ranks higher than digital banking and, for high digital users, satisfaction falls short of expectations, suggesting the need for personal interaction. Tat said, the banking footprint is still important — because artificial intelligence is not an acceptable substitute for branch banking for consultive services. When it comes to the call center, that mode of interaction is not a complete substitute for the personal branch banking experience either.
CLOSING BRANCHES Now let’s turn to the possible penalties for branch closings. With the infrequent use of branches and the high cost of maintaining branches, it is tempting to close some branches.
Missouri survey respondents were asked about switching their financial institutions if a branch was no longer conveniently located. Almost one out of four reported they would likely switch to
another financial institution. In addition, high digital users (oſten with high incomes) also were likely to switch but at a significantly lower rate than branch users. An alarming one in three high users of branch banking would likely switch. In Missouri, it seems that high digital use slows down defection, but not enough to justify branch closings. Te reason — two out of three frequent digital users say a conveniently located
branch is extremely or very important. Handling problems easily or offering financial advice, two very high-level expectations, are not well-served with digital or a call center. Branches still matter, but they may be reimagined in the future.
Voice of the customer information is critical for proper marketing strategy and execution. Foresight Research is an industry leader in producing syndicated marketing research. Visit foresightresearch. com to learn more. Foresight Research is an MBA associate member.
THE MISSOURI BANKER 25
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