banking

6 signs of a new age of consumer banking

Banking » 6 Signs Of A New Age Of Consumer Banking

Bank branches get makeovers
Bank branches get makeovers © Mark Winfrey/Shutterstock.com

The bricks-and-mortar locations where banks traditionally conduct business in person with their customers are "going through a big period of transformation," says John Mathes, director of brand strategy at Weber Marketing Group, an advertising and marketing agency in Seattle.

Banks are closing branches, relocating branches, shrinking the square footage of branches and moving branches into shopping-center spaces. They're also changing the nature of services that banks offer customers at branches.

"Transactions, which have been the backbone of branches, are migrating out of the branch and into other channels. Mobile apps, online, ATMs and other technology influences are taking the transactions out of the branch itself," Mathes says.

Also new at some branches are so-called intelligent ATMs, which offer more transaction services or video screens that can connect customers to live tellers at call centers.

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