makes no difference to the customer where he concludes his transactions. Only then can we achieve consistent customer retention and acquisition. You have four exciting 20-minute lectures by top speakers to look forward to.

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