It is widely acknowledged that the viability of maintaining a long-term presence on the high street is in question. The number of high-street branches has dropped to its lowest level in over 60 years, primarily driven by the high cost of maintaining physical branches and evolving customer behaviours. Since 2008 there has been a 300% increase in digital banking as customers place an ever-greater emphasis on the choice of how, when and where they wish to undertake their banking.
However, 75% of people claim they would not use a purely digital bank and 50% of customers would not open an account, or arrange a loan or mortgage, without personally going into a branch.
How you balance these contrasting demands, and properly leverage the opportunity the high street presents for building trust and delivering customer value, will determine the future of your high street bank.
To find out more about the fresh thinking that is required, please click here.