Consumers Want to Meet with a Bank Associate
Though today’s hot conversations revolve around the “digitization of everything,” what TimeTrade’s latest research reveals is that consumers are actually looking more and more to in-person interaction.
TimeTrade recently surveyed 2,064 consumers about their banking experiences, perceptions and behaviors. Nearly half (43%) of respondents indicated that they visit their branch 10 times per year or more. What is the driver behind this increase in visiting the branch? The younger demographics such as Gen Z (20 and under) and millennials said they are most willing to go into a branch if they have an important question. And, as millennials are coming of age, they are buying their first homes and want in-person guidance for such major purchasing decisions.
Other key data points from the survey are:
- Convenient location and personalized service are the factors most important to respondents when they visit their branch
- Despite some industry buzz, consumers are, for the most part, uncaring about whether or not a bank branch has a café-style environment and report it has no influence on their decision of where they bank
- Consumers still want to meet a bank specialist in person at the bank: When asked how they would like to interact with their financial institution, 57% admit they would like to interact with their bank in-person at the branch
- Consumers are not ready for fully automated branches: When banking consumers were asked how they felt about experimental bank branches that have no tellers and offer only automated transactions, more than half would still like the option of being able to talk to a teller
As consumers indicate, in-person meetings are still a priority. This gives banks a prime opportunity for cross-sell, which is greatly needed since consumers admit that insurance and wealth management are the services they use least with their bank. An in-person meeting allows for opportunity to create heightened awareness of such offerings.
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