Over the next 20 to 30 years, an estimated $68 trillion of wealth will transfer from Boomers to their Millennial and Gen Z offspring. This generational shift means banks need to think about how they can appeal to both their existing and future clients. While there have been attempts at attracting new customers through features such as cafes and coworking spaces, the question remains if consumers find value in these features and whether they deliver a real sense of connection with the bank. In this report, we investigate consumer banking perceptions and preferences, and identify design strategies and opportunities that can positively impact the consumer at a physical branch, resulting in increased visitation, improved consumer sentiment and trust.

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What We Learned

Per our study, our respondents shared the following key insights as it relates to their experience with and their perceptions of a physical bank environment and which enhanced offerings would deliver the most value and greater consumer satisfaction:

The Modern Branch Must Deliver Convenience, Personalized Service & Community Engagement In Order To Be Seen As A Valued Partner

In order for the branch to attract the next generation of banking customers, banks need to create spaces with their consumers and communities in mind, ensuring that their physical locations are prioritizing what matters most, such as being equipped with technology that delivers convenience, financial advisors that are more like allies and partners and spaces that support personalized service as well as connection with others. By testing alternate branch strategies such as ITMs or micro locations, banks can create a bridge to a broader consumer base, establishing roots in communities previously untapped. And through intentional, consumer centric design, the bank branch can become a space of comfortability and trust, featuring elements such as a welcome desk, an open floor plan and privacy pods for more sensitive conversations. If the branch can make the customer’s life easier while demonstrating respect for their business and time, the bank will be perceived as being a place that helps consumers succeed and grow throughout their financial journey, serving as their go to partner for all the major milestones ahead.

Download the full report for all of the key banking insights