Banking / Finance

Banks frustrate consumers who want a more personal experience

22nd Sep `15, 11:18 AM in Banking / Finance

Despite the recent rise in self-service banking, the average consumer still wants individual, in-person assistance to make intelligent…

BDMS
Guest Contributor
 

Despite the recent rise in self-service banking, the average consumer still wants individual, in-person assistance to make intelligent and informed financial decisions,” concludes Gary Ambrosino, CEO of TimeTrade. “To succeed in the current landscape, banks must focus on converting a consumer’s digital first touch into a highly personal in-branch visit.”

That consumers still want/need branches doesn’t imply the online tools financial institutions are using today are flawed or broken. It’s just the nature of financial retailing. Banking products can be somewhat complex, people are going to have questions, and money is such a deeply personal subject that some consumers want to look their banker in the eye. And this doesn’t just apply to grandma and grandpa either. 45% of Millennials favor banking in person, and they are 8% more likely to visit a bank to open an account or get a mortgage/loan than other age groups. 10% more Millennials also say they need assistance making a buying decision vs. other generational segments.

What does all this mean? “If customers are visiting branches less frequently, and if they are now more likely to visit for advice and support rather than transactions, then the industry needs to re-think the in-branch experience,” suggests David Kerstein, founder and President of Peak Performance Consulting Group.

Researchers in the TimeTrade study also surveyed banking executives. 46% of respondents said one of their top priorities is to redesign, modernize and transform their in-branch experience. 27% intend to invest in customer experience solutions for branches, including cross-selling platforms, self-service kiosks for handling transactions and even free Wi-Fi.

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