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Physical branch channel continues to play a vital role

The Story: While many consumers express a desire for online account opening, those who do initiate accounts digitally carry significantly lower balances, buy fewer products and have higher attrition rates – with nearly 50% leaving within the first 12 months.

The Takeaway: While banks and credit unions invest in building better, more personalized digital experiences to answer the consumer’s need for convenience and connection, the physical branch channel continues to play a vital role in establishing those critical early interactions that build trust, ultimately leading to more valuable, loyal customer relationships.

Source: Novantas, April 2021