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Consumer Branch Monitor 2021

July 2021 | Evolving Functions and Roles of Staff | Sizes and Configurations | Self-Service and Innovations | Future of Brick and Mortar
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Defying the predictions of many industry experts, branches have remained a vital element of the financial-services delivery system. But has the COVID-19 pandemic permanently altered branch usage? Will branches continue to be the face of financial institutions and the cornerstones of account relationships?

Branches have already evolved in a number of ways. Many financial-services providers have started turning to smaller facilities that rely more on self-service devices and less on personnel. In many reduced-staff branch configurations, personnel must be able to juggle a variety of customer needs, including routine banking transactions, sales, and advisory services. At the same time, there is a renewed emphasis on improving customer experience at branches. To do this, institutions 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, particularly in light of the recent COVID-19 pandemic. This second-annual edition of the Consumer Branch Monitor will help financial institutions navigate this rapidly changing environment.

 

National Survey

A total of 2,000 national online interviews will be conducted with consumer financial decision makers age 18 or older.

Project Report

The final report, available in late July 2021, will present results of a Phoenix Synergistics in-depth analysis of national survey results. It will feature a Strategic Insights commentary and key findings about consumers’ branch-related behavior.

Major Competitor Profile

A profile of overall financial activity for the top financial institutions used will be included as part of the project report.

Project Report Outline

  • Strategic Insights with key findings and implications
  • Competitive Intelligence
  • Survey Analysis
  • Survey Methodology

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