Just a few months ago, our Modern Consumer Research presented findings advocating that the tales of demise for brick-and-mortar retailers were a little premature. This rings particularly true in the case of the retail banking space.
While footfall to brick-and-mortars of nearly all types has declined in some way, consumers are becoming increasingly reliant on meaningful face-to-face interactions. When it comes to those life moments that are of high importance like taking out a mortgage, student loans or planning for retirement this sentiment is especially true. As our CEO, Glenn Shoosmith outlines above, banks are missing out on a significant opportunity and need to place more emphasis on creating an omnichannel customer experience. While the importance of a strong digital presence cannot be denied, fluid experiences across channels, including meaningful, face-to-face branch experiences are leaving significant impacts.
This year’s research revolved around a major theme we identified as the Democratization of Banking. Essentially, how simple it has become to switch over to another financial institution. With expanding digital-only banks, credit unions, and community banks historically focusing on member experience, top banks are finding themselves in need of playing catch-up. By using their resources to improve member experiences, banks have the opportunity to increase retention rates and attract new business.
To learn more about how banks can adapt to the latest industry trends, our 2018 Modern Banking Research.