Early on, banks focused on improving the digital experience for their customers. While digitizing the banking experience was an important development, it had the unfortunate side effect of downplaying the branch's role in the customer experience. Celent's report found that, while customers prefer digital channels for simple transactions, they want face-to-face interactions for complex or substantive conversations. The report also found that a bad branch experience was a top reason customers gave for switching banks. Take a look at the infographic below to learn more about why banking customers across all demographics value bank branch offices.

1. DELIVERING EXCELLENT
CUSTOMER SERVICE
Why another consumer survey on financial services?
55%
1
of adults across age and
income demographics prefer
face-to-face engagement for
substantive conversations
(e.g., advice, set-up goals,
apply for a new account or
loan) with their bank
Many banks should double down on digital
do whatever it takes to deliver excellent customer service across all points of
customer interaction – including the branch network.
(transactions)
Mobile banking users
50%of respondents
VSVS
HOW DO ENGAGEMENT PREFERENCES
DIFFER BY AGE AND INCOME?2
WHAT ARE THE IMPLICATIONS
FOR BANKS?3
Those
over 60 93%
77% 67%
Just16%
Branch attributes most important to customers
(and those likely to prompt attrition if unmet) have to
do with
conveniently with minimal wait.
High income consumers were
comparatively more sensitive to
these attributes
There are no pat answers.
Banks must therefore
experiment. Transaction
execution, service and sales
use cases are all important.
Evaluate the customer
experience across all
conceivable use cases
and eliminate friction at
every opportunity
In self-service
channels,
technology defines the
customer experience
in the branch and
contact center,
customer experience is in
ensure a great customer experience
unless they are engaging the
customer on their terms.
Celent observes positive change
in the lobby to proactively engage
their feet, prepared to engage –
tablet in-hand
EQUIPPING STAFF TO
WIN INVOLVES BOTH
TECHNOLOGY AND
PHYSICAL DESIGN
Dozens of published surveys of North American consumer financial services
usage and attitude surfaced over the past two years. Most have to do with
evolving channel utilization, with a focus on digital. Most also have to do with
transaction-based trends in frequency of channel usage and resulting volume of
transactions, pointing to the inexorable growth in digital. But, comparatively few
looked into consumer’s path-to-purchase or how consumers prefer to engage
their primary bank for purchase and service interactions. Fewer still pay attention
to branch channel attribute importance, its effect on customer satisfaction and
likelihood of churn.
AnewreportproducedbyCelentforSamsungElectronicsAmericalooksatwhen,
how, and why U.S. consumers prefer face-to-face interaction with their bank and
examines some important characteristics of those interactions. The report draws
from two consecutive surveys of U.S. adults conducted in February 2018.
The majority of U.S. adults
prefer in-person interactions
with their bank when a
conversation is needed
Consumers may have
strong preferences for
digital interaction
when it comes to
money movement or
account balance
checking (transactions)
Consumers
prefer human
interaction for
substantive
conversations
The contact center
is most strongly
preferred overall (to
respond to fraud, a
lost or stolen card
or identity theft
overall and a fifth of mobile
banking customers say they
engaged in the branch
because what they otherwise
desired to accomplish
digitally was not available
A poor branch channel
experience is the most
likely reason consumers
cite for why they would
switch banks
are understandably
sensitive to the digital
experience, with 50%
of them citing a poor
digital experience as a
reason to switch banks
(compared to just
22% of non-mobile
banking users)
For discussion of
lengthy topics, at least
67% of customers in
every age and income
bracket prefer branch
visits
of Millennials prefer
some matters to be
handled in-person
are the most branch-centric
(prefer exclusively in-person
interaction) and Millennials
are the least branch-centric.
HOW DO CUSTOMERS PREFER
TO ENGAGE WITH THEIR BANKS?
©2018 Samsung Electronics America, Inc. Samsung is a registered mark of Samsung Electronics Corp.,
Ltd. All brand, product, services names and logos are trademarks and/or registered trademarks of their
respective manufacturers and companies.
THE CONTACT CENTER
RANKS #1
in consumer preference for
answers to quick questions, not
text, chatbots or social media.