RETAIL banking is quietly undergoing a face-lift, prompted by the changing times in which some old ideas are shattered and new ones engineered.
The traditional image of the ''big'' bank with extensive branch networks is being called into question as automation speeds up and increasing use of automated teller machines (ATM), credit and debit cards, electronic fund transfer and telephone banking drastically reduce the need to visit a branch.
Bankers are confronted with the dilemma. Although fewer transactions requiring branch visits mean fewer staff and branches, there will be less chances for banks to present fancy marketing materials on other products and sell on a face-to-face basis.
Another factor is extensive branch networks continue to put banks on a more competitive footing as research has shown that customers use visibility in the market as a reflection of financial stability.
Coopers & Lybrand associate director Giles Brennand, who offers consultant advice to bank clients, suggests that mere down-sizing is not the solution.
''It's time to shatter some of the old concepts and take a fresh look at the fundamentals of retail banking,'' he said.