Bank Switchers Insist They Must Have Branches

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The clear correlation between low interests rates and declining interest in direct banks among potential switchers raises a big question… Just how important are physical locations to bank shoppers? At what point are they willing to trade-off nearby physical branches for remote channels? To partly address this issue, we fielded a survey to bank shoppers on FindABetterBank to understand how important physical branches are in their decision-making process).

We found that more than half of respondents consider branches to be a primary decision factor:

  • 29% can’t imagine a time in the future when they would be comfortable doing all their banking virutally
  • 53% wouldn’t consider an institution without a branch nearby
  • 51% say branches are an important factor
  • 50% feel they have transactions that can’t be completed online or at an ATM

consumer_attitudes_perceptions_about_bank_branches

Looking out over a long horizon of 10 or 15 years, consumers will surely feel differently about the role of physical branches. But for now, don’t close all your branches just yet.

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