Banks and credit unions that don’t have a sophisticated, digital-first onboarding strategy will see sagging satisfaction scores and a balance sheet that suffers. Here’s why it’s critical to engage new relationships early.

By Jim Marous, Co-Publisher of The Financial Brand and Owner/Publisher of the Digital Banking Report The study found that customers who exclusively used a branch are slightly more satisfied than the digital-only consumer, but that the most satisfied segment were those consumers who used both the branch and only/mobile banking frequently (2+ visits over the past three months). This group is followed by ‘digital-centric’ branch-using customers, who used the branch once in the past three months and but used online or mobile banking more frequently.

These findings are not, by themselves, a validation for keeping branches open as much as a sign that many banking organizations are not doing an adequate job of providing a positive digital banking experience for the increasingly demanding digital consumer. These findings also support the benefits of branch transformation efforts that serve the needs of both digital and branch-centric consumers.

“There is no doubt that digital banking channels give banks an enormous opportunity to reduce costs, but the risk is that those cost savings come with lower levels of customer engagement,” said Paul McAdam, Senior Director of the Banking Practice at J.D. Power.

“Right now, retail banks need to address the growing digital divide that is emerging within customer segments. Successfully navigating that transition will require banks to provide better, more personalized advice that is consistent across both digital and branch interactions and to ensure that customer needs are met, regardless of channel.” The J.D. Read more from…

thumbnail courtesy of