Thursday, January 14, 2021 – While transactions continue to migrate out of the branch onto digital channels – a trend only sped up by COVID – consumers still demand branch access as a critical touchpoint. In the recent article Four 2021 trends for Omnichannel Marketing for Financial Institutions, Prisma Campaigns finds the biggest omnichannel trend for 2021 is the enduring relevance of the branch channel where “rather than completely disappearing, brick-and-mortar branches are adapting to continue meeting the needs of consumers as we remain socially distant.”
In fact, data in Believe in Banking demonstrates durability of the branch with 54% of customers using digital banking infrequently or not at all and 66% of consumers prefer being within 15-minutes of a branch, along with other key branch-banking trends. Sharing her insights on the role of the branch, Gina Bleedorn, Adrenaline’s CXO and Editor-in-Chief of Believe in Banking, says, “While consumer demand has certainly shifted digital during the pandemic, what we’re hearing from banks is that their customers still want access to the branch, and data bears that out.”
As digital and mobile are meeting transactional requirements, branch banking continues to serve consultative needs. Gina says, “The rise in appointment banking and repurposed use of the drive-thru is how the banking industry immediately pivoted to meet the demands of COVID, but these shifts are driving larger industry trends.” In fact, expanding drive-up banking is one of the most visible post-COVID pivots in banking, along with humanized technology solutions like ITMs that will help expand remote access and provide another physical channel for consumers.
Finally, Gina finds that despite dire predictions about the death of the branch, brick-and-mortar will undoubtedly have a role for years to come, but it’s not static. She says, “Not unexpectedly, we are witnessing an evolving role for the branch, moving from transactions to consultations—a shift that was happening pre-pandemic, but even more now—and technologies like ITMs that are bridging the digital-physical divide. Like other industries, COVID is serving as a catalyst, speeding up changes that we were already anticipating in banking.”
Discover more information on what’s predicted for for financial institutions in the coming year in Four 2021 trends for Omnichannel Marketing for Financial Institutions. Be sure to stay tuned to Believe in Banking for the latest insights for banking in our new COVID normal and Adrenaline’s Perspective for powerful brand and branch solutions for banks and credit unions. To speak with one of Believe in Banking’s thought leaders or Adrenaline’s industry experts, contact us at firstname.lastname@example.org.
Adrenaline is an experience design agency that creates and implements end-to-end branded experiences through creative and environmental design. We enhance our clients’ customer experiences across digital and physical channels, from their branding and advertising to design and technology in their spaces. After transforming an organization’s brand, Adrenaline extends it across all touchpoints — from employees to the market to in-store environments. And, we focus on serving industries that sell human experiences including financial, healthcare, sports and entertainment.