Research Highlights Importance of "Concierge Economy" Approach to In-Branch Banking
BOSTON, MA--(Marketwired - Sep 15, 2015) - Despite the rise in online banking, consumers -- particularly millennials -- still require knowledgeable, personalized assistance when making banking decisions, according to new data from TimeTrade, the leading provider of online appointment scheduling. To achieve a better understanding of the behavior of banking customers, the company surveyed more than 1,000 U.S. consumers about their banking habits and perceptions. With 74% reporting they still visit banks at least five times a year, results suggest that banks have ample opportunity to cross-sell and up-sell, but improvements in in-branch service are critical.
The full State of Banking Report 2015 can be accessed here.
Key findings include:
TimeTrade also polled 100 senior-level bank executives around their plans to improve customer service in-branch. Nearly half of executives (47%) felt their organization did an excellent job delivering a personalized customer experience. That said, there remains a focus on improving in-branch service. Specifically:
Survey data suggests that banks must improve in-branch service across the board to better cater to today's consumer. In particular, banks have an opportunity to capitalize on the growing wallet share of the maturing millennial demographic, a group soon to become the largest age group in the U.S. with the potential of becoming the highest earning generation to date. Doing this successfully, however, requires addressing some current disconnects. These include increasing mobile banking options and focusing on organized in-branch appointments to eliminate waiting, ensure accurate and effective in-branch service and deliver a personalized experience.
"Despite the recent rise in self-service banking, the average consumer still wants individual, in-person assistance to make intelligent and informed financial decisions," said Gary Ambrosino, CEO of TimeTrade. "To succeed in the current landscape, banks must focus on converting a consumer's digital first touch into a highly personal in-branch visit."
TimeTrade provides an appointment scheduling SaaS solution to consumer retail, retail banking, health and wellness and higher education customers. PurchasePath™, TimeTrade's appointment-centric customer experience solution, enables customers to convert digital first touch interactions into a high-value, in-person meeting. PurchasePath™ has driven more than 326 million connections between consumers and businesses, directly translating into more than $3 billion in commerce every year.