New study reveals how financial institutions tailor their banking services to customers’ needs

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The FINANCIAL — ATM Marketplace, a preeminent banking and finance publication, and Wincor Nixdorf, one of the global leaders in advanced retail and banking IT solutions, on October 26 released a white paper.

It reveals that the one-size-fits-all approach to banking services no longer applies in the omnichannel banking era. Entitled “The Customer’s Journey – Transforming the Branch Network,” the white paper explains how the way people interact with financial institutions is evolving with every new generation and offers insights into how to best serve each of them. Digital technologies are providing alternative customer access channels, forcing the branch to evolve and transform in order to remain a core component of the banking mix.

“Financial institutions need to view branch transformation not only from the perspective of specific consumer segments’ requirements and preferences, but also in the context of digital banking channels,” says Robin Arnfield, a contributing writer at ATM Marketplace. “This white paper stresses the need for FIs to focus on the end user’s perspective.”

The white paper highlights that, in an omnichannel environment, branches remain highly relevant as a place where customers can have high-value, one-on-one talks with financial advisors and get assistance with complex self-service transactions.

“Financial institutions are looking at how they need to adapt to their customers. Today’s new digital environment and the heterogeneous way customers embrace bricks-and-mortar, online and mobile channels are changing the role of the branch. Even as banks move increasingly toward digital channels and products, the branch still remains a vital customer touchpoint, and an essential way for banks to differentiate themselves from the digital competitors entering in the marketplace. That is why retail banks must connect with and embrace the needs of the different customer segments,” says Jordi Perez, Head of Strategic Business Development at Wincor Nixdorf.

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