In spite of the advent of digital banking technologies, physical bank branches continue to endure. In a recent article for The Financial Brand, author Jeffry Pilcher summarizes the findings of a new study by Celent that looked at how U.S. consumers desire to interact with their banking providers.
Here are some of the big takeaways from the study, which examined approximately 2,500 bank customers:
- More than 75% of respondents visited a bank branch to conduct a transaction in the last two years
- Approximately 50% of respondents went to a bank branch in order to get information, establish a new account, or get a loan
- 53% of consumers would rather call with questions than search for the answer digitally
- 77% prefer to conduct complex discussion in-person at a bank branch (rather than over the phone or online)
- Only 6% of respondents prefer digital interactions for all matters and consider branches unnecessary
- 55% of respondents prefer their banking to involve in-person interaction
- 93% of Millennials surveyed prefer to handle at least some banking items at a physical branch
Pilcher quotes Bob Meara, a Celent analyst, who explains that the results of this study “highlight the continued premium placed on face-to-face interactions when it comes to banking.” While the use of new technologies certainly enhances customer experience, banks should be sure to not lose focus on the importance of their customers’ in-branch experience.
For more details, read the article in full at The Financial Brand.