I really think that banks are missing a trick with the whole branch thing.
I think this is true - at least for a subset of the banking population. If I choose to bank with someone who has branches, I want a branch experience. If I want a digital experience, I’ll choose someone like Monzo. What I absolutely don’t want is a hybrid where I go to a branch pay in a cheque and am bullied into using a machine by a persistent and annoying member of staff who I’d much rather be behind the counter.
I get that there’s a need to reduce costs, but - to me, at least - the distinguishing factor for branches is about customer service and the human touch. Turning bank branches into empty digital vassals kinda defeats the object for me.
This reminded me of another thread - API 'co-op'(ish) physical branches - #4 by northernlight where @tthew said:
While I thoroughly disagree with the idea of Monzo getting into the branch game, I could see a very clever clearing bank choosing to hive off its branch network, giving it a, say, 10 year non-exclusive licence to provide services to their brand, with the payments ratcheting down each year, but a commitment to invest in APIs to create an open standard for interfaces with physical banks that could then be used to expand the market. If it’s successful, Lloyds Banking Group (say) could even put their own staff in the “API bank” for stuff like account openings, or for that special Lloyds touch (I have no idea what that would be, but I’m sure they’d be keen on the idea)…