Industry experts explore what to expect from the bank of the future
DALLAS – October 7, 2014 – Hyosung, the fastest growing supplier of ATMs in North America and the market leader in Branch Transformation solutions, recently released its newest research paper titled, “Reality Check Getting Past the Hype of Branch Transformation: The Top 7 Concepts for Getting Transformation Done Successfully” as a part of its ongoing efforts to provide actionable advice to financial professions who want to help their organizations develop and execute branch transformations.
In the last few years, a lot has been said about the need for financial institutions to rethink their branch strategies. Institutions of all sizes, including banks and credit unions, recognize the need to revolutionize the consumer banking experience.
“The urgency for institutions to transform their branches is intense,” said Andy Orent, President and CEO, Hyosung Americas. “Robust digital channel adoption and rapidly changing consumer behavior have made the branch as we know it today irrelevant. It is clear that institutions need to transform branches to make them more cost-effective, while serving crucial customer needs.”
Even as mobile and digital adoption continues to increase, branches remain an important touch point for consumers and closing them is not always the best option. Hyosung has recognized that there is a challenge for banks and credit unions that are faced with the shift in client demand and how retail customers want to interact with their banks. As a result, institutions must figure out how to transform quickly and effectively in order to reduce the expense of the branch model, while keeping up with rapidly evolving consumer demands.
“What we have seen is that while many institutions have embraced transformation, some are quickly falling behind and simply do not know where to start when exploring a branch transformation project,” continued Orent. “The industry recognizes the benefits and demand but as with many new developments, understanding how to best address a project and take action can be the most difficult step for institutions to take. We’ve pooled our internal expertise to develop this research paper to help firms understand this industry evolution and make more intelligent decisions when it comes to branch transformation.”
Following the work Hyosung has completed with a variety of financial institutions, the firm has developed a list of best practices to help guide the industry through similar projects. Topics covered in this white paper include:
- How to create and effectively manage a positive self-service experience
- Best practices for developing a holistic approach through the integration of people, processes and technology
- Understanding and analyzing the volume challenges resulting from the automation of transactions
- Interpreting and understanding the data needed for transformation strategy
- How to align transformation with institution and branch business goals
To download the full version of this research, please visit: HYOSUNG White Paper
Hyosung is hosting a joint webinar to discuss the current retail banking landscape and how technology is driving the future of branches. To register for this event, please contact:[email protected]
ABOUT HYOSUNG AMERICA
Hyosung’s vision is to continually create automated financial products and solutions maximizing the convenience, accessibility and trust of our customers by leveraging our creativity, technology, speed to market and people. Hyosung America is a subsidiary of South Korea Hyosung, Inc., a global leader in providing ATMs to the retail off-premises and financial institution markets. Since entering the North American market in 1998, Hyosung America has shipped more than 200,000 ATMs and is the fastest growing supplier in North America. Hyosung America is headquartered in Irving, Texas, and has research and development support in its Global Software Center in Dayton, Ohio. www.nhausa.com