The Branch of the Future Starts Here – Q&A with Intuit and Andera

Physical branch visits are declining so the “digital” branch is now the primary way customers interact with your bank. In fact, Intuit data shows that people who bank online and via their mobile and tablet devices log in about 29 times a month and are more profitable to a financial institution than those who don’t bank digitally. With mobile device adoption skyrocketing globally, these are now a banker’s most valuable customers. Still, traditional brick and mortar branches remain a good means for financial institutions to forge strong customer relationships.

Intuit Financial Services and Andera recently announced a partnership that will give financial institution customers the ability to open, fund and use new accounts and loans from a mobile device. Banking.com recently sat down with Robert Cameron, product manager, at Intuit and Ying Chen, senior vice president, product management at Andera to discuss how this type of innovation could change the bank branch of the future.

Q: Physical branch visits are on the decline. If consumers can open accounts from their mobile devices, how do you think this will change the branch of the future? What do you envision the bank of the future looking like?

Robert Cameron (RC): In today’s digital environment, bankers must also reinvent the physical branch experience to make branches more compelling, efficient places to visit. Enhancing the branch with tablets and computers to include leading edge, self-service capabilities that elegantly solve customers’ most common banking needs – deposits, transfers, digital banking sign-up, loan origination, new account opening and other tasks – will free up physical branch staff to concentrate on more profitable opportunities like providing data-driven insights, selling more profitable and complex products or services and deepening your most important customer relationships.

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