Market Research Report
Retail Banking Channels in a Pre and Post COVID-19 World
|Published by||GlobalData||Product code||967216|
|Published||Content info||21 Pages
Delivery time: 1-2 business days
|Retail Banking Channels in a Pre and Post COVID-19 World|
|Published: October 16, 2020||Content info: 21 Pages||
This report explores the performance of retail banking channels pre- and post-COVID-19 and provides strategy actions to capitalize on the changing market. It provides insight into channel preferences by activity and explores survey data on the aspects of service for which customers are turning to digital channels. The report provides a range of recommendations for how branch services can be repurposed and augmented for the digital age, taking into account examples of successful transformation by banks in Europe and Asia, as well as discussing how the entire banking experience and ecosystem can be tailored to attract and retain different types of customers.
The impact of COVID-19 during 2020 has significantly accelerated retail banks' timelines for digital transformation and adoption. Trends surrounding greater investment in technology had already began to emerge at global and country levels pre-COVID-19, but now competitors of all sizes have further reason to pursue and prioritize leaner digital operating models.
Globally, the number of 'active' branch users has declined from 30% in 2017 to 22% in 2020. Before COVID-19, investments in branch services had been questionable given the increase in e-commerce and decrease in footfall at physical location. Following lockdown measures and long-term social distancing policies, the focus on more efficient operating practices will further shape bank strategy and customer engagement.