Modern Banking Research 2018
Why banks need to think like retailers
This is the second year of our Modern Retail Banking Report, which surveys 2,000 financial consumers in the US and the UK to better understand their behaviors and opinions on banking. The research exposes a disparity between how consumers prefer to conduct their banking – whether through physical branches, online applications or a hybrid interaction – and outlines key tactics for banks to implement to stay competitive.
The research shows that hosting events at bank branches are a powerful, yet underused, way to connect with customers and build an engaged community:
* The survey found that only a small number of consumers have been invited to an event at a bank over the past year – 14% in the U.S. and only 7% in the U.K.
* However, 82% of U.S. respondents said that they would be open to attending an event at a bank, while 88% of U.K. respondents said that they would.
We asked consumers to think about the different factors that made up their branch experiences over the last 12 months and how they would rate these factors for highest impact and overall rating:
* Overall, consumers rated their branch experiences higher in 2018 compared to last year’s study.
* Both countries rated “staff helpfulness” and “help and service” among the highest impact factors and both markets rated “staff availability” and “time it takes to complete a visit” as very impactful, yet said these factors had room for improvement.
We wanted to understand how banks could drive more visits to their branches and asked if banks and other financial service providers improved any of the following, would you visit their branches more often?
* The US market on the whole was less motivated to visit branches, while they valued staff knowledge and staff availability the highest. The UK market was more motivated to visit branches while valuing less time standing in line and easier access to branches the highest.
* Allowing customers to schedule appointments is a must. The research shows that 59% of respondents in the U.S., and 61% in the U.K., are interested in setting up an appointment before they visit.
To see the full research report, DOWNLOAD YOUR COPY HERE!