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Retail Banking: Evolution or Revolution?

May 17, 2016

The demise of the bank branch has been a topic of discussion for several years. In this CNBC report, the successful bank of the future will have fewer branches but better branding, with technological advancements getting priority over the traditional neighborhood touch, according to an analysis that sees an industry "inflection point" at hand.

TimeTrade recently conducted a survey of 2,064 consumers which asked in-depth questions regarding their perceptions and behaviors around customer experience in banking. Some of the results were surprising. Let’s take a closer look.

  • Despite the adoption of mobile banking, consumers are still visiting the branch. 43% of respondents report visiting their bank branch more than 10 times a year.
  • When asked how they would like to interact with their financial institution, 57% say they would like to interact with their bank in-person at the branch. 78% of consumers cited that the reason they come into the branch is because they require assistance from a specialist. Almost all are willing to make an appointment however 64% of respondents indicate they are willing to wait for assistance less than 10 minutes at their bank branch.
  • Convenience and personalization are important to consumers. A convenient location and personalized service are the factors most important to respondents when they visit their branch.
  • Banking customers want more services. Besides checking and savings, the bank services that consumers use most are notary, followed by car loans and mortgages. The majority of respondents (80%) admit they would change their wealth management for better rates and more personalized service. Respondents also admit they would change their insurance company for an agency that provided a better customer experience when it came to processing claims.

To read the entire report, click here.

What we are finding is that banks want to make their branches more productive. They are implementing our specialized guided selling solution specifically designed for the banking industry. It has been proven to help bank branches gain

  • 200% Increased wallet share per customer
  • Sell 6-8 products at the point-of-sales
  • Create 10X greater lead flow
  • Provide 250% average conversion rate of online leads.

To learn more and continue the conversation, please click here.

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