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The Intelligent Appointment Scheduling Blog

State of Banking: Consumers Visit Their Branch at Least Once per Quarter

TimeTrade recently conducted a survey of 1,052 consumers, asking in-depth questions regarding their perceptions and behaviors around customer experience and banking. TimeTrade also surveyed 100 senior-level bank executives about their plans around customer experience, products and services, and branch transformation. The following are some highlights from both surveys:

  • Banks still have opportunities to provide a highly personalized in-branch experience: 74% of consumers still visit their branch at least five times a year, or at least once per quarter.
  • Consumers do not have a personal connection to their banks: More than half of consumer survey respondents (60%) report they do not have a banking relationship with a member of the staff at their local branch
  • Bank executives admit they need to improve personalization: 52% of senior-level bank executives admit they need to provide a more personalized service.
  • Banks have plenty of opportunities for cross-selling: 61% of consumers report that the reason they go into the branch is to open an account.
  • Banking consumers are highly motivated to go into the branch if a designated time is set aside for them: When banking consumers were asked “Would you be willing to bank on a weekday if you were offered a guaranteed time during the week?” an overwhelming 83% of banking consumers respond “Yes.”
  • Banking consumers abandon online forms due to security concerns: “What are the reasons you abandon online banking forms such as loan applications?” 45% of consumers rank security concerns as the top reason.
  • Bank executives are aware that enhancing the in-branch customer experience is key: 64% of bank executives report that training associates to be customer advocates is a top priority.
  • More than half of bank executives report they currently use floating specialists in multiple branches: When banking executives were asked, “Does your organization employ any specialists (e.g. financial advisors) who operate out of multiple branches?” 58% respond “Yes.”
  • Branch redesign and cross-selling platforms are high priority: Branch redesign and cross-selling platforms are the branch transformations bank executives list as most important.

Results from this survey indicate that retail banking still has a ways to go in order to provide customers with the best banking experience.  Banking by appointment solutions may in fact be the next step on many bank executives’ to-do list.

To learn more results of the consumer and executive banking surveys, you may download the full State of Banking 2015 report here.

Written by Marketing

TimeTrade creates conversations that drive business. As the leader in appointment-driven personalization, we equip businesses to provide personalized service to every customer, every time. This creates a service guarantee that improves customer satisfaction, loyalty and retention, and increases sales growth.

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