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PNC Bank is among several significant monetary institutions that’s actually started to test brand-new branch concepts centered around digital technology and the changing duty of the bank teller. Mini e-branches, pop-up branches and smarter ATMs are being used to identify exactly what customers want from branches.
“We’re in the R&D phase, there is not really a blueprint or single answer that we believe we know or the market itself has,” shared Todd Barnhart, executive vice president of branch banking at PNC, in a meeting. “We are attempting to respond to and prepare for some of the consumer expectations and consumer trends that we are seeing.”
According to a 2013 study by Pew Research, 51 percent of U.S. grownups, or 61 percent of Internet users, bank online while 32 percent of U.S. grownups, or 35 percent of cellular phone owners, bank through their mobile devices.
PNC is dealing with the progressively technologically-adept population by testing ATMs that can carrying out many more deals than a common ATM.
Customers can cash and transfer checks, after which check images are printed on receipts. Money withdrawals can be available in several denominations (as little as $1 bills). Such ATMs are readily available 1 Day a day at pilot e-branches, where there are no human tellers.
Evolution of the bank teller
With more consumers choosing self-service approaches of banking, PNC is putting fantastic emphasis on the changing duties of bank tellers.
“Certainly, as self-service ends up being more popular for regular service transactions, the requirement for as many tellers as we’ve today will change and lessen,” claimed Barnhart. “But, we also see people still wishing to enter a branch for products, suggestions or more complicated discussions and deals.”
Going forward, PNC tellers are more likely to serve as financial consultants that don’t stand behind a counter or sit at a desk. Rather, bank associates will be found throughout the branch helping and enlightening clients. Meanwhile, branches will have tablet gadgets that can act as both sales and service channels.
Wells Fargo is another major bank that’s been testing branches where tellers walk around with mobile gadgets to serve customers.
Branding with pop-up branches
While PNC thinks about the overhaul of the branch experience, the bank is likewise utilizing “pop-up” branches as part of its branding method. The pop-up branches have one ATM and offers the chance for individuals to find out more about PNC products.
These portable branches allow PNC to market to customers without needing to commit to a full-fledged branch.
What consumers can expect in 2014
Many of PNC’s branch ideas began testing in the later half of 2013 – some consumers could’ve already gotten a taste of the future of branch banking. Depending upon customer feedback to the branch ideas, PNC plans to act accordingly.
“We will remain to open brand-new branches, specifically in places, such as Atlanta or Charlotte, where we’re a most recent participant in the market,” claimed Barnhart. “They generally will be – not always – smaller sized, staffed in a different way, and they’ll have more innovation in the branch to line up effectively with many of the branch concepts that we see essential in the future.”
There will be more screening and testing with branch designs, formats and staffing during the earlier half of 2014.
“Conversion of existing branches to various formats and staffing versions is something we will take on more aggressively in the later half of 2014,” Barnhart added.