Traditional financial institutions can’t (or don’t want to) close all their branches for good, even given the recent shift to digital banking. There’s a personal characteristic inherent in a financial institution’s branches that people still want that can’t be matched in a digital-only ecosystem.
The early impact of Covid-19 was a body blow to the branch channel, of course, forcing institutions to shutter their doors temporarily. And this situation — combined with an intense shift to mobile and online banking technology — motivated some financial institutions to think about shifting away from a branch-focused strategy.
However, consumers and small businesses still value their branches. Some even say that they plan to visit their branchmore than 40 timesthis year, according to a report from EPAM Systems. So it’s crucial that financial institutions, even in today’s digital world, still prioritize their branches and re-evaluate their design.