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.