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As Branches Evolve, People Remain at the Center of Banking Experiences
Attracting & Retaining Gen Z Talent in Banking
Spotlighting Security & Stability in Bank Marketing
Monthly Round-Up
Sharing Successes
As the annual list of Best Banks to Work For 2023 ranking is released by American Banker, one consistent theme runs across financial institutions of all sizes. Banks that focus on building more engaging employee experiences do better in the short and long term to attract and retain talent AND deliver better customer experiences at the same time. “There are areas where organizations can bring together customer experience and employee experience to drive improved business outcomes,” according to a Financial Brand article about employee engagement. But how are successful institutions doing it?
One inspirational bank that landed the #3 spot on the list for institutions with more than $10B of assets is Origin Bank. This Louisiana-based financial services leader takes employee experience so seriously that they conduct quarterly confidential surveys of all staff members to ensure their culture is being reflected and integrated across the brand – from top to bottom. “What has always been at the center of who we are as an organization is our deep commitment to culture,” says Drake Mills, Origin’s chairman, president and CEO. “We have a passion to be there for our employees, customers and communities when they need us most.”
Click here to find out more about how banks are building better experiences for their employees.
The Story:
Even when consumers have easy access to digital banking and mobile apps, they continue to choose the branch for core banking functions, including account opening, deposits and payments, financial guidance, checking or savings queries, money management, customer complaints, and expert help and support. Further, data in the latest Consumer Banking Report finds that 86% of respondents have gone to a branch in the last year, with 45% of people reporting they do branch banking at least once a month.
The Takeaway:
As branches evolve away from transactions, consumers value having a branch nearby for expert consultations. “This surprising affinity for branches is clear evidence of consumers’ desire to have a personal interaction with their banks,” according to an Accenture analysis. As six out of ten of people “turn to branches to solve specific and complicated problems,” economic challenges from the rising cost of living will spur even more customers to visit their local banker for guidance and expertise. “As consumers navigate those challenges, they will want to have genuine conversations with their banks. Most digital channels today don’t offer that.”
Source: EPAM Continuum, “Consumer Banking Report 2024,” February, 2024, and Accenture, “Global Banking Consumer Study: Reignite Human Connections to Discover Hidden Value,” March, 2023
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