In a thought provoking article about banking spend on branches, Jim Marous, the publisher of Digital Banking Report, argues that bank spend on upgrading technology within branches may be futile as brick and mortar branches eventually disappear the way dinosaurs did.

Jim Marous: As banks and credit unions around the world retool their branch experience for the digital age, many are pouring more tech into their brick-and-mortar environments. But such digital investments might do little more than simply delay their eventual obsolescence.

Mr. Marous quotes extensively from research done by McKinsey and UBS to validate his reasoning.

According to McKinsey, the adoption of a ‘smart branch’ option requires more than just the installation and integration of new technology. It requires a complete reformatting of the physical space and the use of personalized, data-driven analytics to improve the overall consumer experience. The secret is in making the experience consistent no matter which channel(s) they choose.