BOSTON (12/23/14)--Despite advancements in mobile banking technology and other innovations in the financial services industry, physical branches remain important, according to a new report from Mercator Advisory Group.
The report, called "The Evolving Branch Banking Strategy," covers the importance of face-to-face communication when discussing financial services and products that, at times, for members and consumers can be complicated.
Conversations centering on subjects such as loans, time deposits and investments, the report argues, are often better to have in person.
"Even while many banks, credit unions and other financial institutions are right-sizing or otherwise reconfiguring their branches, most realize that in-person service is still important to their customers and members," said Ed O'Brien, author of the report and director of Mercator Advisory Group's banking channels advisory service.
Highlights of the report include: