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  5. Delivery Innovations: Branch Banking in North America

Delivery Innovations: Branch Banking in North America

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2002/07/11

Abstract

A new report from Celent highlights the renewed focus that banks are placing on their branch networks. After years of being eclipsed by electronic channels, branch renewal is emerging as a top priority at major banks.

Celent’s new report, "Delivery Innovations—Branch Automation in North America," discusses the overall market trends accounting for the focus on the branch delivery channel, examines the immediate drivers for branch automation, and evaluates current and possible future branch innovations in North American retail banking.

In the report, Celent Communications predicts that annual IT spending on branch automation by deposit-taking institutions will grow from US$3.7 billion in 2002 to US$4.4 billion by 2006—a respectable growth rate in the midst of general IT malaise in the banking sector.

Celent predicts that banks will increasingly emphasize entirely new strategies to provide customers with access to multi-channel and multi-product services within the branch. Banks will also initiate innovative approaches to expand their branch networks.

According to Octavio Marenzi, managing director at Celent and co-author of the report, "the realization that the branch will not be entirely eclipsed by electronic delivery channels is leading to a renewed emphasis on updating branches to better equip this customer touch-point, not only in order to improve customer services, but also to enhance the advisory role of the branch."

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