The 2019 Retail Banking Report from Bain & Co. found that community FIs were experiencing ‘rampant’ leakage of accountholders to BigTech, Fintech and specialist start-ups. These companies often offer robust mobile apps and full featured websites that appeal to digital consumers. Yet survey after survey shows that all demographics – even so-called digital natives – still visit branches anywhere from monthly to at least quarterly on average. Some research even reveals that credit union members desire more personalization and in-person interaction at the branch than bank customers do.
Why is this the case? Of course, people want to feel like they have physical access to their money, but more importantly they seek face-to-face financial guidance and personalized assistance that digital channels cannot provide. Personalized assistance is where CUs have always shined – members can count on their CU to deliver friendly service and consultative advice.
Key Takeaway: In these difficult times, people are trying to maintain some degree of normality. Keeping your lobbies safely open, perhaps by appointment only as quite a few CUs and other organizations are doing, is one way your CU can continue to provide personalized service in a familiar environment.