Digital First

While pundits and bankers constantly debate the future of older channels, consumers’ only stake is getting the best banking service they can. For that, financial institutions must learn to make all retail banking methods work together.

The accelerated adoption of self-service and digital banking tools during the pandemic is causing banks and credit unions to change how they use branches and call centers. While some would suggest that the pandemic shift will bury branches faster, BAI research indicates that nothing so simplistic is going on. Leaders are examining how branches and call centers can be refocused in a “digital first” environment to help provide strong customer service for all channels.

This approach optimizes the way customers interact with their bank by building integrated products and services that combine digital-first capabilities with support from more traditional channels that complement digital banking or serve a unique need.

Bank Branches to Drive Relationship Building
BAI research indicates that branches will not go away completely. Leaders may be reducing their footprints or reconfiguring their purpose, but there will be a real need for the foreseeable future for branches — and for the sake of consumers that have proven to be misunderstood.

In the BAI Banking Outlook research on 2022 trends, financial services leaders reported the top three ways customers utilize the branch network are to open or close an account, conduct a transaction, and resolve an account problem. Surprisingly, the generation that had the most touchpoints in a month was Gen Z, who averaged 5.9 branch or drive-up interactions per month. The least traffic came from Boomers, who only made 2.8 branch or drive-up monthly interactions.

Call Centers Transform Into Digital Banking Support
Savvy financial services leaders changing how they use call centers. With more routine business being handled digitally, the calls that remain often involve more complex needs. Once again, research found that the younger generations account for the most interactions with live agent call centers. According to the BAI Banking Outlook 2022, Gen Z made an average of 6.6 monthly interactions via phone call, with Millennials calling 5.8 times per month. Boomers made the fewest calls, averaging only two interactions per month.

In fact, other BAI research has found that the most common reasons for call center queries concerns the need for digital banking support. Consumers calling for help when using digital banking for the first time were the most reported reason for calls to financial services organizations, followed by seeking help using mobile apps and assistance with complex interactions.

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