The Post-Pandemic Branch Network: Not Dead Yet!
The branch isn’t dead yet!
Branch channel activity largely rebounded post-lockdown, returning to near pre-COVID-19 levels among most surveyed institutions. Concurrently, retail banking customers flocked to digital channels for transactional activity but continued to originate new financial services relationships largely in person. Digital’s share of “new-to-bank” sales revenue stands at just 27% on average, statistically unchanged from Celent’s October 2020 survey. In response, many institutions are investing cautiously in improving network efficiency and effectiveness. Few bold moves appear to be on the horizon.
This report joins a series based on Celent’s Branch Transformation Research Panel. Results reflect a total of 56 responses to our most recent survey, fielded in May and June 2022. The purpose of the ongoing effort is to look deeply into the objectives, priorities, risks, barriers, and likely outcomes of the growing trend of branch channel transformation in North America.