Why are Branches Important?
Customers want to interact with the bank when, where, and how they want. Yes, customer visits and transactions in the branch are declining and the use of mobile devices is increasing; yet, consumers (even millennials) still prefer face-to-face interactions in the branches, especially for complex financial transactions.
Kiran Analytics second Workforce Strategies survey of 50 retail banks show that face-to-face interactions and new account openings in bank branches provide the best opportunities to deepen customer relationships and build trust critical to customer loyalty and revenue generation.
Face-to-Face Interaction was the top reason why retail bankers believe branches are important to their omni-channel delivery strategy.
New Account Openings was the second reason why bankers think branches are important. While many potential customers may start their search online, they are more likely to complete the application process at the branch for products such as checking accounts, and mortgages or loans.
Brand Engagement is important for customer loyalty. Familiarity through existing relationships, referrals, and reputation is very powerful when it comes to deciding where to purchase financial products and services.
Convenient Access to branches remains key for consumers and small business owners for selecting with whom they bank.