Mobile banking entrepreneur Brett King, in a recent intervew with CNBC, called the mobile app the "nail in the coffin" of brick & mortar branch banking.
(Commonwealth Bank of Australia, the nation's largest bank. Photo credit:
However, while it's no secret that bank customers are performing more transactions online than ever before, industry innovators are pioneering a hybrid physical/digital approach to branch banking in the 21st century.
While conveniences like online bill pay and check deposit via smartphone app have proven to be wildly popular with banking customers, statistics show that the majority still prefer in-person interactions for more significant and complex banking events such as applying for a mortgage or car loan and opening a new account.
While the number of branch locations may be scaling back, agile banking institutions are infusing strategic "flagship" brick & mortar locations with cutting edge technology (such as video tellers ) and best-of-the-best personnel to provide a premium experience for the times when the customer prefers to bank in person rather than online.
This is another prime example of one of our key value propositions ... that a good business technology strategy always starts with the customer experience and is reverse-engineered from there.
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