Recently acquired TSB (now part of Spain’s Banco Sabadell) has released new information highlighting that more than 75% of British consumers think that it is important that their bank offers both online and branch services efficiently. According to TSB, 2000 consumers were surveyed regarding their banking and communication preferences and found that Omni-channel banking rather than digital banking only remains popular.
According to the results, when choosing a new provider 68% of respondents said that quick and easy online banking is most important when choosing a provider, but 64% of respondents also indicated that being able to speak to someone in a branch is most important (Respondents were able to pick more than one answer). Furthermore, the research also found that 71% of people use online banking to manage their everyday accounts, but that nearly half are still more likely to visit a branch when making important financial decisions, highlighting the importance of the branch in providing the ability up-sell or cross-sell new banking and payment products.
The results of the survey are seen as a major boost to TSB’s future retail banking strategy as the bank has publically stated its support for branches and plans to refurbish 265 branches and open 30 new outlets in selected locations. While the UK retail banking landscape continues to see major change, the results of the survey show that banks with strong branch networks still hold a considerable advantage in mature markets for new entrants and digital only solution providers.
Overview by Tristan Hugo-Webb, Associate Director, Global Payments Advisory Service at Mercator Advisory Group
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