The Story: As Novantas reports, the vast majority of people still want a banking relationship that offers convenient access to a physical branch, regardless of how branch-dependent they are in their daily transactions. This data demonstrates the power of relationship banking and the meaningful consultation that happens at the branch.
The Takeaway: Despite the sharp rise in the use of digital channels during COVID, banks’ physical networks are still critical in acquiring new customers and limiting attrition. As financial institutions look toward their post-COVID future, a thoughtful network strategy that balances efficiency, customer needs, and optimizing access is critical.