Branch Strategy Re-visited

Asaf Buchner | August 09, 2006, 11:32 AM

The NYT has an interesting article today about banks’ branch strategy. The article concludes that branch growth will slow down, or not. While the focus of my coverage is online, I am fascinated by the future role of the branch. A recent JupiterResearch consumer survey asked online consumers to identify their channel of choice for different banking activities. It is not surprising that for the opening of new accounts and the acquisition of new products (excluding credit cards), the branch is still the preferred channel. The online channel, however, is the preferred one for conducting market research. Banks should therefore align their channel strategy with the consumer preferences. For example, they should allow consumers to research online, identify an offering that appeals to them and then apply for the very same product at the branch. I will write about this topic later this year but if you are a client and would like more granular data, feel free to contact me.