Digital banking is the future. It has already transformed our relationships with financial institutions and made banking easy and convenient. But while many influencers and digital banking leaders are doing the final count before physical branches tap out, we believe that branches are here to stay because they provide human connections that take the anxiety out of financial milestones in customers’ lives.
From the little things like opening a checking account or starting a college fund, to big, life-changing milestones like buying their first home, these decisions are unfamiliar to many people and with that unfamiliarity comes a level of anxiety. Online information can help, but it can also be overwhelming to parse out what’s important and relevant to one’s situation. While it’s good to educate ourselves, many people, especially those under 35 who are balancing young families and the stress of early careers, simply don’t have the time to put into learning the ins and out of getting a mortgage from an app or website.
Self-service digital platforms make the transactions themselves fast and convenient, but staff in a branch are able to instantly cut through this customer anxiety with a conversation. Instead of having to search for terms a customer may or may not know, the staff member will quickly catch on to which topics are confusing and lead the customer to the knowledge needed to make an informed decision. By being walked through the process, the anxiety that comes from the unknown or fear of making the wrong decision is greatly reduced.
continue reading »