The majority of shopping and buying is moving from physical to digital channels across industries. The impact on the banking industry can be found in the new definition of banking convenience, and in the increased preference for digital account opening capabilities. The question is ... how will banks respond.
Banks have historically expanded branch networks to drive market exposure, increase customer acquisition and support deposit growth. With a bank on every corner, storefront signage drove consideration and influenced purchase decisions, with consumers going from branch to branch collecting product brochures and asking questions.
Today, the vast majority of shopping for financial services (or virtually any consumer product) is done using the keyboard on a computer or mobile device. As consumers in all age categories become more comfortable with digital technology, the shopping experience may even include voice commands. The question is – are financial institutions prepared for this shift in shopping and buying behavior?
The 2017 Omni-Channel Shopper Study, published by Novantas, found three major shifts in consumer behavior that will impact bank distribution and sales strategies in the future.
- A significant shift from branch dependence to digital preference
- A redefinition of the drivers of bank consideration and purchase
- An increase in demand for digital account opening
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