According to a recent study by the Federal Reserve Bank of Cleveland, branches provide an information advantage that helps bolster the bottom line, even in an era of Internet and mobile banking. Cleveland Fed researcher Kristle Romero Cortés found that financial institutions “were able to make better quality loans when they had a branch in the area, which suggests that their local presence gave them invaluable information about borrowers and conditions in the local economy.”
Branches are all about personal relationships, community affinity and handling complex financial decisions. Digital offerings are absolutely essential and complement the branch network, but they can never replace it.
Key Takeaway: One of the best ways to connect your branches to your digital channels is by allowing your members to make appointments with your branch staff. Our Mobile Appointment Booking Tool is the right tool for the job because it boosts member service quality, while simultaneously positively impacting branch sales.