The future for branches is a source of active discussion and debate and rightly so! Analysis by McKinsey & Company on the needs of the customer for a seamless multi-channel strategy and shows that 65% of customers interact with multiple channels. (Blow up your old distribution strategy) The focus of the research is on generic 'customers' and does not differentiate the branch needs of small business.
How might branches serve the needs small business in the future?
Not enough is known about the motivations and needs of small businesses in their multi-channel interaction. As the financial institutions try to catch up with the digital needs of small business, the discussion about the role of branches for small business is lagging the discussion of personal customers by about 2 years. There is a risk that financial institutions will transform their branches without due consideration for a very important customer segment - small business.