The Story:
As the physical manifestation of the brand, a bank’s branch serves an integral role in creating a holistic customer experience and building brand awareness. And customers of all generations still value it. In fact, about half of Gen Z and Millennial customers report they appreciate the ability to book in-person branch appointments with bankers via mobile app.
The Takeaway:
As Gen Z and Millennial consumers report they struggle with financial literacy and money as a significant source of stress, there is a major need for customer connection and support at the branch. In fact, nearly seven out of ten consumers report they act on the financial advice they receive in their local branch, ranking in-person consultation higher than any other channel they interact with. That’s why branch visits actually saw an increase during the height of the pandemic and are still holding their own today.
Sources: Morning Consult, “The State of Consumer and Banking Payments,” August, 2022, and The Financial Brand, “What Gen Z and Millennials Want From Banks: 5 Key Insights,” June, 2022