Tips for coping with a digital world with fewer branches.

• Author: Motley, L. Biff
• Position: CUSTOMER SATISFACTION

IF YOU HAVE VISITED YOUR CAR DEALER RECENTLY, you've probably noticed how the Internet has dramatically transformed automobile retailing and, most importantly, the role of today's car salesman. Gone are the blustering, hand-shaking, commission-seeking maestros who'll try to get you the best deal from "the boss."

Replacing him are a cadre of lower-key, salaried product specialists Who sit in a cubical and spend more time on the phone answering specific product or pricing questions from well-informed prospects than they do roaming the showroom floor looking for sales targets.

This transformation evolved over the past 10 or so years as car buyers armed themselves with specific model invoice prices, detailed intelligence on markups, competing dealer bids, and the ability to get current online updates at home or on the phone while standing in the dealer showroom. Car buyers today spend 11 hours online researching cars and only three hours offline, including trips to dealerships.

Some say that a similar transformation of the retail banking business has been slower in coming. However, we would all agree that with the advent of various digital technologies, such as online banking, remote check deposit, near-field POS payments and other similar technologies, a time of transformational opportunity is upon us. Here is a start list of possibilities to consider as you discuss ways to engage your clients in a world of fewer branches and less-frequent, but more valuable, contact.

1. Innovative branch concepts. With fewer branches, bankers might consider enhancing their value in a myriad of ways. A simple one is. extending hours to mirror other retailers. In addition, as we gradually liberate our branches from the complexities of check processing, we can put unique, lower-cost facilities where bankers are likely to encounter customers and prospects who might want to discuss a financial opportunity. Or we might develop new, convenient locations to share with two Or three other businesses who draw our kind of customers. As this strategy evolves, we are likely to see a disentanglement of traditional...