Brace Yourself for an Angry Online Mob When Closing Branches
When banks and credit unions close branches, consumers will vent their wrath online. Be prepared for a big backlash, or risk losing business.
When banks and credit unions close branches, consumers will vent their wrath online. Be prepared for a big backlash, or risk losing business.
The forecast is based on state-by-state trends since 2012. Consumer data supports the trend, but also highlights online bank weak spots.
Branch planners must take into account the potential of each element of an effort to dominate share in their institutions' key markets.
New data, earnings presentations and interviews with bank and credit union leaders and other experts pinpoint key in-person banking trends.
COVID showed consumers that banking services can be obtained without a branch. This could usher in advanced ATMs as branch replacements.
Entering a new banking league via a massive expansion of geographic reach, the big regional believes in-person relationships are stronger.
Renovating branches can be a tough sell, but a simple three-step approach can quickly make a huge difference to antiquated facilities.
Study shows: Even with lobby restrictions still in place, most new consumer checking accounts at community institutions originate in-branch .
It's tempting to stop building new branches, but with Millennials and Gen Z years from profitability, catering solely to them is a big blunder.
Mary Mack, Wells Fargo's retail CEO, looks to banking's future and sees strong role for face-to-face service — but not banking as usual.
For the members of Gen Z, it's a Venmo world. But for these tech-savvy consumers trust is as important in their banking as convenience.
Declines in branch traffic are making the Community Reinvestment Act obsolete. There are better metrics than just counting branches.
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Digital channels will handle everyday banking for most people. Instead of smashing bricks and mortar, make an innovative change in its use.
Fewer people will visit branches but there is still demand for a great customer experience. This model is tailor-made for the post-COVID age.
Marrying virtual and physical, halving the floor plan, trimming staff to basics, and rethinking mission go into post-COVID expansion drive.
Banks and credit unions will only gain branch cost savings if they improve their digital offerings. Many consumers aren't that impressed.
Branch banking has become the channel of last resort. Here's what banks and credit unions must do now in digital to effectively compete.
The coronavirus has sharply altered consumer banking habits forcing financial institutions to rethink the future of the in-person channel.
Banking is essential, but going to a branch should not be. Even before COVID-19, digital account opening was climbing. Now it's a must.
As cities are shut down due to the coronavirus, the banking industry must help consumers do all of their banking from their home.
Shift is powered by Millennials' love of interactive mobile banking tools. Biggest banks have clear edge over regionals, consumer study shows.
Shuttering financial institution branches may please CFOs but banking concerns much more than cost control. A PR misstep may cost plenty.
Manual tasks across channels is costly. And while AI is hot, there’s a simpler way to bring efficiency that many bankers have overlooked.
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