Credit Suisse feels it no longer needs to grow its branch footprint — and instead will invest in digital services:
This is an excerpt from a story delivered exclusively to Business Insider Intelligence Banking subscribers.
While the bank doesn't believe it needs to grow its branch footprint, it does have plans for a new branch concept. More details about the branch concept will be released in the first half of 2020, but Credit Suisse might do well to take cues from some of the other banks that have debuted new customer-centric branch concepts recently.
One such bank is Nationwide Building Society, which is opening a new concept branch that aims to move away from a traditional counter service approach to combine new technology with a human touch.
A further sign of Credit Suisse's blended investment approach is its plan to increase telephone advisory services. Offering customer service via phone is a sterling example of a banking service that falls between traditional and digital offerings: While the customer doesn't have to physically visit the branch, they still get tailored real-time service.
For that reason, a greater investment in such a service fits squarely within Credit Suisse's middle-of-the-road strategy. And that strategy could help Credit Suisse stand out among the many European banks shuttering branches and reducing headcount in an effort to reduce operational costs and boost their bottom lines.pass to Business Insider Intelligence and gain immediate access to the Banking Briefing, plus more than 250 other expertly researched reports.
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