蘑菇AV

An above-average proportion of baby boomers become aware of bank products and services through branches. Almost 60% cited physical branches as an awareness channel, versus 45.4% of consumers overall. The top three factors that boomers would consider before choosing a new bank are branches near them, customer service, and fees.

Gen Z鈥檚 top factors in choosing where to bank include their proximity to an FI鈥檚 ATMs and branches. If Revolut鈥檚 ATMs enhance user experience while providing services typically only offered by branches, Revolut could compete with traditional FIs where the ATMs are rolled out鈥攁nd don鈥檛 forget that Revolut is considering applying for a US banking charter.

Around 80% feel they have ample options when choosing banks, products, and services, and report easy access to a local bank branch. 76% believe banks are a key strength of the US economy, and 69% say they are confident in their banks鈥� ability to support individuals, businesses, and communities.

Plus, Capital One offers physical branches鈥攔are for a bank that still keeps everything fee-free and simple. Best Mobile App Experience: Discover. Discover has a highly rated app that supports mobile check deposits, Zelle transfers, and full account management. And Capital One and Discover just got the final green light to merge, which could mean this app鈥檚 technology will assist more customers.

Stayed consistent across touchpoints by phasing in the rebrand across various channels, including digital platforms, branch signage, and advertising. Engaged with customers and presented the refresh as a move to enhance the customer experience, focusing on more agile and innovative banking solutions. This aligns with our guide鈥檚 advice on offering better products/services through a rebrand.

While Stripe鈥檚 special-purpose license affords very limited new functionality, it鈥檚 still a reminder for legacy financial institutions to focus on their differentiators: personalized advice and human-centric service at the local branch. To understand which mobile features would set FIs apart from all digital competitors, read our report 鈥淯S Mobile Banking Emerging Features Benchmark 2024鈥� next.

While over half of banking customers in Canada use bank branches at least once per year, the number and percentage of people who do so will start ticking down in 2026. This means traditional banks鈥� major differentiator of in-person service鈥攕omething digital-only banks can鈥檛 offer鈥攊s losing its power. Click here to view our full forecast for Canada traditional digital bank account openings.

Should we just let the branch go extinct? The end of summer in the US led us to pause and reflect on how banking continues to evolve under the influence of digitization and whether the branch still should have a place in banks鈥� and credit unions鈥� go-to-market strategies. Today, we鈥檙e kicking off a multi-part series looking at the current state of the branch, what consumers think of it, and how some banks are attempting to reinvent their branch networks to strengthen customer relationships.

JPMorgan is opening more branches and launching AI-powered tools to woo new customers.

Rethinking the customer experience within the branch: Financial institutions can learn a lot from other verticals that maintain both an online and brick-and-mortar presence.

The strategy: Santander aims to expand Openbank鈥檚 presence in the US as a full-service digital bank with branches. Meanwhile, Verizon wants to enhance its financial services portfolio, per its website. Through the partnership, Verizon customers can access this high-yield account, and they鈥檒l also get up to $180 off their Verizon bills per year.

The details: Centrust will retain its staff and branch, while SmartBiz Bank will operate digitally, leveraging its fintech platform to expand nationally, per The Financial Brand. SmartBiz Bank plans to broaden its funding sources by introducing a small-business deposit product by the end of 2025.

Positive branch experiences: Some customers praise RBS鈥檚 mobile banking app and select in-branch experiences, but these are overshadowed by broader customer dissatisfaction. Our take: Although traditional banking incumbents have more customers than their digital competitors, they continue to lag in customer satisfaction, particularly in digital services.

It may be an olive branch for Gen Zers and millennials who may be upset over its decision to stop accepting Amex. It鈥檚 a win for Venmo鈥檚 monetization journey

What鈥檚 all the fuss about headless banking? There's lots of buzz lately about banks that separate banking services from any branches, apps or user interfaces. We take a closer look at this variation on BaaS.

Building and renovating branches to align with their new vision is bringing them new business.

On today鈥檚 podcast episode, we discuss the future of the bank branch. 鈥� In our 鈥淗eadlines鈥� segment, we chat about why banks are closing so many branches and how consumers want more digital experiences. 鈥� In 鈥淪tory by Numbers,鈥� we explain what Curinos defines as branch share and why it used to account for more primary new accounts than it does today. We also discuss the value of closing a branch in order to save operating expenses in a low-rate versus high-rate environment. 鈥� In 鈥淧retend CEO,鈥� we look at regional banks and their deposit portfolios in a high-rate environment. Listen to the discussion with host Rob Rubin and Curinos director Andrew Hovet.

Sen. Brown wants the OCC to discuss the consequences of branch closures with affected communities. But that might not be enough to reverse the trend.

42.4% of US Gen Z banking consumers would consider their proximity to ATMs as a factor before choosing a new bank, while 28.8% would consider their distance to a branch, according to our survey. By contrast, 39.6% would consider the bank鈥檚 reputation.

And smaller FIs have the edge on personal banking鈥攚hen business owners walk into their local branches, they want someone who knows their name and their business. Plus, small businesses cite fewer fees at smaller FIs, which can make all the difference in their business鈥檚 success. What this means for FIs: Both big and small FIs have an opportunity here.

Big Tech鈥檚 proximity to power has its advantages: Tech CEOs extended an olive branch to the incoming administration, and any sway over policy and regulatory changes may alter market dynamics.

If TikTok gets banned (and it鈥檚 a very big 鈥渋f鈥�), advertisers need to know where consumers will go. Instagram and YouTube would be likely beneficiaries, but OTT TV like Netflix could also see gains. Advertisers may even branch out to other categories entirely, like retail media. Here are five charts showing what could happen.

Big Tech鈥檚 monumental SCOTUS face-off: Big Tech鈥檚 long-term immunity from content liability is being called into question, but Congress鈥攏ot the Supreme Court鈥攎ight be the better branch of government to navigate the issue.