The Standard Chartered revolution: Banking branches reimagined

There has been a significant decrease in the number of branches in all countries since the COVID-19 crisis. According to Kerem Abuc, the Global Head of Mobile at Standard Chartered Bank, branches will decrease but will not become extinct. Instead, they will evolve into experiential places, similar to the Apple store in Singapore. Transactions are shifting away from traditional branches, but customers still require physical locations or human interaction in cases of crises or when dealing with complex products such as mortgages, retirement pensions, or life insurance. Standard Chartered is planning to focus 85% of its branches on serving affluent customers and shifting most routine transactions to digital channels, particularly mobile platforms.