Branch Networks: Where do we go from here? « Banking 4 Tomorrow
I’ve spent the better part of the last three months meeting and talking to some of the best and brightest bankers in Australia, Asia, UK and the USA and what I’ve learned is fairly predictable, and just a little disappointing. Direct banking (mostly Internet and Mobile) is going off everywhere I go, but most banks are still saddled with an unhealthy attachment to their branch networks. I decided to try and figure out where Branch banking is really going and surmise the strategic options for Retail banks.
Branch Networks under pressure
In the US last year branch growth was non-existent, well to be technically correct branch growth was 0.39% , but that is the lowest it has been in 14 years and the trends are clear – there will be no more branch growth in the USA. In the UK branch growth has declined on average 24% in the last 5 years. In Australia, after fits and starts, branch decline has definitely set in, with 2010 being the 4 largest bank by deposits in Australia. But where can UBank go from here after such a strong start?
While UBank has faced some leadership challenges in recent times , I spoke to Sam Plowman , Executive GM of Direct Banking at NAB, last week and I was delighted to hear that UBank is a big part of their forward-looking strategy, with a host of new products planned over the next few months. This must be the only sensible move for NAB given their current market share and the unbridled success of UBank. In fact, UBank would probably have to be considered the single most successful initiative NAB has launched in the last 5 years, wouldn't it? Sam's colleague Simon Terry is currently working on the launch of the Oracle-powered NextGen platform that will power future innovation in customer experience. Between Sam and Simon, they hold the future of the bank in their hands.
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