Commerzbank - Schaufler: soon no longer a reason to visit a store
According to Commerzbank's Head of Private Clients Thomas Schaufler, the traditional bank branch will continue to lose importance in the coming years. "In a few years, you will hardly have any reason to visit a branch in terms of content. I believe that all banking topics will then be available via the advisory center, via online channels," the CEO of the Dax Group told Deutsche Presse-Agentur in Frankfurt.
"Nevertheless, there will always be customers who say: I like coming into the branch and I would like to do so." The branch will therefore remain "an important component" of the "omni-channel strategy", said Schaufler. The aim must be to provide customers with the same quality of banking services across a wide range of channels.
Currently no plans for further branch closures
Commerzbank, which still had a comparatively dense network of around 1,000 locations nationwide before the coronavirus pandemic, has radically reduced its branch network to 400 in recent years. "I feel very comfortable with our 400 or so branches at the moment," confirmed Schaufler, who has been in charge of Commerzbank's retail banking business since the end of 2021.
"We knew that customers would leave us if we closed 60 percent of our 1,000 branches. But it was significantly fewer than expected. Unfortunately, a few customers still left us in 2023, but thanks to new customers, we are plus minus zero." According to the latest figures, Commerzbank serves almost eleven million private and business customers in its private customer segment, which also includes the Comdirect online brand.
Longer opening hours in traditional branches?
Schaufler does not intend to change the opening hours of traditional branches for the time being. "I currently see no need for extended opening hours in our branches," said the Head of Private Clients. "The advice center, which is also available on Saturdays, fills the gap between physical sales and purely online access very well." Last year, Schaufler had expressed his openness to the idea of opening traditional branches on Saturdays if there was sufficient demand.
Overall, Commerzbank needs to "show customers even better where we can offer them added value", said Schaufler. Among other things, he referred to the financial analysis service, in which the bank analyzes a customer's income and expenditure at their request, for example to determine whether insurance can be bundled or whether there is money left over for savings.
Schaufler: Don't take part in the race for the highest overnight interest rate
Schaufler does not want to take part in the race to offer the highest overnight money rate, which has been back on track since the European Central Bank (ECB) reversed its interest rate policy in summer 2022. "We have not tried to outbid the overnight money offers, but to show customers what opportunities there are to beat inflation in the long term. Our aim is to turn savers into investors." In Schaufler's view, the strategy has worked: "Overall, we have more private customer deposits at Commerzbank than at the beginning of the year."
Annual and interim reports Commerzbank Commerzbank on strategy until 2027 Commerzbank on distribution plans and profit expectations 28.9.2023 Details on Commerzbank plans for capital return Commerzbank on "Strategy 2024" Commerzbank Q1/2023 Commerzbank 02/2023 Commerzbank Q3/2023 Analyst estimates Commerzbank Commerzbank financial analysis
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- Despite Commerzbank's Head of Private Clients, Thomas Schaufler, predicting a decreased need to visit branches due to digital advancements, he acknowledges that some consumers prefer in-person banking.
- Frankfurt, being the location of Commerzbank's headquarters, has witnessed the bank reducing its branch network from around 1,000 to 400 locations over recent years, as stated by Schaufler.
- In Germany, the impact of the Coronavirus pandemic led to Commerzbank adjusting its branch network, with Schaufler expressing comfort with the current 400 branches, despite initial concerns of customer loss.
- Banks in Germany, like Commerzbank, have felt the impact of technological advancements and changing consumer preferences, causing a shift towards digital services, according to the CEO's remarks to the German Press Agency.
- The Frankfurt-based bank has seen a stable customer base despite significant reductions in its branch network, with Schaufler confirming that the bank serves nearly eleven million private and business customers.
- Commerzbank will not be adjusting the opening hours of its traditional branches as of now, with the advisory center available seven days a week addressing the gap between physical and digital banking services.
Source: www.stern.de
