Those of us of a certain age will remember the weekend or lunchtime trip to our local bank to get our financial house in order. It was an essential part of our weekly calendar - for deposits, withdrawals, balance checks or any other business. We had to set aside time to visit a bank branch, queue patiently then deal with the teller.
For some people this was inconvenient, but for banks it was hugely expensive. Rent, equipment and staffing costs made maintaining a branch a significant financial outlay. That was why banks, in the Middle East and beyond, turned their focus to call centres, online and mobile banking channels.
While there might have been questions as to whether this improved service, there is no doubt that banks were able to lower many of their transaction costs and get customers out of the branch.
So against this backdrop, why is the bank branch now making a comeback? One simple reason: trust. The global financial crisis has hit many people hard and, fairly or unfairly, the banks have shouldered a large portion of the blame.
This has eroded trust in banks and reinvigorated the need for face-to-face customer service and consumer banking relationships.
Research carried out by SunGard and Celent has shown that, in the Middle East, one of the top three factors for people in selecting a bank was branch location, despite the uptake of digital banking.
So the simple reality is that a majority of bank customers still want human interaction and as far as their banking and finances are concerned, they still need that physical reassurance that their money is safe - especially in a world where trust in banks has declined sharply. The invisibility that comes with virtual worlds makes this trust all the more important.
One Middle East bank recently tested this theory by giving customers access to tellers only through a hallway that was kitted out with touchscreen ATMs, kiosks and other digital banking devices.
There were still queues for the teller, even though the electronic devices could fulfil this same role. It is clear that customers still look to the branch as the human face of their banking relationship.
And from a bank's perspective, the branch is still a vital source in driving revenue from customers. Online and mobile are largely used as transactional channels, whereas face-to-face time is responsible for about 80 per cent of new product bank sales.
So despite prior claims that the bank branch had had its day, there is now growing evidence that branch networks are, once more, increasing in importance. This growth is very much taking place in the Middle East, with new branches and more modern and technological redesigns taking place across the region.
This leads us to the main challenge facing Middle East bank branch networks today; how do they upgrade their facilities, which have been, in some cases, neglected for many years, to meet the requirements of the 21st century and its increasingly more tech-savvy customers? Today's customers - and crucially, today's bank employees under the age of 45 - have kept pace with the astonishing technological advances of the past few years, whereas the infrastructure of the bank branch has not. Customers now self-educate a lot more and this is now exposing flaws in the old branch model, as customers go into the branch often better informed than branch staff themselves, thus negatively impacting the branch customer experience.
Banks are increasingly starting to recognise that this channel needs to evolve with the digital age to complement the customer experience across all other channels. With that, the digitalisation of the bank branch is born.
Banks are now breathing life back into the branch by getting more creative and using innovative technologies to boost the customer branch experience and complement digital channels.
In the Middle East, you can see this tech wave now creeping into the branch as many bank walls are now decorated with touchscreens and their staff "enabled" with tablets and other mobile devices aimed at making the branch experience more efficient and more enjoyable.
For example, a leading Islamic bank in Abu Dhabi is transforming its branch network using new front-office solutions to help mobilise staff by providing them with real-time access to the bank's transaction processing system and serve clients while away from physical counters. This is helping to enhance staff productivity and boost branch efficiency to improve customer service levels, respond better to customer demand and increase revenue opportunities.
Linked to this is the need to safeguard a branch's role as a sustainable source of income for the bank.
A PricewaterhouseCoopers study from December shows that the cost of a branch transaction is about 20 times higher than a mobile transaction and more than 40 times higher than an online transaction.
Faced with this kind of disparity, it is imperative that banks re-evaluate their branch strategy to improve cost efficiency. One Middle East bank has invested in technology to cut its front-office system infrastructure from 12 applications to one, a good example of how clever IT rationalisation through new technology can generate significant cost savings for the branch.
Once at the centre of a debate over their very future, it seems that banks cannot now live without branches. The physical and trusted interaction they offer to customers is still in demand and it plays a vital role in helping banks to regain trust and generate sustainable sources of income.
But banks cannot rely on the bank branch of old and must revitalise this channel to bring it in line with the digitalised world that customers now expect across all aspects of their banking relationship.
Wissam Khoury is the managing director of SunGard Financial Systems, Middle East
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Four motivational quotes from Alicia's Dubai talk
“The only thing we need is to know that we have faith. Faith and hope in our own dreams. The belief that, when we keep going we’re going to find our way. That’s all we got.”
“Sometimes we try so hard to keep things inside. We try so hard to pretend it’s not really bothering us. In some ways, that hurts us more. You don’t realise how dishonest you are with yourself sometimes, but I realised that if I spoke it, I could let it go.”
“One good thing is to know you’re not the only one going through it. You’re not the only one trying to find your way, trying to find yourself, trying to find amazing energy, trying to find a light. Show all of yourself. Show every nuance. All of your magic. All of your colours. Be true to that. You can be unafraid.”
“It’s time to stop holding back. It’s time to do it on your terms. It’s time to shine in the most unbelievable way. It’s time to let go of negativity and find your tribe, find those people that lift you up, because everybody else is just in your way.”
How to help
Call the hotline on 0502955999 or send "thenational" to the following numbers:
2289 - Dh10
2252 - Dh50
6025 - Dh20
6027 - Dh100
6026 - Dh200
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Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
The specs
Price, base / as tested Dh12 million
Engine 8.0-litre quad-turbo, W16
Gearbox seven-speed dual clutch auto
Power 1479 @ 6,700rpm
Torque 1600Nm @ 2,000rpm 0-100kph: 2.6 seconds 0-200kph: 6.1 seconds
Top speed 420 kph (governed)
Fuel economy, combined 35.2L / 100km (est)
Racecard
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WTL%20SCHEDULE
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
More from Rashmee Roshan Lall
Thank You for Banking with Us
Director: Laila Abbas
Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum
Rating: 4/5
BACK%20TO%20ALEXANDRIA
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The biog
Favourite films: Casablanca and Lawrence of Arabia
Favourite books: Start with Why by Simon Sinek and Good to be Great by Jim Collins
Favourite dish: Grilled fish
Inspiration: Sheikh Zayed's visionary leadership taught me to embrace new challenges.
MATCH INFO
Champions League quarter-final, first leg
Manchester United v Barcelona, Wednesday, 11pm (UAE)
Match on BeIN Sports
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
A%20QUIET%20PLACE
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COMPANY PROFILE
● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
● Funding size: Bootstrapped
● No of employees: Nine
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The specs: 2017 Dodge Ram 1500 Laramie Longhorn
Price, base / as tested: Dhxxx
Engine: 5.7L V8
Transmission: Eight-speed automatic
Power: 395hp @ 5,600rpm
Torque: 556Nm @ 3,950rpm
Fuel economy, combined: 12.7L / 100km
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
Company%20Profile
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MATCH INFO
Juventus 1 (Dybala 45')
Lazio 3 (Alberto 16', Lulic 73', Cataldi 90 4')
Red card: Rodrigo Bentancur (Juventus)
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Company%20Profile
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Results
STAGE
1 . Filippo Ganna (Ineos) - 0:13:56
2. Stefan Bissegger (Education-Nippo) - 0:00:14
3. Mikkel Bjerg (UAE Team Emirates) - 0:00:21
4. Tadej Pogacar (UAE Team Emirates) - 0:00:24
5. Luis Leon Sanchez (Astana) - 0:00:30
GENERAL CLASSIFICATION
1. Tadej Pogacar (UAE Team Emirates) - 4:00:05
2. Joao Almeida (QuickStep) - 0:00:05
3. Mattia Cattaneo (QuickStep) - 0:00:18
4. Chris Harper (Jumbo-Visma) - 0:00:33
5. Adam Yates (Ineos) - 0:00:39
'HIJRAH%3A%20IN%20THE%20FOOTSTEPS%20OF%20THE%20PROPHET'
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65
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How to increase your savings
- Have a plan for your savings.
- Decide on your emergency fund target and once that's achieved, assign your savings to another financial goal such as saving for a house or investing for retirement.
- Decide on a financial goal that is important to you and put your savings to work for you.
- It's important to have a purpose for your savings as it helps to keep you motivated to continue while also reducing the temptation to spend your savings.
- Carol Glynn, founder of Conscious Finance Coaching
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
MATCH INFO
Fixture: Ukraine v Portugal, Monday, 10.45pm (UAE)
TV: BeIN Sports