Working Paper #5
Steven Keith Platt, Platt Retail Institute; and Peter VanSickle, BMO Bank of Montreal.
In this Working Paper, the attributes of a bank branch Digital Communication Network (DCN) are detailed. The significance of the branch and the importance of enhancing the customer experience therein also are addressed. In addition, the major benefits to be derived from a branch DCN are delineated. Finally, concepts relative to measuring the effectiveness of a bank DCN are advanced. This Working Paper contributes to the study of implementing a DCN in a bank branch in the following ways:
- The positive impact on the customer branch experience resulting from a DCN is detailed.
- It is demonstrated that banks tend to under-invest in consumer-facing information technologies. Further, the paper illustrates that banks overspend on traditional forms of mass advertising. As a result, the recommendation is advanced that banks should redirect capital into branch DCNs.
- The significant benefits that can be realized by a bank from the deployment of a DCN are detailed.
Table of Contents
- Attributes of a Bank Digital Communications Network
- Differentiating the Bank Branch by Impacting the Customer Experience
- Branch Environment
- Customer Experience
- Information Technology Spending
- Bank Marketing Mix
- Branch Benefits
- Building Customer Loyalty
- Wait Time
- Branch Productivity
- Consultative Product/Service Sales
- Customer and Employee Education
- New Product/Service and Promotional Trials
- Measurement Methodologies
- Strategy Alignment
- Data Analysis
Digital Retailing Expo 2006, Digital View Inc., Diversified Media Group, GlobeCast, NEC Display Solutions, POPAI, Reflect Systems, VideoMining, The Center for Retailing Education and Research at the University of Florida, and The JC Penney Center for Retail Excellence at Southern Methodist University.