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FINANCE WEBINAR : Life Led banking takeouts 25th June 2020

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If you missed our latest finance webinar, Life-Led Banking, exploring how the role of branches have changed within the new model for retail banking –  check out some of the key takeouts here!

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The need to re-think and re-design retail bank customer experience is exemplified by the transformation of branches within the mix of channels… This transformation goes across their purpose, their nature, their locations, what customers expect from them and their very raison d’etre in the post-covid landscape

‘Traditional’ banks, due to the impact of digitisation, well before covid-19 were facing two alteratives… Banks can either reduce costs, by shutting stores and concentrate on digital or embrace change and revise the fundamental role of physical spaces.

 

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THE COVID-19 EFFECT: ACCELERATION AND AMPLIFICATION OF THESE OVERARCHING CONSUMER TRENDS AS A RESULT OF THE PANDEMIC

Technology:

IN THE FIRST 2 WEEKS OF UK LOCKDOWN, THE NUMBER OF PEOPLE SHOPPING ONLINE ROSE TO LEVELS NOT ANTICIPATED FOR 15 YEARS

KEITH WEED, UNILEVER’S CMCO FORCAMPAIGN MAGAZINE, 2020

Wellbeing:

CONSIDERATION FOR CONSUMERS’ PHYSICAL, MENTAL AND EMOTIONAL WELLBEING HAS NEVER BEEN MORE IMPORTANT:

64% OF PEOPLE ARE WORRIED ABOUT JOB SECURITY

ACCENTURE COVID-19 CONSUMER RESEARCH, 2020

Accountability:

CONSUMERS ARE LOOKING TO BRANDS TO HELP:

62% BELIEVE BRANDS WILL PLAY A CRITICAL ROLE IN HELPING TO SOLVE THE CRISIS

EDELMAN 2020 TRUST BAROMETER SPECIAL REPORT: BRANDS AND THE CORONAVIRUS

Social Reconnection:

THE PANDEMIC HAS REQUIRED PEOPLE TO PULL TOGETHER AND AS A RESULT:

80% OF CONSUMERS FEEL MORE OR AS CONNECTED TO THEIR COMMUNITIES

88% EXPECT THESE CONNECTIONS TO STAY INTACT LONG AFTER THE VIRUS IS CONTAINED

ACCENTURE, COVID-19 CONSUMER RESEARCH, 2020

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WHAT DO THESE TRENDS & INSIGHT LEAD US TO?

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The Coming Revolution of Life-Led Banking

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Want to see the full presentation or re-watch the webinar recording? Get in touch here.

Interested in more banking and finance trends & insight? Check out our Wellness in Finance insight piece.