Bruce Tempkin at Forrester has a new report out detailing the trends to watch in US retail banking.

Points 5 & 6 are key here – this validates the branch channel is no longer sufficient by itself to address customer needs. However what worries me is that 46% still believe it is sufficient!  This is a staggeringly high percentage of bankers who choose to ignore the blindingly obvious!

1. top line growth is critical
1. retaining existing, and acquiring new customers
2. regulations, technology, and competition drive strategy
1. the respondents also indicated M&A activity will be dominant
3. baby boomers need retirement help
1. wave of baby boomers creating large segment of mass affluent
4. consumers continue to shift channels
1. most respondents expect to see increase in cross-channel interaction over next two years
5. customer interactions need improvements
1. quality gaps in todays interactions, and only 46% think the branch always meets their customers needs