Even before the pandemic hit, digital banking was on the rise, offering instant solutions to consumer banking needs. Will digital banking ever entirely replace the branch system? Financial experts don’t think so. While digital banking can provide opportunities for fast and easy transactions, branches are familiar and allow for both consumer connection and in-depth advice and consulting. Let’s look at the ways in which in-person banking will thrive in the future and how to continue to make it a vital part of your organization’s success.

1. Branching into new markets

Branch closures came as no surprise during the COVID-19 lockdown, but this doesn’t mean that branches weren’t still opening across the country. Most notably, U.S. Bank opened new branches in Charlotte and JPMorganChase is still on track to open 400 new branches by the end of 2022. Their secret? Their choice of location. 
Branches in mainly residential areas saw traffic fall by 47% during the main isolation months, but also regained much of that loss by early August of 2020. However, the branches in the more work-centric areas had higher loss of traffic and lower recovery. By knowing the areas to target, opening branches is much less daunting. Financial institutions that focused on highly residential areas for new branch openings had a much higher chance of success.

2. The power of in-person banking

In its current state, digital banking is still lacking certain options that in-person banking has always had. Where digital banking can be cumbersome and confusing, consumers look back to the branches they have always relied on to help them with their banking. After all, routine transactions have not been the main reason for visiting branches for some time, so it comes as no surprise that a successful branch is one that embraces the need to create relationships with their consumers and is there to help in the most complex of cases.

Now more than ever, consumers want to conduct their banking on their time and their terms. For you, this simply means being an extension of the greater consumer experience by being the ultimate partner in their financial journey and sharing your hard-earned expertise.

3. Automation in branches

Because times are changing and the pandemic has sped up the rate of adoption of digital and contactless options in all sorts of businesses, upgrades in technology is the next logical step in keeping the branch model alive. There are a few options available that can vastly improve the functionality of financial institutions.

  1. Interactive Teller Machines (ITMs) provide basic ATM features alongside video conferencing with virtual bank tellers.
  2. Teller Cash Recyclers (TCRs) eliminate the extra steps in cash counting to give a faster and smoother experience for consumers and to relieve some of the pressure on bank tellers.
  3. The Anthony Coinstar kiosk, the most up-to-date coin counting kiosk on the market, offers Coin to Deposit for consumers looking to deposit their coins directly into their checking account. Anthony utilizes wireless technology to stay connected to your support team members at Coinstar, and all coin logistics and maintenance are taken care of with Coinstar’s fully managed programs.

Keeping the Branch Model Alive

In the midst of digital banking and technology advancements, there still proves to be an intrinsic need for bank branches. Now more than ever, people are looking for human connection and expertise that online services can’t provide. Alongside automation and branch location, simply connecting with your consumers and being a trustworthy partner will carry your branch towards continued success. Subscribe to the Coinstar for Financial newsletter or follow us on LinkedIn for more information, your hub for insights and cutting edge technology.