Insights

Exploring Key Themes in Banking and Financial Services at Future Branches 2024

Dec 11, 2024

The Future Branches show focuses on the future of banking and how financial institutions can evolve their branch strategies to meet customer expectations. It explores innovations in branch design, customer experience, and the integration of technology to create seamless, efficient, engaging, and trusted banking experiences.

This year, Team Somos had the privilege of participating in Future Branches held in Austin, TX, joining banking and financial leaders to explore strategies for balancing growth and profitability amid market uncertainties. The discussions highlighted the importance of innovation, risk management, and regulatory compliance in achieving sustainable financial success. Attendees also explored the real-world impact of artificial intelligence, showcasing its transformative applications in banking, from enhancing customer experiences to improving fraud detection and operational efficiency.

A key topic of conversation was the evolving role of branches in fostering long-term customer relationships. Personalized service and meaningful interactions were emphasized as essential in building trust and loyalty beyond routine transactions. One critical takeaway was the importance of ensuring accurate customer contact information — such as verifying phone numbers — to make the right connections and enhance outreach efforts.

Additionally, Jaime Zetterstrom, Somos’ Vice President of Product Management, took the stage as part of a dynamic panel discussion on Breaking Down Barriers. Joining leaders from The Heartland Bank, First United Bank & Trust, Citizens Trust Bank and CX4Rocks, the panelist explored challenges posed by organizational silos and shared strategies for fostering collaboration and innovation across business functions.

Key takeaways from the panel included:

• Determining the departments required to collaborate for a complete, end-to-end understanding of the customer. Reliable external sources can also offer valuable insights.
  
   
• Establishing common objectives and organizational goals to align departments effectively.
  
   
• Promoting the importance of customer experience across the organization through training and the advocacy of CX champions.
   

The Future Branches event provided invaluable insights and actionable strategies for addressing current challenges while paving the way for a stronger, customer-focused future in banking. Somos was proud to contribute to the conversation and showcase the vital role accurate phone data plays in fostering meaningful connections and driving innovation in the financial sector.