The findings of a big new study by EPAM Systems states that FIs are overconcerned with providing personalized services – when in reality people actually want personal interactions. The report concludes that “interacting in a real-time way with another human being — that’s a service that consumers indicate they are interested in.”

Their survey results back up these conclusions:

•           American banking consumers expect to visit their branch more than 40 times a year going forward.

•           30{91edff4ab0179c213d4d62ccb73735ad51d636906a6f58336791bd911b76df7b} of Gen Z respondents said access to a physical branch had become more important to them in the past year, especially as Covid-19 forced branches to close temporarily.

Key Takeaway: Digital services play a very important role in the modern banking landscape, but they may not be as effective as CUs think for genuinely taking care of member needs. In fact, many members are looking to their local branch as a place for more personal interactions regarding their finances.