TimeTrade Survey Reveals Disconnect Between Banking Experience and Consumer Needs
Despite the rise in online banking, consumers – particularly millennials – still require knowledgeable, personalized assistance when making banking decisions, according to new data from TimeTrade, the leading provider of online appointment scheduling. To achieve a better understanding of the behavior of banking customers, the company surveyed more than 1,000 U.S. consumers about their banking habits and perceptions. With 74% reporting they still visit banks at least five times a year, results suggest that banks have ample opportunity to cross-sell and up-sell, but improvements in in-branch service are critical.
The full State of Banking Report can be accessed here.
Key findings include:
- Consumers lack a personal connection to their banks, with 60% of respondents reporting that they don’t have a relationship with a local banking associate
- When asked why they abandon online banking forms, 56% of respondents report either wanting expertise from a live banker or not being sure of the right options
- A significant majority (83%) of banking consumers are willing to come into a branch during a weekday if offered a guaranteed time to meet a representative
- 10% more millennials need assistance making a buying decision than members of other age groups
- Millennials are 30% more likely to bank on their mobile devices than other groups; less than half of millennials favor banking in person (45%)
TimeTrade also polled 100 senior-level bank executives around their plans to improve customer service in-branch. Nearly half of executives (47%) felt their organization did an excellent job delivering a personalized customer experience. That said, there remains a focus on improving in-branch service. Specifically:
- 46% of executives reported that they’re considering branch modernization or redesign, while 45% are looking to implement cross-selling platforms
- Executives understand the importance of training associates to be customer advocates, with 64% listing it as a top priority for improving in-branch service
- 27% of executives are considering implementing appointment scheduling tools
- 37% of executives say their banks currently offer mobile payment options, with 54% planning to implement them within the next two years
Survey data suggests that banks must improve in-branch service across the board to better cater to today’s consumer. In particular, banks have an opportunity to capitalize on the growing wallet share of the maturing millennial demographic, a group soon to become the largest age group in the U.S. with the potential of becoming the highest earning generation to date. Doing this successfully, however, requires addressing some current disconnects. These include increasing mobile banking options and focusing on organized in-branch appointments to eliminate waiting, ensure accurate and effective in-branch service and deliver a personalized experience.
“Despite the recent rise in self-service banking, the average consumer still wants individual, in-person assistance to make intelligent and informed financial decisions,” said 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.”
TimeTrade provides an appointment scheduling SaaS solution to consumer retail, retail banking, health & wellness, and higher education customers. PurchasePath™, TimeTrade’s appointment-centric customer experience solution, enables customers to convert digital first touch interactions into a high-value, in-person meeting. PurchasePath™ has driven more than 326 million connections between consumers and businesses, directly translating into more than $3 billion in commerce every year.