A new study has found that even customers who don’t use branches remain psychologically attached to them.
“Banking consumers are still psychologically attached to branches even though they increasingly prefer non-branch channels for their day-to-day banking transactions.
According to a new study from consulting firm Novantas, the number of consumers who use remote channels — call centers, online and mobile — as the primary means of banking has spiked, with more and more customers viewing branches as an alternative for limited, high value interactions only.
As many as 35% of U.S. banking customers now conduct their business virtually, and branch traffic volumes continue to fall — as much as 20% annually for some types of transactions.
The second annual Novantas U.S. Multi-Channel Customer Survey found that customer preferences, attitudes, and behaviors continue to move away from branches and into remote channels.
The shift, Novantas says, is visible for nearly all categories of activity — from deposits to service issues — as enhanced technologies and capabilities accelerate the migration of transactions into remote channels.
Age of respondents played a factor in the Novantas study. Only 37% of those age 55+ said they preferred remote channels for the majority of their banking transactions, compared to 59% of those ages 30-54 and 64% of those ages 18-29.”
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