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If I do not visit a branch today, my kids would never visit a branch. Does this mean banks will go branchless 10 years from now?

09 May

 

 

 

 

 

 

 

 

 

 

 

In my dream last night, I saw branches of banks converted into “Video Banking Center”. The VBC booths enabling the customers to bank without needing a physical teller and may be some tele-operators sitting 200 kilometers away in a call center ready to assist the customer needs.

The customer walking in the branch or the so called Video Banking Center, plugs in a earphone and starts conferencing with a teller who is sitting in a call center. Wow, it was just a perfect dream 🙂

This will present the customer with an choice between being welcomed into branch by humans, or entering a self-service technology mall. Can this happen? Will this happen? Only time will tell this 🙂

As far as the benefit is concerned, Cost would go down- as we automate the branch banking process. Relationships needs to be build on a face-to-face basis and therefore there is a need of a branch, but what if we automate the face-to-face meetings and save some money on the manpower involved ? Along with this we even give a customer a different banking experience. Would it work? Would it not? Not sure. But yes, definitely, an advantage for a bank which comes out with a Video Banking Center first 😉

If branches are no longer useful to people, why let 20 people run branches in different parts of the city and country. Why not automate this? Put a machine there. Remove manpower. BECAUSE WE IDEALLY DO NOT VISIT BRANCHES ANYMORE. AND WILL NOT DO THAT 5 YEARS FROM NOW

Happy banking 🙂

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Posted by on May 9, 2011 in Banking

 

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