When it comes to financial matters, nothing replaces a handshake or a familiar face for reassurance and building trust. Human contact is still important to bank customers, particularly for high-value services like opening accounts and getting financial guidance.
Research shows that all age groups, but especially Millennials and Gen Z, prefer to visit a branch in person when seeking advice in financial matters. TimeTrade’s State of Retail Banking: 2016 Consumer Survey asked consumers in-depth questions about their banking behavior and customer experience with banks.
The results? A whopping 74% of respondents visit a branch at least 5 times per year. And nearly half of all respondents visit more than 10 times per year.
The survey also revealed that people are hesitant to embrace full automation. While customers are performing more of their banking online, they still want to know a branch is available when they need it.