Future Branches Consumer Study 2020: Planning the Ultimate Branch Experience: An Analysis of Customer Expectations
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As financial organizations work to develop their branches in the context of an increasingly digital world, they require a clear understanding of customer attitudes around the features that are most appealing for them within a physical bank location. According to The 2019 Future Branches Consumer Study, only 18% of consumers will visit their bank branch more often than once a week.1 The majority of regular banking activity taking place can now occur on mobile or desktop platforms. Despite this, 94% of customers still align with a bank that has physical branches, and 52% would prefer to manage loan selection with the help of a live associate.1
While the interpersonal relationships that are able to be developed at a bank location provide for much of the staying-power of the physical branch, this is not the only angle to be considered. An equally important role for the branch to play focuses on convenience, allowing for customers to quickly come in to deposit or withdraw assets, check their balance, or learn about new products. In some cases, auxiliary spaces can be dedicated to non-banking activities that focus instead on community-building.
In 2020, WBR Insights will continue our Future Branches research series to chart changes in customer expectations and preferences related to the bank branch. While it is clear that the ability of customers to access a large amount of banking relationship features digitally, it is equally clear that the role of the branch is still central when it comes to customer education.
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