McKinsey & Company, a multinational management consulting firm with 108 global offices, recently conducted research on account openings in financial institutions. Their findings are quite interesting: in-branch sales converted at a rate of 85{91edff4ab0179c213d4d62ccb73735ad51d636906a6f58336791bd911b76df7b} while digital channels averaged a mere 15{91edff4ab0179c213d4d62ccb73735ad51d636906a6f58336791bd911b76df7b} conversion rate. Plus that 85{91edff4ab0179c213d4d62ccb73735ad51d636906a6f58336791bd911b76df7b} in-branch rate is actually closer to 100{91edff4ab0179c213d4d62ccb73735ad51d636906a6f58336791bd911b76df7b} when you consider that most of the 15{91edff4ab0179c213d4d62ccb73735ad51d636906a6f58336791bd911b76df7b} of applicants that were not converted to members/customers were declined by the FI for identity issues and/or fraud reasons.
Research from Fiserv and others shows that the retail branch remains the leading source of new product sales and account relationships for the majority of FIs. Some projections even show that branches typically account for at least 60{91edff4ab0179c213d4d62ccb73735ad51d636906a6f58336791bd911b76df7b} of all new product sales!
Key Takeaway: These statistics clearly point out why it is critical for credit unions to make it as easy as possible for their members to make appointments with them to visit their branches. Our Appointment Booking Tool supports both the Web and the Mobile channels so that members can make appointments at their convenience at their preferred branch without the involvement of staff.