The Story: According to a recent Novantas report, as the COVID crisis wears on retail banks have seen a 20% drop – smaller than expected, but a drop nonetheless – in new account openings, which typically occur in the branch.
The Takeaway: While many retail banking lobbies remain open by appointment only or with limited staff, there’s still a significant opportunity to shift focus toward cross-selling products and services. During this time, smart banks and credit unions will emphasize deepening connections – and wallet share – with their core customer base, through relevant, responsive cross-channel engagements that meet their customers where they are.