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New report by Synechron and Efma examines the bank branch of the future

Synechron, Inc, the global financial services consulting and technology services provider, in partnership with Efma, has today released a report revealing that C-suite banking executives largely believe that the future of the bank branch is bright, with the proper investment into digital transformation.

The World Branch Report 2017, entitled “Digital Branch Transformation – The Evolution of Branch Banking” surveyed decision-making bankers from across the globe in order to examine the role bank branches play in the current digital era and in a time of mobile-first thinking, and gather insight into where branch banking is trending. As a leader in digital branch transformation, Synechron sought to focus around four key areas, including the current market perception of the bank branch, where banks are investing in branches, how new technology can enhance the branch model, and what role staff will play in the bank of the future. Some key findings include:

  • Survey shows 88% believe physical branches add value to customers and will play a role in the future of banking
  • Nearly a quarter (24%) intend to increase their branch network and invest in changing the model, yet nearly one in four (39%) said they plan to decrease their branch networks whilst investing in change to the current model.
  • 63% of respondents are planning to change their branch model in line with digital transformation.

Over recent years, the number of bank branches have been in steady decline with significant closures across the US, Europe and the UK. However, this new research suggests that 88% of the bankers surveyed believe that physical branches add value to customers and will continue to play a significant role in the future of banking.

Click here to access the full report by Synechron.

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