In an increasingly virtual world, consumers still prefer visiting brick and mortar branches for their financial transactions, according to studies from CO-OP Financial Services and U.S. Bank.
“Branches are not going to go away, but they are changing,” Sarah Canepa Bang, chief strategy officer for CO-OP Shared Branching, said. “The modern consumer wants it all – mobile, online and branches – and they expect all access points to work together in a single, harmonious, delightful user experience.”
Making deposits, withdrawals, transfers and account inquiries at a real branch is still essential for a majority of Americans, according to a U.S. Bank survey. Some findings from the survey include:
- Sixty-three percent of respondents indicate they will never make all of their financial transactions digitally.
- Eighty percent prefer working with an actual banker/teller instead of a virtual one.
- Eighty-six percent plan to do business in actual branches during the next five years.
The U.S. Bank data supports the findings of similar studies conducted by CO-OP Financial Services, which manages CO-OP Shared Branching, a nationwide network of 5,400 branches dedicated to serving members of 1,800 participating credit unions.
Bang added shared branching gives credit unions, which are often smaller, community-centric institutions, a coast-to-coast footprint to meet consumer demand for face-to-face, personal service. The shared branching concept is unique to the credit union industry, and enables members to enter any of these branches and conduct their business as if they were in their own, home town credit union branch, Bang said.
“Shared branching is the tangible demonstration of credit unions’ willingness to work together on behalf of all members to ensure convenient access to personal service wherever they may travel,” Bang said.
She pointed out that other research, such as the J.D. Power U.S. Retail Banking Satisfaction Study, found that younger consumers are among the most frequent users of branches. These consumers have discovered credit union branches are great sources for personal financial counseling, she added.
”Credit unions have always been leaders in personal service, as customer satisfaction surveys one upon another bear out,” Bang said. “That demand continues even in this increasingly virtual age, and credit unions have the resources to meet it far into the future.”
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Roy Urrico
Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).
