The Story: While the number of account holders visiting a bank branch continues its slow year-over-year decline as digital uptake increases, a still significant number of consumers – 166.6 million of them – expect to access a branch through 2024.
The Takeaway: Although COVID led to a massive uptick in consumers using digital tools for their everyday banking needs and financial institutions continue branch closures in lower opportunity areas, branches still matter. Increasingly, banks and credit unions are investing in key growth markets to serve consumers’ ongoing desire for branch banking, especially for more complex transactions and expert consultation.
Source: Business Insider Intelligence, March, 2021