Bank of America Branches Roll Out Radical Changes

by Nate Wooley | April 4, 2013 1:17 pm

[1]Bank of America (NYSE:BAC[2]) is radically overhauling its customer experience.

The changes — which feature moving tellers to the back in favor of lounges with tablet computers for customer use — are being rolled out at select locations, USA Today reports[3].

The new branch concept believes that customers who visit a branch — instead of an ATM — are looking for advice and customer service rather than banking solutions. The new lounges allow for a casual, friendly place where customers can seek out the information or people they need in a comfortable setting.

The move is part of Bank of America’s emphasis on automated, online and mobile banking. Foot traffic for basic banking services at Bank of American branches has declined 10% per year for several years. That’s matched by the swift growth — up to 300 million monthly logins — of customers using their tablets and smartphones to perform those functions.

“In the past we were a little more product-centric, (saying) ‘Here’s the greatest new product we have. You really won’t see that anymore. It’s more along the lines of, ‘How can we help you with whatever financial need you have?’” a spokesman for the bank said.

More stories about banks:

• Chase Bank Customers Horrified to Find Zero Balances[4]
• Cyprus’ Calamity Won’t Change the Eurozone[5]
• Bank on Regionals for Big Growth[6]

Source URL: https://investorplace.com/2013/04/bank-redesigns-the-customer-experience/

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