The new challenges in consumer banking are considerable.
Financial service executives sifted through the various guidance they received from local, state, and federal officials to cobble together services models never employed previously. At the beginning of May 2020, ath Power Consulting surveyed over 2,000 retail banking customers nationwide to understand how they have been impacted over the past several months, and how they view their primary financial institution's response.
Bank customers were asked about the measures they think are essential for banks to implement since the COVID crisis started. Over 70% of customers felt measures like providing hand sanitizer, increasing abilities to conduct transactions outside of branches and enforcing social distancing in branches were “very important". Strong support was also seen for several other measures, such as limiting the number of customers in a branch at one time, employees wearing a mask, and having a protective barrier between the Employee and Customer.
The noteworthy technique that did not receive strong support from Customers was for branches to become drive-up only for transactions (only 30% felt this was “very important"). This challenge was not surprising in our research, as the delivery of an outstanding drive-up experience has long been a challenge for banks and credit unions of all sizes.
Are your employees ready for an exceptional drive-up experience?
ath Power has developed an effective drive-up training program that focuses on fundamental skills that are critical to delivering a next-level drive-up experience and maintaining excellent customer relationships.
- Drive-Up Soft Skills
- The Art of Small Talk
- Introducing Alternate Banking Channels to Customers
The significant impact to branches, as well as the omnichannel impact of COVID-19, will be explored further in future ath Power Executive Briefs and Webinars. The recommendations put forth will help banks better understand where to invest their resources and build a roadmap for the future of banking.
Exploring customer experience through survey research is a proven way to acutely understand your organization's strengths and weaknesses in meeting customer needs.
If you want to know how the pandemic is affecting your customers, let us conduct a custom survey for your institution.