Comerica Bank Announces Additional Changes in Retail Banking Transformation

DALLAS, June 13, 2022 /PRNewswire/ — In response to the changing consumer and small business banking landscape, Comerica Incorporated (NYSE: CMA) announced additional changes to its Retail Banking division to improve how it supports customers and small businesses. businesses, builds more meaningful relationships and serves as a partner within its communities.

“As we constantly assess how we serve our customers, the accelerating pace of change requires us to act with even greater urgency. Within our retail banking, we continue to focus on transforming the delivery of our services, aligning the right resources to better serve our customers and focusing on small businesses,” said Cassandra McKinneyExecutive Director of Retail Banking at Comerica Bank.

“We are at the start of a multi-year modernization journey, as discussed during our first quarter earnings call,” McKinney continued. “Whether it’s clarifying co-worker roles and improving processes, investing in marketing and technology, or building capabilities that will help us deepen and grow our customer base, we’re reimagining everything that has an impact on our customers and the best way to empower our colleagues. on the strengths of our team of bankers who work hard every day to build relationships and deliver solutions.”

Since March 2022Comerica has transformed its Retail leadership team under the leadership of Cassandra McKinneyexecutive director of retail banking with the addition of several new roles to his roster, which includes a veteran leader Rhonda Davenport, National Director of Retail Banking. New leaders include: Omar SalahDirector, Small Business Banking; Therese BazanNational Director of Sales Enablement for Retail and Small Business Banking; Dharmesh PatelDirector of Retail Business Services; Brian Haney, Strategy & Transformation Director; and James Johnsondirector of risk management and retail operations.

Comerica’s retail banking transformation also involves:

  • Add more focused roles, such as small business bankers in strategic locations, that allow colleagues to spend more quality time with clients and develop deeper, more meaningful relationships.
  • Redevelop Colleagues in the Areas Most Important to Customers: Comerica invests significantly in the expertise of its colleagues to provide customers with the information, products and services they need.
  • Implement various technology and process improvements that will help streamline customer interactions and minimize friction, such as significant updates to our web and mobile banking platforms.
  • Rethink the banking center model to optimize customer experiences, address unmet customer needs, serve its communities and drive growth.

An example of the various initiatives undertaken in recent years by Comerica to identify and leverage technological innovations to better meet the needs of its customers is its introduction of Banker Connect Interactive Teller Machines (ITM). Comerica first pioneered this ITM concept seven years ago, introducing technology that combines traditional ATM capabilities with the ability to interact in real time with a customer service representative via a live video stream to perform transactions with extended hours. During the pandemic, Comerica accelerated the expansion of its ITM network in response to changing customer needs. Learn more about Banker Connect here.

“In addition to our transformation efforts, we are constantly reviewing our network to ensure that we have banking centers strategically located in the communities we serve based on customer needs, population and traffic patterns. Where demand is not as strong, we are consolidating locations. We can then reallocate those resources to conquer and serve our markets more effectively or expand into new areas. We are also reinvesting in initiatives to streamline banking center processes, add more focused roles, improve digital channels and diversify our products, thereby improving the customer experience. and enabling colleagues to work more efficiently,” McKinney said.

Changes impacting Comerica’s banking center network include the consolidation of 22 of its existing 432 U.S. locations in three of its retail markets, expected to be completed in September 2022: 3 in California11″ Michiganand 8″ Texas.

While these adjustments to Comerica’s banking center network represent a change, Comerica Bank remains resolutely focused on being a strong partner and trusted advisor to all of its clients, now and in the future. Customers served by the affected locations can choose from a variety of options available for banking, including other local banking centers, and via Web Banking, Mobile Banking, telephone, Banker Connect ITM or ATM.

Comerica Bank is a subsidiary of Comerica Incorporated (NYSE: CMA), a financial services company headquartered in Dallas, TX, and strategically aligned with three business segments: commercial banking, retail banking and wealth management. Comerica focuses on relationships and helping people and businesses succeed. In addition to TexasComerica Bank branches are located in Arizona, California, Florida and Michiganwith selected companies operating in several other states, as well as in Canada and Mexico. Comerica reported total assets of $89.2 billion of the March 31, 2022.

SOURCE Comerica Incorporated