Consumer Branch Monitor 2020
After years of industry predictions about the demise of bank branches, these brick-and-mortar facilities continue to be used by consumers and remain an important element in the channel strategies of most financial institutions. Even some internet-based providers are building store-front facilities to better connect with customers. While it seems clear that branches will endure for some time, they are evolving for the future in a number of ways, including size, configurations, how customers perform activities, and the roles of branch personnel.
Many financial services providers are turning to smaller facilities that rely more on self-service options and less on personnel. In many reduced-staff configurations, personnel must be able to juggle a variety of customer needs, including routine banking transactions, sales, and consultative/advisory services. At the same time, there is a renewed emphasis on improving the customer experience at branches. To do this, providers have been designing facilities with casual, comfortable atmospheres and new technologies, from videoconferencing terminals to robotic staff.
As branch strategies continue to unfold, it is imperative to track and analyze consumer perspectives, behaviors, and reactions to branch innovations. With this in mind, Phoenix Synergistics is introducing the Consumer Branch Monitor to help financial institutions navigate this rapidly changing environment.
This study examines consumers’ perspectives on financial institution branches, branch-visit behaviors, and reactions to branch innovations and configurations.
National survey – The survey will include 2,000 online interviews with consumers age 18 or older.
Clients will have the opportunity to review the questionnaire and provide comments. The cut-off date for client input is April 24, 2020.
The final report, available in late July 2020, will feature a Strategic Insights commentary and key findings examining the branch behavior of consumers.