The Story: A recent report from Oracle spotlights data finding that a majority of customers score financial advice received in-person higher than information they get through other channels. The fiscal advice was ranked even higher when it was customized – with 58% of consumers reporting that counsel completely met their needs and 55% saying it seemed personalized. Most importantly, guidance given face-to-face consistently scores higher with customers than advice given over the phone, through digital channels or via email or physical mail.
The Takeaway: In an age where people are getting banking and budgeting advice from friends and family, online forums and social media, consumers will welcome counsel from the true financial experts – along with the tools people need to foster their own financial growth. Proving the branch channel is still serves as a vital support system for banking, smart FIs will expand on the trust consumers have in their local bankers.
Source: Oracle, “Unlock Value with Empowered Bankers and Engaged Customers,” 2021