RANCHO CUCAMONGA, Calif.–Consumers continue to still prefer going to brick-and-mortar branches for their financial transactions, even as mobile and digital options proliferate, according to a November 2015 study conducted by U.S. Bank.
Among the findings in the U.S. Bank study, which is being highlighted by CO-OP Financial Services:
- 63% of respondents indicate they will never make all of their financial transactions digitally
- 80% prefer working with an actual banker/teller instead of a virtual one
- 86% plan to do business in actual branches during the next five years
CO-OP noted that the study’s data support the findings of studies it has conducted. CO-OP Financial Services CO-OP Shared Branch, a nationwide network of 5,400 branches representing 1,800 participating credit unions.
“Branches are not going to go away, but they are changing,” said Sarah Canepa Bang, chief strategy officer for CO-OP Shared Branch. “The modern consumer wants it all – mobile, online and branches – and they expect all access points to work together in a single harmonious, delightful user experience. Shared branching gives credit unions – which are often smaller, community-centric institutions – a coast-to-coast footprint to meet consumer demand for face-to-face, personal service.”
CO-OP noted that with branches in all 50 states, Washington, D.C., Puerto Rico and Guam, more than 55 million credit union members – in other words, more than one-half of all members in the United States – have access to a branch within the network.
“Shared branching is the tangible demonstration of credit unions’ willingness to work together on behalf of all members to ensure convenient access to personal service wherever they may travel,” said Canepa Bang. “Studies – such as one from last year by J.D. Power on retail banking – also find that younger consumers are among the most frequent branch users. These consumers have discovered credit union branches to be great sources of personal financial counsel.”
In addition to providing coast-to-coast branch access, CO-OP Financial Services provides credit unions and their members with CO-OP Member Center, a 24/7 call center enabling credit unions to service member inquiries at any time they have a personal lending or service inquiry.
“Credit unions have always been leaders in personal service, as customer satisfaction surveys one upon another bear out,” said Canepa Bang. “That demand continues even in this increasingly virtual age, and credit unions have the resources to meet it far into the future.”