The Story: As Novantas reports, while the effort and costs around new customer acquisition remain high—despite a growing consumer demand for on-demand digital account openings—a full half of those hard-won customers or members are likely to leave if they’ve opened their account digitally, as compared to 30% for those initiating accounts through the branch channel.
The Takeaway: While digital transformation is key to banking’s future, branch networks are equally vital. A brand strategy that optimizes and integrates both the physical and digital experience and is built around customer needs will lead to longer, deeper, more loyal relationships that deliver higher ROI for your bank or credit union.