Yet another bank has taken further steps for digitization and technology upgrade, which has become essential in the banking sector. Puerto Rico-based Popular, Inc. BPOP started off its “high tech branches” expansion with the opening of its 285 Madison Avenue branch in New York City.
This branch opening is a part of the retail network transformation initiative of Popular, Inc.’s subsidiary, Popular Community Bank, in order to enhance customers’ experience. The better equipped technologies will assist customers to smoothly avail banking services. As per the initiative, 13 branches are scheduled for conversion this year, while the company aims to transform the entire branch network in 2017.
The company’s release stated that the digital bank branches enable customers to access various services including money managing, investing and borrowing through “check-in” with a digital concierge. Also, it is able to offer complex banking services like financial planning or lending by providing the right product specialist to the customer.
Notably, the company’s first digitized branch was launched at 2121 Avenue U in Sheepshead Bay, Brooklyn. The branch transformation is currently being implemented throughout other branches of Popular Community Bank.
Interestingly, the company noted that the new technology driven branches have boosted transactions by 24% in the last few months.
Paul Mak, Popular Community Bank’s NY Metro Region Executive mentioned, “We are excited to leverage our technology and high touch approach so we can provide solutions that guide and adapt to customer actions and communication,”. Mak further added “Our retail and business customers have given us positive feedback and we continue to see the number of transactions rise.”
With stringent regulations and higher capital requirements, banks continue to face revenue challenges. Apart from resorting to several cost cutting measures, they are on a continuous look out for alternative sources of revenues. Further, the financial institutions continue to embrace new technology to attract and retain clients with hassle free services and improved digital experience. Hence, Popular, Inc.’s move does not come as a surprise.
Popular, Inc. currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the finance space include CenterState Banks, Inc. CSFL, National Bank Holdings Corp. NBHC and Seacoast Banking Corp. of Florida SBCF, each sporting a Zacks Rank #1 (Strong Buy).
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