Sponsored by
Big presence predicted for cashless banks
CASHLESS bank branches will become mainstream in the next three years as banks see significant growth in direct channel sales, says a new report.
It predicts cost considerations will lead an increasing number of banks to stop selling basic products in branch networks.
The report envisages branches with no dedicated teller roles and all transactions migrated to depositing-taking ATMs and kiosks. The
branches will be thinly staffed with only commercial roles.
Finalta, the UK financial services benchmarking firm, carried out the research with the European Financial Management and Marketing Association (Efma).
It found that the role of direct channels has significantly changed in the last 12 months and are increasing their sales contribution as a faster rate than ever before.
Bankers forecast rapid future growth, estimating that by 2012 direct channel sales will account for a third of all products sold.
But Christine Wood, a director at Finalta, warned that until banks challenge the "branch is king" mentality, their direct channel sales growth will remain constrained.
Email to a friend
Print this page
Looking for...
Featured advertisers
Jobs
Search for a job
Motors
Search for a car
Property
Search for a house
Weather for Yorkshire
Wednesday 23 May 2012
Today
Sunny
Temperature: 12 C to 25 C
Wind Speed: 12 mph
Wind direction: North
Tomorrow
Cloudy
Temperature: 10 C to 23 C
Wind Speed: 12 mph
Wind direction: North east
