News

Analyst: Self-serve will transform U.S. banks

January 18, 2004

NEW YORK, N.Y. -- U.S. banks are set to drastically transform their branches in an effort to turn them into financial centers for high-value sales and advice, a new report from independent market analyst Datamonitorrevealed.

According to a story on TMCNet.com, the report, "Branch Renewal in U.S. Retail Banking," said U.S. banks will change the role and layout of branches, and they will replace legacy and obsolete technologies.

A key IT implication of this will involve replacing legacy networking infrastructures, developing a next-generation, CRM-enabled branch desktop. For the customer, it is likely to dramatically transform the traditional banking experience.

Self-service stations will be made available for them to process simple transactions. Wireless technologies will become an increasingly important part of the branch infrastructure and layout, giving staff the ability to move freely within the branch to service customers. The report estimated that approximately 30,000, or 26 percent, of U.S. bank branches will be updated by 2006.