What does a digital high-street bank look like? According to Alison Brittain, who runs the 2,249-strong network for Lloyds Banking Group, it involves branches where tellers are no longer protected by huge glass screens and are instead able to walk the floor to discuss issues with customers. More self-service tills will be installed and video conferencing in the digital branch will allow customers to ring a call centre for advice on taking out a mortgage, say – a sort of facetime with the bank manager. Brittain is adamant that embracing digital technology does not mean moving towards a world with no branches at all. “The emergence of a generation that is digital-only is overplayed and we see more value in a multichannel approach,” she said. Even the very youngest age cohort of Lloyds customers and those most at home with digital technology use a branch once a year, and more than half of all customers use one monthly. Affluent customers with £100,000 in assets, most likely to be aged between 55 and 60, use a branch once a month. But the pace of change has been swift. Three years ago, Lloyds had no customers using mobile technology, yet it estimates… Read full this story
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