Millennium BCP: Customer Branch Experience 2.0

by Bob Meara, April 4, 2017
Case Studies
Global

Abstract

Celent Model Bank Award: Millennium BCP: Customer Branch Experience 2.0

A 2017 Celent Model Bank winner for Branch Transformation, Millennium BCP's Customer Branch Experience 2.0 is a holistic customer-centric approach to physical distribution involving culture change, product and process redesign, digital channel integration and physical redesign. The initiative had executive level sponsorship and was implemented by a dedicated, highly collaborative team.

Millennium BCP's Customer Branch Experience 2.0 is a holistic customer-centric approach to physical distribution involving culture change, product and process redesign, digital channel integration and physical redesign. The initiative had executive level sponsorship and was implemented by a dedicated, highly collaborative team.

  • While the redesigned branch format may be the most obvious component of this initiative, Celent views its role as supportive to the more comprehensive and purposeful changes in culture, product design, work process redesign and digital / physical channel integration. The redesigned branches leverage the bank’s strength in multichannel banking and feature cutting-edge e-banking tools and technology.
  • “Build it and they will come” has never been an effective path towards successful change. Knowing that some customers would not immediately embrace the new branch experience, Millennium bcp invested in extensive staff training to teach universal bankers to re-think the customer experience. The bank also invested in targeted marketing to introduce the new experience to segments of its customer base less likely to embrace change.
  • The success behind this initiative results from several interdependent elements:
    • Similar, but not identical formats designed uniquely for the markets each branch serves.
    • Simplified, more intuitive products.
    • Fully-digital, redesigned business processes.
    • A purposefully-designed, proactive branch culture.
    • Specifically designed customer choreography that leaves little to chance.
    • Fastidious attention to detail throughout and following the project.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

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