Despite high digital adoption, customers still want to use the branch for some types of interaction, according to a recent research study by Transform UK. This looked at the omnichannel performance of 11 High Street and challenger banks, focusing on two bricks and clicks journeys – from digital to branch and in-branch to digital – as well as benchmarking digital transaction, service and decision support functionality in branch.

The research found that retail banks typically offer a fragmented and channel-siloed experience with only three of those studied offering any kind of click for appointment capability and three failing to integrate digital in-branch. Barclays and NatWest led the omnichannel field, Barclays with its coding playgrounds, digital eagles and beacon technology and NatWest with its seamless digital to branch transition. Banks are generally immature, however, trailing behind the wider retail sector.

James Goldhill, head of financial services at Transform UK, says: “Tomorrow’s omnichannel banks will need to reinvent retail banking and we expect to see a dramatic change in the types of branches available such as skinny self-service branch. Customers will be looking for far more integrated journeys across all channels both for sales and service. Those branch networks that don’t become more customised will increasingly struggle to compete in a market where it’s now considerably easier to switch between brands. The future of retail banking will require more than digital technology solutions. It will need to be underpinned by the right systems, process, data and people with a continued cultural shift towards deep customer-centricity.”

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