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

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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.

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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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