TECH SUPPLIER Oct 2020 - IDC Survey - Doc # US45821620

U.S. Results — Bank Branches Forced into Transformation or Risk Becoming Obsolete

By: Marc DeCastroResearch Director, Consumer Banking

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Abstract

This IDC Survey presents key findings on some key sentiments by U.S. bank and credit union customers when it comes to their interaction using bank branch locations before and during COVID-19 and their anticipated usage post-COVID-19. The data is from the latest IDC Financial Insights' North American Consumer Channel Preference Survey, which was fielded in August 2020.

This consumer channel survey has been conducted annually by IDC Financial Insights for over 12 years and provides customer sentiment and usage across the entire omni-channel experience, including branch, ATM, online banking, mobile banking, chatbot services, conversational banking, contact center, and account opening and onboarding experiences. While the results of this document focus on the U.S. market, the survey was conducted in both the United States and Canada.

"The branch network has reached a tipping point of transformation or extinction," stated Marc DeCastro, research director, IDC Financial Insights. "While not trying to either exaggerate or oversimplify the situation, the acceleration of transformation is necessary as customers have been forced into digital self-service and have seen the benefit. There is still a significant, albeit modified, need now and in the future for branches, but the status quo will no longer cut it."


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