09.28.2020 - Eclipse’s Key Takeaways from the 2020 Future Branches Consumer Study

Carroll Bank & Trust - Huntingdon, TennesseeSeptember 28, 2020 – Future Branches surveyed over 1,000 consumers to learn about their relationships with banks and credit unions, but also to learn what these institutions can do to make the customer experience better. We have summarized a few key takeaways from the study here. The complete study can be viewed here (you must submit your contact information to download the study)

Key Findings: Branches are not dead, but they are changing!

  • The most important factor for consumers when initiating a new banking relationship continues to be having a branch near their home or office.
  • 64% of consumers visit a bank branch at least one or two times per month.
  • 44% of consumers would prefer to have a discussion with a bank associate in-branch and 41% would prefer to resolve an issue with their account in-branch.
  • Only 29% of consumers generally prefer an in-branch banking experience (versus a digital experience).

Related Survey Responses:

PLEASE NOTE: This study was conducted prior to the effects of COVID-19, which we (Eclipse Brand Builders) believe will accelerate most consumers’ adoption of digital banking channels for day-to-day transactions. While the short-term reality of that transition will likely be unique to each institution, if not each branch, the results of the study and undercurrent of the industry lead us to believe the branch will continue to be necessary to attract new accounts, remain competitive, and provide necessary customer service.

Source: The 2020 Future Branches Consumer Study - https://futurebranches.wbresearch.com/downloads/the-2019-future-branches-consumer-study

Eclipse Brand Builders, based in Suwanee, Georgia, provided design services, including architecture, engineering, interior design and procurement of the furnishings, fixtures, artwork and accessories for the project.

Please contact us for more information.