Try to imagine turning on your television and finding only one channel. It may offer wonderful programs, but you’d still want more choices. Retail banks have channels, too, but until recently they delivered most of their products and services to consumers through just one primary pathway: the bank branch. Taking a cue from successful retailers, banks are sprucing up their branches and offering more flexible hours and a more customer-friendly environment. However, new branches still aren’t profitable, and no wonder. These days, customers have many more channels to choose from — online banking, electronic transactions and remote deposit capture, to name just three.
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Try to imagine turning on your television and finding only one channel. It may offer wonderful programs, but you’d still want more choices. Retail banks have channels, too, but until recently they delivered most of their products and services to consumers through just one primary pathway: the bank branch. Taking a cue from successful retailers, banks are sprucing up their branches and offering more flexible hours and a more customer-friendly environment. However, new branches still aren’t profitable, and no wonder. These days, customers have many more channels to choose from — online banking, electronic transactions and remote deposit capture, to name just three.
