Boston, February 5, 2015 – All financial institutions once competed on the basis of branch locations and quality of service, but consumer behavior is now shifting toward digital channels, and the basis of competition has changed. Retail banks are now looking to build new operating models around channel convergence and digital and physical channel integration to create a consistent and complete omnichannel experience. Will this dramatic change require drastic cuts in bank branches, or simply an adjustment of retail distribution?
Based on a 2014 online survey of senior retail banking executives at U.S. banks, this research seeks to better understand how the branch channel has evolved to its current state, where it is headed, and what the new market dynamics are. The piece will be of interest to senior retail banking executives who are interested in keeping tabs on their peers' directions as well as to the vendor community servicing U.S. banks.
This 31-page Impact Report contains 16 figures and two tables. Clients of Aite Group's Retail Banking & Payments service can download this report.