Data from Celent’s ongoing Branch Transformation Research panel — a static group of 80 financial institutions that the research firm regularly polls — shows that branches accounted for 60% of new-to-bank sales attribution as of June 2022, about the same as it was a year earlier. Change is predicted, however. By mid 2023, the panel predicts branch sales will drop to 53% and digital sales will rise proportionately.
Digital sales almost certainly will overtake branch sales at some point, although the one-year predicted change may or may not continue at the same pace. Banking executives should consider the example of the retail industry, observes Celent Senior Banking Analyst Bob Meara.
