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Smart Banks Unite Mobile, PC and In-Branch Customer Experiences

Dynamic forces are at play across retail banking. US consumers continue to move heavily into digital (68% of North Americans use online banking weekly or move often vs. 24% for the branch)[1].  Millennials, however, are leading the digital trend, and now form a demographic tidal wave (the 20-24 year old, 5-year cohort became the largest population group in the US in 2013, displacing the 45-49 year old cohort that led in 2010)[2].

These trends are deeply influencing how banks view their branch networks. In 2013, US banks collectively reduced their branch locations by 1,487, a continuation of a trend that we have seen in recent years with a little over 4,000 branches closed since 2010.[3] So digital is forcing banks to right-size their retail footprint as well as creating new opportunities for re-invention.

To meet this challenge head-on, banking needs to be seen as a seamless activity rather than discrete channels like a bank branch or a website. There needs to be a confluence of assets, insights and technology designed to allow easy access to information and a high level of convenience for the customer.

FICO has worked with hundreds of banking customers helping them to manage risk and deepen customer engagement. To meet increasing customer demand for better service, with a declining number of branches, banks need to leverage all the assets they have particularly for younger consumers.  By looking at online and mobile app banking usage, and running it through smart analytics, banks have a powerful toolset.

This short video demonstrates a practical application of this approach. We follow the customer journeys of Jake and Tara who interact with their bank using the PC, mobile and visiting a physical branch. The result for this clever bank is the delivery of an experience that delivers a highly targeted customer experience.


As you can see from this video, the bank blends the right digital technologies (proximity, online, mobile) with actionable insights from analytics and the in-person branch experience, to create a personalized customer experience.  Consumers have moved away from day-to-day transactions in the branch and when they do engage in person it often is for very specific or highly consultative interactions. Using analytics to help anticipate those needs, and match the right branch employee to the customer, can greatly enhance the long-term relationship.


[1] Ernst & Young Global Consumer Banking Survey 2014

[2] Aug 10, 2014 Joe Weisenthal

[3] SNL Financial Bank Branch Study

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