79% of customers used a physical
branch in 2021
In their first Consumer Banking Report, EPAM found that consumers still rely on physical branches for their banking needs despite the shift to more digital channels. Almost 80% of respondents used a branch last year, with 35% going to branches on a monthly basis.
The pandemic may have accelerated the shift toward digital, especially in banking, but it also may have heightened the importance of the level of support and service than can only come from in-person interactions. When it comes to very personal and complex conversations around finances, there is no substitute.
Though many basic financial services can be done via digital technologies, there is no substitute for a face-to-face exchange when it comes to personal and sometimes complex conversations around finances. As the new normal evolves, consumers expect branches to evolve as well.
“We know that many customers still value some physical presence to provide assurance, advice, and the ability to facilitate and support some transactions.”
Derek Conrad, Capital One Spokesperson
The way consumers want to do banking will continue to have a significant impact on how banks and credit unions deliver services and the role of the branch. While branches will not disappear, they will no longer be the center of banking transactions and more so the center of advice and consultation.
A hybrid banking model might be in order to have great conversations in a digital fashion. All you have to have are the right digital tools to equip staff to continue the branch conversation virtually.
The financial institutions that focus on customer-driven engagement and deliver personalized experiences will be the ones to stand out from the crowd. This could be achieved through technology powered dynamic conversations that empower bank staff to intelligently gather customer information and offer accurate product recommendations. Resulting in higher customer satisfaction and branch performance.
Is your branch ready?
Schedule a chat with us to learn what brilliant customer and member engagement could look like for your financial institution.