In their aim to give customers the convenience to transact and purchase where they wish, banks have successfully expanded functional capabilities to additional channels.  Indeed most customers see little difference between the branch and online channels for key banking tasks, and many customers have migrated away from the branch.

But this migration has happened without replacing the emotional connection that existed in a branch-centric world, causing customers to lose engagement.  As a recent CFC customer experience survey shows:

• Only 42% of web and mobile customers report that staff can offer capable and knowledgeable help (compared to 61% of branch customers)
• Only 36% of web and mobile customers believe that advice and guidance on product purchases is strong (compared to 50% of branch customers)
• Only 37% of web and mobile customers state that their bank shows willingness to accept feedback and resolve issues (compared to 49% of branch customers)

The most troubling finding? Customers drawn to remote channels come from the most attractive segments—young, educated, high income individuals who proactively manage their finances.

CFC’s current work focuses on how to manage customer relationships outside the branch–from understanding customer channel preferences, to designing powerful remote experiences, to building products that capture attention and increase activity.

On March 21, 2011, we will host an Executive Roundtable in Los Angeles, California focused on helping our members build compelling non-branch experiences. For more information on this meeting, please contact cfcresearch@executiveboard.com.