Dead or Alive!? No, this post isn’t about that 80′s music band ‘Dead or Alive’ and their most popular ‘You Spin Me Round’. This post is about the ‘spin’ concerning the viability of Bank Branches, and how certain biased parties are conspiring in a well orchestrated attempt to convince Bankers that Bank Branches are relevant in today’s ever increasingly digital society.
These ‘buggy-whip evangelists in an age of self-driving cars’ conveniently ignore consumers’ explicit want for greater convenience of anytime, anywhere and anyway banking interaction. They conveniently ignore that hundreds of Banks and Credit Unions – as small as $109 million Credit Union to as large as $92 billion Bank – have proven conclusively that a Branchless Bank is not only feasible but highly viable. They conveniently ignore the likes of Simple, Moven, goBank, BlueBird, et al who are winning customer market share and wallet-share without the burden of a Branch network. They ignore the fact that these enlightened organizations have shifted value creation to their customer base, rather than continuing the tradition of lining the pockets of landlords, architects, builders, branch marketers, and others whose livelihood depends on status quo.
Recently, The Financial Brand, one of the leading financial marketing resources for Community and Regional Banks, stepped into the Bank Branch debate with 13 points that elude consideration in the Branch viability debate. As always, the post is well written, but the lack of factual narrative is highly disturbing. Many of the views in the post directly contradict today’s reality and are, by any factual measure, substantially off-target given the evolution of consumer preferences and the economic value drivers in Retail Banking.
The following is a brief point by point rebuttal to The Financial Brand‘s post on Bank Branches entitled “13 Points That Elude Consideration In The Branch Viability Debate“: