Prepared for nigel s. | Delivered October 22, 2019
Value of Face to Face Banking
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To understand customer expectations and opinions of human interaction in the banking sector, specifically in the Canada and North American market.
According to an
Accenture Financial Services
study of 5,000 North American and Canadian banking consumers, 50% want banks to offer a blend of physical branches with digital technology. Over 60% favor face to face interaction with their bank.
A Mintel survey of Canadian bank customers found that while
54% of respondents
like to receive their account information online,
to visit a bank for complex products and
to visit the branch to resolve banking issues.
The same study found that
35% of respondents
do not believe that a digital only bank could meet all of their needs.
, senior financial services analyst at Mintel, stated that since "branches are the best place to cement long-term customer relationships", banks of the future may see a shift toward becoming more advice-centered rather than transactional.
According to the Canadian Bankers Association,
67% of Canadians
visited a banking branch in the last year, however, only 12% say it is their most common form of banking.
While the CBA believes that physical
branches will remain important
in the banking sector, the rise of mobile and digital banking will transform physical branches into advice and information centers with a human element.