Summary This report explores the performance of retail banking channels pre- and post-COVID-19 and provides strategy actions to capitalize on the changing market. It provides insight into channel preferences by activity and explores survey data on the aspects of service for which customers are turning to digital channels.
New York, Oct. 26, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Retail Banking Channels in a Pre and Post COVID-19 World" - https://www.reportlinker.com/p05978417/?utm_source=GNW
The report provides a range of recommendations for how branch services can be repurposed and augmented for the digital age, taking into account examples of successful transformation by banks in Europe and Asia, as well as discussing how the entire banking experience and ecosystem can be tailored to attract and retain different types of customers.
The impact of COVID-19 during 2020 has significantly accelerated retail banks’ timelines for digital transformation and adoption. Trends surrounding greater investment in technology had already began to emerge at global and country levels pre-COVID-19, but now competitors of all sizes have further reason to pursue and prioritize leaner digital operating models.
Globally, the number of ‘active’ branch users has declined from 30% in 2017 to 22% in 2020.Before COVID-19, investments in branch services had been questionable given the increase in e-commerce and decrease in footfall at physical location.
Following lockdown measures and long-term social distancing policies, the focus on more efficient operating practices will further shape bank strategy and customer engagement.
- At current trends, active branch users will be at just 16% in 2023, half the amount seen in 2017.
- Active telephone banking users have increased from 9% in 2017 to 17% in 2020, almost doubling in only three years.
- Only one in three customers below the age of 44 would prefer to borrow money (non-mortgage) from a branch.
Reasons to Buy
- This report provides readers with a deep understanding of the changing preferences and trends that COVID-19 has accelerated and how to take advantage of them.
- The report identifies markets with digital growth opportunities and lists recommendations of how new retail banking ecosystems can be developed to be more efficient and center different types of customers at the heart of digital strategy.
- It highlights the important attributes that customers use different channels for and explains how digital education and customization can be integrated into the banking experience.
Read the full report: https://www.reportlinker.com/p05978417/?utm_source=GNW
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