One in Four Customers Is Planning to Either Use Branches Less or Stop Visiting Branches Altogether After the Crisis, According to New Boston Consulting Group Survey
BOSTON—The coronavirus pandemic is on a path to radically change the way consumers interact with their banks, with 24% of customers planning to use branches less, or stop visiting completely, according to a new study released today by Boston Consulting Group (BCG).
The retail banking consumer “pulse” survey, which will be updated every two to three weeks, seeks to track short- and long-term shifts in consumer behavior and sentiment on the basis of data from more than 5,000 respondents across 15 markets. This survey, conducted from April 13 to April 27, examines channel usage, assesses customer satisfaction with banks’ crisis management, and seeks to determine potential industry trends that will endure after the crisis.
According to the study, millennial and Gen-Z consumers have particularly warmed to digital channels during the crisis, with 44% of participants ages 18 to 34 enrolling in online or mobile banking for the first time.
Along with an increase in online conversion rates, brand advocacy is on the rise with only 5% of respondents criticizing banks’ reaction to the crisis. In fact, 25% of customers have recommended banks, suggesting an overall positive outlook on their bank’s response to the pandemic.
While it is likely that consumers will continue to switch from physical banking to online and mobile services, the personal touch provided by branch managers and customer service assistants remains important. Banks will need to rise to the challenge of embedding the benefits of in-branch, personal interactions within their digital offerings and, at the same time, improve on the holistic customer experience.
To view a summary of the survey findings, please visit here.
To arrange an interview with one of the authors, please contact Eric Gregoire at +1 617 850 3783 or gregoire.eric@bcg.com.
BCGは、ビジネスや社会のリーダーとともに戦略課題の解決や成長機会の実現に取り組んでいます。BCGは1963年に戦略コンサルティングのパイオニアとして創設されました。今日私たちは、クライアントとの緊密な協働を通じてすべてのステークホルダーに利益をもたらすことをめざす変革アプローチにより、組織力の向上、持続的な競争優位性構築、社会への貢献を後押ししています。
BCGのグローバルで多様性に富むチームは、産業や経営トピックに関する深い専門知識と、現状を問い直し企業変革を促進するためのさまざまな洞察を基にクライアントを支援しています。最先端のマネジメントコンサルティング、テクノロジーとデザイン、デジタルベンチャーなどの機能によりソリューションを提供します。経営トップから現場に至るまで、BCGならではの協働を通じ、組織に大きなインパクトを生み出すとともにより良き社会をつくるお手伝いをしています。
日本では、1966年に世界第2の拠点として東京に、2003年に名古屋、2020年に大阪、京都、2022年には福岡にオフィスを設立しました。