Concept of Financial Mall Proved Attractive to Banks in the Gulf Region, States Timetric
27 Feb 2013 • by Natalie Aster
The global retail banking industry is now in a period of innovative commitment to the branch that has arguably not been seen since the early 1990s. However, this silent revolution is dealing with a more broadly based agenda than just branch design; it is much more likely to succeed in creating more customer-orientated experiences and greater retail banking profitability.
While attention is paid to identify an individual mutual bank, building society or credit union, there are occasions throughout the report when the term ‘bank’ has been used in a generic retail financial services context. With detailed case studies from major banks of Australia, New Zealand, Switzerland, Canada, Turkey, Spain, UK, the US, Russia, Iceland and India, this report reviews examples of the extensive work being undertaken by the world’s retail banks to ensure that branches remain effective and profitable components of the delivery channel mix.
The principal objectives of any delivery channel, and in particular the branch, are to project and represent the brand (or sub-brand), acquire a profitable customer base, and provide a service that is a critical requirement of its location. Banks are now focusing on a high-quality branch-led delivery channel strategy. ANZ Banking Group is one of such profitable major player operating in increasingly competitive markets. Yes bank is now present in all the major cities of India and is expanding its network rapidly into the many provinces. The way in which the strategy of the bank has been executed has already won it many awards. At the heart of its retail delivery channel strategy is a network of innovative branches supporting its commitment to the highest levels of customer service.
According to the report “The Branch is Back – Global Case Studies in 21st Century Banking Success” by Timetric, the concept of the financial mall, a large flagship branch on a prominent site, has proved attractive to banks in the Gulf region. The Co-operative Bank of the UK is one bank which is a market leader in the use of environmentally sensitive techniques. Among many others, BBK BCS (the former Bank of Bahrain and Kuwait) conceived the idea of developing a series of financial malls throughout the UK. Credit Suisse has conceived and launched a programme to create a new generation of branches, designed to provide the customer with both a strong appreciation of the brand values of the bank, and an excellent experience in dealings with the bank. The Co-operative Bank in the UK views its principal achievement as having provided a role model for the successful interpretation and application of mutual principles to the banking sector.
The Branch is Back – Global Case Studies in 21st Century Banking Success
Published: October, 2012
Price: US$ 3,800.00
The growing TD Canada Trust branch network is the second-largest in a country where the trend has been to reduce the number of retail banking outlets. TD Canada Trust offers a range of financial services and products to more than 10 million Canadian customers through more than 1,100 branches and 2,600 “Green Machine” ATMs. The banking case studies provide examples of a branch deployed both as a service facility and a platform to reach and cultivate business within the local community. The report also provides an update on the development of the program and how it is deviating from its original role as a lifeboat for communities disenfranchised by commercial banks.
More information can be found in the report “The Branch is Back – Global Case Studies in 21st Century Banking Success” by Timetric.
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