Out of the branch, into the app: rethinking digital channels for tech sceptics and refuseniks

Going digital is the key for banks and their customers.

In pre-COVID Europe, an average of 53% of consumers claimed to never visit bank branches, preferring instead to deal remotely with their bank (online, mobile, or call centre). This white paper predicts that this proportion will rise to 65% by 2025. This White Paper also explains why almost 70% of account openings, deposits, and credit applications will occur via digital channels within the next three years.

The present crisis will accelerate the transformation of retail banking. But this won’t happen automatically. Banks need to find ways of making the transition easier for the sizeable number of customers who have so far resisted digital banking, or who would prefer to return to their local branch once the crisis is over.

This paper describes these audiences as refuseniks and consumers in the forgotten middle, respectively. Given severe downward cost pressures, we believe that the ability to offer a meaningful alternative to branch banking in the near-term will become one of the key differentiators between banks that succeed and those that fail.

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