The Story:
Recent data shows that the bank branch remains a vital component of the customer experience even as transactions move to other channels. Further, one in three customers prioritize branch proximity when choosing their new primary bank. Though customers are increasingly using mobile and online banking apps for day-to-day tasks, a branch visit is still the preferred method for meeting in-depth, personalized needs, like new account openings and valuable consultations.
The Takeaway:
National and community banks are keeping branches open – and reinvesting in them – according to Insider Intelligence data. That’s because banks understand that customers rely on human interaction and expertise for a host of banking services, including opening new accounts, accessing financial counsel from skilled staff and resolving customer service issues. As customer interactions become less transactional and more consultative, FIs have a golden opportunity to build relationships with their customers and foster trust and loyalty. “The pandemic pointed consumers back toward the branches and put pressure on institutions to offer service that is both high-tech and high-touch,” according to Adrenaline CXO Gina Bleedorn in her Future Branches keynote address on smarter branching. “What consumers want is both/and: efficient transactions and valuable advice at the point of need.”
Source: Insider Intelligence, “Branch Transformation,” April, 2022, and Insider Intelligence, “Mobile Banking to Beat Branches in Usage This Year,” December, 2022