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2020 Foresight Report: Self-Service Branch Banking

Global self-service branch banking market: Retail banking evolving through online, mobile and self-service


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2014-01-21 13:07:01 - 2020 Foresight Report: Self-Service Branch Banking - a new market research report on companiesandmarkets.com

The retail banking industry´s banking channel has evolved from traditional full-service branch banking to alternate channels such as online, mobile and self-service. Full-service branches still play a key role in the distribution of banking products and services as banks rely on these branches to generate the vast majority of revenue However, the operating expenses and infrastructural investments associated with full-service branches encourage banks to consider low-cost self-service branch banking to expand their market presence. Banks have redefined branch banking following the financial crisis in order to maintain operational efficiency and to improve overall financial performance. While full-service branches remain the primary contact point for customers, banks realize that the expansion of the branch model is not sustainable due to rising

 

 

real estate costs and changing consumer preferences.Low-cost channels such as self-service, online and mobile banking have therefore been gaining momentum. These channels are adopted with the aim of cost-effectively expanding business in rural and unbanked areas.The number of ATMs deployed in key countries increased during the review period (2008-2012), making them the most widely-used self-service banking model. In the US, the total number of ATMs increased from 425,010 in 2008 to 444,872 in 2012. The adoption of new technology enables banks to upgrade their branch banking models with advanced banking features and to distinguish themselves from competitors. Such features include biometric ATMs for secure banking transactions and contactless ATMs for faster transactions. Furthermore, the use of videoconferencing in ATMs enables interaction with bank employees for banking assistance.Retail banks around the world seek to expand their business footprints in unbanked and under-banked areas to target new customers and gain market share. However, the establishment of full-service branches is not always feasible for banks due to the costs associated with it, driving banks to adopt the self-service branch banking model to remain cost-effective. Banks set up these types of branches in remote areas and at places with high customer footfall such as stadiums, shopping malls, railway stations and marketplaces.

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