Consumers Continue to Choose the Branch for Core Banking Functions

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. With six out of ten of people using 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