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U.S. Bancorp’s Chairman Suggests, “Shrink the teller line”

January 19, 2012

Many financial institutions are identifying 2012 as the year they need to finally adjust their staffing approach for their branches.  With technology and other innovations driving consumers away from the branch environment, the time is ripe for an operational change.

“Richard Davis, U.S. Bancorp‘s chairman, yesterday laid out his principles for branch banking, and they deserve investigation. First, Davis said banks need to understand the changes in consumer behavior.

So what should banks do practically? Here’s Davis’s recipe:

  • Shrink the teller line;
  • Increase the privacy areas;
  • Change your hours to make the bank more available to people when they need to come and talk about something private and personal; and
  • Change the branch’s staffing composition accordingly.”

As the FMSI Teller Line Study points out, consumer trends are certainly impacting how we are all interacting with our branches.  The real delicate question to ask though is how quickly technology is changing how the population as a whole is interacting with their financial institution?  The data from the FMSI Teller Line study points out  that this change is and will be very gradual.  However, if a financial institution does nothing to address this change as Mr. Davis suggests, such as changing how they schedule their branches, they will undoubtedly eventually be seriously affected by this shift.

Excerpts taken from JJ Hornblass’s Banking Innovation blog post titled “What’s Coming in 2012: A New Approach to Branches

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