During WSJ’s CFO Network conference, Bank of America chairman and CEO Brian Moynihan was asked the following: “If you were building a bank today from scratch, what would be the three attributes of this new bank?”
One of the key attributes of today’s bank, Moynihan noted, was the need to focus on omni-channel.
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“You have to be able to meet every customer, everywhere they want, and no one channel wins,” Moynihan said. Bank of America hosts 130 million consumer interactions every week, and while 123 million transactions don’t take place in a branch, 7 million still do. He went on to say that, “Despite people saying ‘I never go into a branch,’ they all do.” For example, 40% of Merrill Lynch customers go into a branch once a year. Bottom line, Bank of America’s 4,600 brick-and-mortar branches are critical to customers.
While some financial services companies will be available only via mobile or the internet, most will continue to have a presence across a variety of channels. Firms will continue to improve the overall customer experience and strive to become more efficient, regardless of the channel.
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