The Role of Technology in the Development of Modern Branch Networks

Khushboo Gajwani

Khushboo Gajwani

January 09, 2024


In an era of rapid technological advancement, the banking landscape is undergoing a profound transformation. The Banking Industry is adjusting to meet the evolving needs and expectations of customers in the digital era. This evolution is driven by the relentless pursuit of providing seamless and efficient services to meet the ever-changing demands of today’s consumers. 

The pandemic has accelerated an already shift towards digital banking, as customers and businesses sought convenient and secure ways to manage their finances without visiting a physical branch. This trend has continued post-pandemic, with a significant portion of customers and businesses now preferring to handle their banking needs through digital channels.

This shift in preferences has had a profound impact on the banking industry, forcing banks and credit unions to adapt their strategies to meet the demands of customers and members. The convenience, speed, and safety offered by digital platforms have become paramount, pushing financial institutions to continually reevaluate their service delivery models in order to deliver the best experience and service. 

Institutions that have not yet fully embraced digital transformation face the risk of losing market share to more innovative competitors. Lenders and in particular, business lenders navigating this transformative landscape must recognize that consumers, despite embracing digital banking, still value in-person experiences for more intricate transactions. Complex financial dealings, such as business loans, mortgage applications, and financial planning consultations, demand a higher level of personal touch and expertise. 

As an example, Vantage West Credit Union stands out as an exemplar in this journey, leveraging technology to enhance member experiences and streamline business lending processes. 

Recognizing the need for a comprehensive strategy, Vantage West formed a cross-functional team to enhance business lending processes, focusing on member experience, decision-making, and scalability. Their partnership with Numerated led to significant efficiency gains, resulting in same-day closing, a 700% reduction in time to loan approval, and 3.75x growth of business banking enablement. Numerated’s intuitive interface empowered non-credit trained staff, enabling them to easily navigate and process business loans. 

Acknowledging the dual nature of customer and member preferences, banks and credit unions are incorporating technology into both their in-person and self-service processes to create an omnichannel experience. Vantage West’s success story with Numerated serves as a testament to this strategy, allowing staff to focus on building relationships with business borrowers rather than getting caught up in paperwork.

As financial institutions embrace the digital era to attract and retain business, the success lies in striking the right balance between technological innovation and personalized services. Equipping branches with cutting-edge digital technology and knowledgeable staff fosters a seamless blend between the two. By leveraging the branch as an engagement network as well as the online channel, institutions can create a cohesive experience, allowing customers to seamlessly transition between physical and digital channels while receiving personalized and expert support.

To learn more about how Numerated can help you transform business lending, Contact us

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