Branches won’t vanish, according to white paper

Bank branches aren’t undergoing extinction, but rather, evolution. And the oft-mentioned “branch of the future” is, in some respects, already here.

That’s one conclusion of a January white paper from software company Financial Management Solutions Inc. The Atlanta-based organization said that despite declines in branch count and branch activity, “FMSI believes the branch in the coming decades will not only be alive and well, but will also, in many ways, be very similar to the branch of today.”

The company identified three types of branches: the traditional model with teller lines and private offices; the “personalized experience upscale” model with sleek decor, tablets and universal bankers who can serve as tellers if need be; and “self-directed technology” model, with video tellers, smart ATMs and little to no staffing.•