Most branches notified that fte and sfte were cut. More Saturdays to be eliminated and drive up teller closures. No immediate terminations, but you know if attrition doesn't work, we will all get that call telling us we will displace a teller and banker, or more. Service managers to be cut too as transactions decrease. Multiple branches to close by end of year. Brick and mortar fading away.
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The last time I walked into a Wells Fargo bank I was hounded by several people to sign up for a credit card. That was over 7 years ago.
CS doesn't really care what skills you have, unless it's 'based overseas and working for less'. Super cool skills just means you'll demand more money, which is even more reason to outsource you.
There’s still a need for a retail footprint, but it will have a different structure to it. We aren’t the same society we were when the traditional branch model was developed. You will see more banking centers in strategic locations, instead of the teller model.
Figure out what new skills are required and adapt.
Why do you want a branch in a building when you can have the entire branch in your pocket?
I don't bank with WF but I bank with one of the top 10 largest in the US. I've been to a branch once in the last 5 years because I had a check to deposit that was over the mobile deposit threshold. Really will be 100% app/virtual based and this is inevitable.
Of course, we truly need highly skilled workers. We keep only the best workers in the world.
There’s an incredibly simple solution here and I don’t understand how it doesn’t been done yet: combine the teller and associate personal banker positions.
Done. Now we can still cut costs as well in terms of headcount with no issues, but still service customers better because everyone is cross trained.