Neobank and Big Tech competition, rising mobile adoption, and new touchpoints like the metaverse are pushing banks to rethink their branch footprints. They must react to evolving consumer banking preferences so they can future-proof their branches.
The number of US bank branches is declining, with over 5,300 closing in the past three years. Despite the ongoing debate about the death of branches, they can survive. But they need to transform for the digital age to avoid unnecessary costs and losing customers.
3 KEY QUESTIONS THIS REPORT WILL ANSWER
What does the decline in consumer branch usage mean for banks?
How are banks transforming branches to stay relevant?
What should banks do to get ahead of changes in branch usage?
WHAT’S IN THIS REPORT? We explore what’s changing branch usage and how banks are rethinking their branches. We discuss what banks gain by optimizing their branch footprints and highlight factors that could upend the industry. Finally, we present a maturity model of actionable steps banks can take to transform the branch.
KEY STAT: Only 30% of US digital banking users cited having a nearby branch as a consideration when choosing a new bank, while mobile and online banking were cited by 48% and 36%, respectively, according to our 2021 US Mobile Banking Emerging Features Benchmark survey. That puts pressure on banks to reinvent the branch experience to meet consumers’ digital-centric preferences.
Here’s what’s in the full report
1file
Exportable files for easy reading, analysis and sharing.
5charts
Reliable data in simple displays for presentations and quick decision making.
8expert perspectives
Insights from industry and company leaders.
Table of Contents
Executive Summary
Key Points
Recasting Branches for the Digital Age
What Is Eroding the Importance of the Branch for Banks and Customers?
What Trends Could Further Disrupt Branch Strategies?
How Are Banks Transforming Their Branches?
How Can Banks Act Now to Transform Their Strategies?
Executive Director of Marketing, Banking Software and Services
Interviewed March 2, 2022
Brynn Ammon
Jack Henry & Associates
Consulting and Custom Solutions Director
Interviewed March 1, 2022
Nicole Harper
Jack Henry & Associates
Director, Corporate Strategy
Interviewed March 1, 2022
Jonathan Hartsell
FIS
Vice President, Strategy, Next Generation Banking
Interviewed March 9, 2022
Jonas Ng
KeyBank
Head of Digital for Commercial and Enterprise Payments
Interviewed March 2, 2022
Simon Powley
Diebold Nixdorf
Head of Advisory Services and Consulting
Interviewed March 4, 2022
Joyce Rains
Jack Henry & Associates
Director, Client Services Consulting
Interviewed March 1, 2022
Kelly Taira
Bank of America
Head of Financial Center, ATM, and Market Strategy
Interviewed March 1, 2022
Access All Charts and Data
Gain access to reliable data presented in clear and intelligible displays for quick understanding and decision making on the most important topics related to your industry, included at no extra cost.