FINANCE WEBINAR 2021: Network Transformation Takeouts 20th January 2021
If you missed our latest ‘Network Transformation’ finance webinar, exploring how to successfully develop a network transformation strategy for tomorrow’s customer – check out some of the key takeouts here!
View the webinar recording by clicking below; once you’ve registered to view the recording you will be asked for this access password: FL2&N4$&
We discuss Network transformation across 6 stages.
Understanding the success factors.
Strategy: Designing a clear role of the branch in the wider distribution strategy of the bank
Look & Feel: Creating a superior client experience in the branch
Economics: It’s a numbers game – and decisions need to be guided by facts and KPIs
Where to start with the strategy?
The key diagnostics to consider when building your network strategy, include a Market Diagnostic, Client Analysis, Branch Performance and Factor Analysis (the drivers in your branch performance).
“There is no simple explanation of why and which branches perform well – but leveraging all available data brings banks much closer to the truth.”
Says Christoph Stegmeier from Exton Consulting
Who, where and why?
To create the relevant branch formats you need to know your consumers and their lifestyles, this includes an understanding of how they want to bank, where they want to bank, what their problems are, what they value and dislike about bank branches. This connects also with the branch location strategy, which is informed by your customers’ preferences and where they live their lives.
Once you’ve done an in-depth analysis of your customer needs, you can move forward to develop the appropriate modules that form your formats.
How to make sure your design concept echoes your strategy?
To make sure your design concept is relevant, the ‘Branch Archetype’ stage is essential, as this is where we’d assess the ‘modules’ that are most relevant to implement in your branches. The modules are very much informed by the insight from the channel analysis and network strategy stages. Once you’ve established the modules, the key is to evaluate the amount of impact each module should have, this will differ based on the branch format and the location. Before the space is modelled, one needs to solidify the structure of the space, a roadmap for each format – this is also important for future rollout purposes.
After your pilot site, it’s not over yet.
This is the opportunity for you to test and learn from the implemented strategy. Practice makes perfect, and the learnings from the first site are crucial – they fundamentally improve your following branch openings with insights that can only be earned through observation of spatial interaction, review of your staff and customer engagement as well as any data from sales activities.
To create a legitimate transformation, your staff has to be onboard.
Your branch network transformation is only as good as your staff involvement, they have to be aligned with the new strategy. Otherwise the disconnect in the experience for your customers will be evident. It is about onboarding your staff to what the transformation entails for them, how they fit into this and essentially how to transition and manage this change.
Want to see the full presentation or re-watch the webinar recording? Get in touch here.
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