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Banking Technology, UK: Cognizant’s Vice President of Banking and Financial Services in the UK and Ireland Says Digital Technologies will Transform Bank Branches Instead of Making Them Extinct

“The rapid adoption of virtual banking and self-service has led many to question the role of the bank branch and whether it is still needed today,” writes Tony Virdi. “Of course it is, but potentially in a different guise to that of the past, and even for different uses as banks still want to play an important part in helping their customers access services the way they choose to. Amazon, for example, has partnered with Barclays to use its branches as collection points, showing how bank branches are diversifying.” Excerpts:

“The flexibility to bank from any place at any time has completely transformed the banking sector and how bank branches are set up. ATMs are a great example of this flexibility as in the UK you can draw money from any banking ATM, not just the one you bank with, without charge.

The use of digital technologies and the rise of omnichannel services will not make bank branches extinct, but will accelerate their transformation to digitally-led customer advice centers.

We cannot underestimate the continued demand for visiting bank branches. According to a survey by ComRes, approximately 70 percent of Britons still say it is important to have a branch close to where they live.

Banks hold a very important possession — money — and we do not want to be left without someone to talk to and to discuss potential loans or transaction issues.

Today, rather than meet in store, mortgage advisors, for example, can discuss complex financial services with customers in-person via video. Rather than book an appointment at a branch, the customer — at a time of their choice — can be guided through an application using their preferred method of communication.

Interestingly, while some banks are preparing for bank refurbishments, others have put different measures in place to continue to offer customers face-to-face contact.

The continued adoption of automated self-service systems, biometric technology and video and voice recognition software will dramatically change the bank branch in the years to come. Banks need to act now and plan their bricks and mortar strategy accordingly to ensure they do not fall behind the digitally-focused competition.”

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