American Bank Citi said that in the digital age, branch banking is a “challenge” and that it will revamp the branches to remain relevant.
“Not that we don’t like branches, they are important. It is just that the role of branches has changed and will continue to change across the world,” Citi’s head of consumer banking for Asia Pacific, Anand Selvakesari, told newspersons.
“The challenge today is what should we do with the branches. Over 95 per cent of our transactions are happening in self-service channels and not through the branches,” Selvakesari said.
He hinted that the role of branches will shift to acquiring new customers and offering them advisory services.