In the United States, customers are shifting fast to
using online banking services. This doesn’t necessarily spell the end of
the branch network, but the banking population is showing a preference
for using different channels depending on the type of transaction they
want to make.
A
study carried out by
Novantas
– ‘advisors to the financial services industry’ – shows that in the
U.S. customers are deserting bank branches more and more, preferring to
use remote channels. For example, when transferring funds, 15% of all
customers surveyed in 2011 stated that they preferred to go into their
branches, compared with 45% in 2006. This doesn’t mean, however, that
there’s no reason for the branch to exist - it is still regarded as an
important channel for high-value transactions. This view seems to have
the backing of the 66% of respondents who say that it is important to
have a physical bank branch nearby, while 47% still see it as vital for a
bank’s credentials to maintain a physical footprint. But this trend is
very much secondary to the increasing customer preference for
self-service channels, as expressed by 53% of respondents.
Variations in behaviour
However, not all customer behaviour is identical when it comes to
online banking services. The customer base appears to consist of three
segments. First, the ‘Branch-Centric Traditionalist’, who prefers to
carry out his/her transactions at the branch and visits it three or four
times a month. These customers account for 25 to 40% of the banking
population. Some 86% of this segment say that having a branch nearby is
an important criterion in their choice of bank. Then there’s the
‘Ultra-Connected’ client who goes to the branch as often as the
traditionalist, but, by contrast, also uses the various remote channels
for those same banking operations. Thirdly, the ‘Virtually Domiciled’
customer, who only uses the branch for major interactions with the bank
and on a day-to-day basis prefers to use remote channels. This last
segment accounts for up to 35% of the banking population, and 86% of
these customers say their choice of bank is motivated by the
user-friendliness of the bank’s online services.
Adaptation needed
The banking sector therefore needs to adapt if it wants to meet the
needs of these different customer segments. First of all banks need to
analyse their client portfolio so as to understand what customers are
doing and where they are doing it. Second, they should rethink their
current distribution network and reduce any unnecessary costs. Third,
they ought to be investing in technology and making efficient
self-service tools available to their customers in order to facilitate
the natural transition to online. Finally, they should identify their
different customer groups and take a more segmented sales approach based
on the various different channels, both physical and virtual.
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